21 Jan – 22 Feb
$500 Contest
Fxprizes
Current upmove should end around 1691.90 - 1692.51 area. A correction down to 1686.25 or even 1682.59 is expected. A rise above 1695.10 will abort the expected correction.
With Monday being holiday in USA the Monday Reports are still valid for Tuesday's markets....
Commentary
The question is as we enter this week is how the cycle inversion is going to play out. There are two scenarios.
The first is a peak this week near the 22nd and a pullback of about 3 to 5 days and then another rally towards the 8th to the 15th of February.
The 2nd is the move continues higher into the 27th (plus or minus 72 hours) and then a pullback.
If we were to emulate last January, price would just continue higher into February and just keep rallying until the next Red cycle. So I guess there are three scenarios. Of the three scenarios the only real bearish one is a move higher to the 27th at the blue cycle and a 2 week pullback to the red cycle.
The one thing I don’t like is the price pattern on the hourly chart for gold. It has a choppy and overlap look to it, but not as much on the silver hourly chart. A choppy pattern can turn on us at any moment. The most likely place for a peak this week is the 1693-1703 area or 1710-1722. What makes me reluctant to sell and take profits is the potential that gold and silver continues higher like it did last January.
For now, if we rally to 1720, I’ll look to sell at 1719. Depending on the pattern, since it’s the 21st on Monday, I’ll be watching closely as a minor cycle on the 22nd (plus or minus 48 hours) has the potential to start a pullback now that lasts into Wednesday/Thursday. Thus the 1st scenario for a pullback to the 27th comes in play beginning today or tomorrow. One could try and get out near 1693 and re-enter but in my experience that’s a tuff game to play and one can get left behind just as fast. Thus if you have more than one contract a safe way to play is to consider selling one and holding the other. Weighing whether to get out now and take a 22 dollar profit is certainly an option, but it’s so aggravating when the market continues higher and you’re on the sidelines. Since I got in at a good price last week, I’m reluctant to take profits now. I’d rather move my stop to just a few dollars below that price point and make the market take me out. At least for tonight, that’s my take on matters. With the pattern being choppy, there’s certainly the possibility that price can turn down and take me out. The one interesting thing is that silver’s pattern is not quite as choppy and that might be a clue that we will go higher.
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
21 Jan – 22 Feb
$500 Contest
Fxprizes
Current upmove should end around 1691.90 - 1692.51 area. A correction down to 1686.25 or even 1682.59 is expected. A rise above 1695.10 will abort the expected correction.
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
$500 Contest
Fxprizes
Current upmove should end around 1691.90 - 1692.51 area. A correction down to 1686.25 or even 1682.59 is expected. A rise above 1695.10 will abort the expected correction.
With Monday being holiday in USA the Monday Reports are still valid for Tuesday's markets....
Commentary
The question is as we enter this week is how the cycle inversion is going to play out. There are two scenarios.
The first is a peak this week near the 22nd and a pullback of about 3 to 5 days and then another rally towards the 8th to the 15th of February.
The 2nd is the move continues higher into the 27th (plus or minus 72 hours) and then a pullback.
If we were to emulate last January, price would just continue higher into February and just keep rallying until the next Red cycle. So I guess there are three scenarios. Of the three scenarios the only real bearish one is a move higher to the 27th at the blue cycle and a 2 week pullback to the red cycle.
The one thing I don’t like is the price pattern on the hourly chart for gold. It has a choppy and overlap look to it, but not as much on the silver hourly chart. A choppy pattern can turn on us at any moment. The most likely place for a peak this week is the 1693-1703 area or 1710-1722. What makes me reluctant to sell and take profits is the potential that gold and silver continues higher like it did last January.
For now, if we rally to 1720, I’ll look to sell at 1719. Depending on the pattern, since it’s the 21st on Monday, I’ll be watching closely as a minor cycle on the 22nd (plus or minus 48 hours) has the potential to start a pullback now that lasts into Wednesday/Thursday. Thus the 1st scenario for a pullback to the 27th comes in play beginning today or tomorrow. One could try and get out near 1693 and re-enter but in my experience that’s a tuff game to play and one can get left behind just as fast. Thus if you have more than one contract a safe way to play is to consider selling one and holding the other. Weighing whether to get out now and take a 22 dollar profit is certainly an option, but it’s so aggravating when the market continues higher and you’re on the sidelines. Since I got in at a good price last week, I’m reluctant to take profits now. I’d rather move my stop to just a few dollars below that price point and make the market take me out. At least for tonight, that’s my take on matters. With the pattern being choppy, there’s certainly the possibility that price can turn down and take me out. The one interesting thing is that silver’s pattern is not quite as choppy and that might be a clue that we will go higher.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
