If you know what I know in the BIGGER picture, you will also know that you haven't missed out YET on the upcoming MASSIVE MOVE! When is that to happen? Well, my BIG PICTURE charts tell the story! But for now, watch for this POTENTIAL Bat to complete first and for the final minor wave (5) to complete before you consider going SHORT again. Don't be hasty! BE PATIENT and WAIT for a proper trade setup! Don't try to catch the top! Let price action tell you this wave 4 retracement is done and THEN SELL!
My chart is only a GUIDE and is not meant to tell you that you should sell at the levels my chart says! It could very well move even higher than what I show so WAIT and WATCH!
In any case, if you do a wave count on Gold as I show here, then you will come to the same conclusion that this move up is NOT done and should still head higher. Yes, I do want to sell Gold but not right now! Can I be wrong? Sure! But you know what? If I'm wrong, I'm still not losing any money!
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when you say the big picture, wonder if you are referring to fundamental news or some Institutional buying/selling that most retail traders like us are not able to get? As a newbie, I have noticed quite a few authors using this harmonic patterns to make their trade calls. While I do not track the records, my gut feel is a 50/50 hit and miss and I find two different traders can use the same indicators but draw it differently,resulting in different entry/exit points. That can confuse newbies like me even further. I agree with you about not following blindly what others are doing and also the importance of a trade plan with proper SL and TP. To learn to quite within oneself and trust their own judgement call without being interrupted by the media, noises and rumours require discipline and diligent practice, something that I am working on. The 1 hour chart shows RSI hovering above 80, indication that it is overbought. Does that mean it might retrace soon (I reckon at 1165 price level) as that was the price action on 15.12.16 where it starts to head southwards. My 2cents and hope to learn more from you. many thanks