Not many people know what gold's failed double top's worth is. I do. Sixty bucks. That's what shorts must bear if we break out today. And that's what we are going to earn at this market in 2-3 days.
The pattern many traders believe a double top was just a flag what we tested back on the 21st of February. Yesterday we had a big volume on the 4hrs chart in the last candle. Bears tried to take control of the gold market. After the FED minutes price reversed immediately and we were back to the highs.
The first daily cycle rallied nearly 100$ from 1122$ to 1219$ and the 2nd daily cycle started its rally from 1180$. The minimum what the 2nd daily cycle will rally is 100 $ - most probably it will be more - as the 2nd daily cycle is always printing at least the same bounce as the first daily cycle. As we were consolidating in a flag for nearly a month the breakout will be violent and even 1300 $ is not out of the table.
It's a LONG UPDATE idea as we are long from the first DCL (1180-90) but as I think it will be a great breakout and rally one can enter a long position here with a stop below 1215.
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BOOM!
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Sit back and enjoy the show.
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I hope I don't have to say : NO SHORTS . Try to ignore the top callers. The bull might become very aggressive.
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We are having a good volume again today. A good breakout volume.
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We are a bit overbought. We might test back the breakout at 1244 in the European night before going higher.
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Use it for a long entry if it happens but don't try to short from here. Might or might not happen the testback. Trapped bears will be buying every little dip.
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Shallow pullback. Couldn't even test back the break out.
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Now you know why I told you not to short this beast.
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We are getting overbought again. If someone is holding a horrible position this is the time to ease on the position a bit and put some money into the miners at the open or try to buy back a bit later if we have a pullback. I'm playing with 10% of the position.
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If there is no pullback and I lose 10% of the position : let it be.. We will tag at least 1280 in the next few days. The daily chart is still far from parabolic.
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I don't want to repeat myself , but of course: NO SHORTS. You have almost zero chance to make money now.
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20$ completed. So far so good. We might have a little break here
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SHorts are getting excited again.. We were too overbought so they hit it down while banks are buying gold miners at low prices before the rally. Bears will be fleeced again as they release gold again. Guys we broke out of a monthly consolidation. It's not a 1 day rally... I'M buying back my 10% here and adding.
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JNUG 1/3 of the average volume after 1 hr Banks are buying
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NUGT 1/3 of the average volume after 1 hr Banks are buying
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It seems to me we are done. We just tested back the night breakout. RSI is turning up again and wannabe overbought..
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We are entering the last stage of this daily cycle. Fighting with the 200 SMA.
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Rejected from the 200 SMA. It's not a tragedy but I don't like the miners' action today Gold at new highs and miners are down. Somebody is lying
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We still have a good money on this long idea. We took profits on half of the position in PI. As the big picture is messed up I'm going to take profit today at 1248.50 on the 25% of the original position. I will have only the 25% of the original position with a stop below today's low. If we break below today's low I'm out of this trade. You can ride the 100-75-50% of the original position with a stop below today's low. You decide how much you want to risk.
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We printed a hammer today. Might be reversing and heading higher tomorrow or continue our way down to the DCL.
交易结束：到达止损
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The last 25% is stopped out today. Waiting for a new long entry
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Nightstar
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The only one Shorting Gold right now is _____ Bjorn The Magnificent :)
@shinsky Yup. He always is when the trade goes against him but don't worry.. He'll be back to tell us 'I told you so' when Gold corrects momentarily.
Arrogant little shit :/
leonarddavidson60
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Well,it looks banks HFT are getting better and better by day...apparently,they've started changing their methods too..there were no pre-market "bear raids"..no "attack" at the opening..JNUG was catching with Gold price..and here we are..when noone expected a massive sell off started..you may start looking for excuses or reasons like President 's speech ..etc..but the truth is that there were absolutely no other reason ,except the only one:to shake remaining "weak hands" forcing them to sell and trigger cascade SL selling by hedge funds..which exactly what we saw happenning as every support level was broken by methodical and intensive "dumps" coming from the dark pools ..(i dont have access to reliable DPI ( dark pool index) data but i would not be surprised to see a familiar bank "signature" )..
And like many peope i was also caught offguard but i did not sell my position in JNUG not my core position in GDXJ....i was waiting until the end of session and started heavily adding 7.40 in JNUG..why?? Because from my previous bad experiences with junior miners i learned one thing: banks and hedge funds love them due to their volatility and massive upside potential comparing to GLD a favourite alternative vehicle for larger institutional entities..i dont know if banks are happy with their monday "bear raid" and would start slowly pushing miners to upside in comings weeks ..but one thing for certain: if price stays above 1242-45 level this week..junior miners would start moving to the upside very quickly..
Patience is our best friend at the moment..the rest is noise...
BjornPfaff
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Why are you always saying banks are buying ? If you don't have connections with them then don't say what you don't know ...
chartwatchers
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@BjornPfaff, Good evening Mr.ShortSqueezer !
I see you got bored at the station but the 1220 train never came.
We told you you will get left behind... And if you don't hurry you will miss the 1260 train too..
Who told you that? Did the banks tell you that they aren’t buying miners today while you are waiting for a loan from them to cover your shorts?