Buy Gold at 1643
Use 1633 as a stop loss
Use 1633 as a stop loss
I took a long at 1664.50 April Gold with a tight stop at 1660.00
Was closed at 1675
Was closed at 1675
Commentary
I still have the open order from last week to buy one April Gold at 1643.The chart below is April Gold and I’m tying the June low with the Jan 4th low and that is giving a trend line that crosses in the 1642-1646 area. That is why I’ve got the bid so low. Because we’re in a wedge we have to be careful as wedges can be unreliable. That’s the only thing I don’t like is this is not like doing a trade when the market is in an up mode or trending. That is one reason I have only a 10 dollar stop, and quite frankly there is nothing to say that I won’t get taken out.
I always get a bit uneasy near lows like this because the control boyz pull their bids and sometimes we get price dives of 20 dollars in just a few seconds. It’s been quite a while that I’ve been caught in one but for those who have you know a lot of times the stop loss gets filled at or near the low of the spike.
There are a few other places where a low for the week is possible.
This next chart shows a trend line cross on the hourly chart at the 1661-1665 area. 1664 is right at the 200 day moving average so it is possible that this could turn out to be one of the potential area’s that hold. What I don’t like about this chart is that the lows from last week at 1651 is CHOPPY AND OVERLAPPING and for those who have been with us for a while know how often these patterns usually fail. That is the one reason why I’m choosing to not make it a swing trade candidate. Thus I’ve decided to make this price point a day trade with a tight stop.
I took a long at 1664.50 April Gold with a tight stop at 1660.00
Was closed at 1675
Was closed at 1675
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
