I don't want to go into this before we get a daily signal for a long trade but I want to give a chance on the smaller time frame for a long entry.
The idea is simple : if the intermediate cycle bottomed last week Tuesday at 1266 $ than today's drop is just the back test of neck line. If we close in the green the daily chart will also give us a signal for a long entry but if we do it here the entry point will be much better.
If we have a green daily candle again I will explain why I think Thursday's bottom is a long term bottom. Stop goes to 1273.9
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It seems we entered the exact bottom yesterday .
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Before anyone would start to take profits on the street I would like to warn you that this might be the beginning of A multi month Rally.
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Street=trade
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If you are in a long position with to me I suggest you to wait for the daily update I’m going to post an idea based on the daily chart later today.
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The chance is high we are going to see gold prices above 1400 this year.
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A trend changing cup and handle evolving on the 8hrs chart
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Fed leaves rates unchanged. The pattern is breaking out.fingers crossed. Hopefully Powell doesn’t talk it down.
Сделка закрыта: достигнута стоп-лосс цена
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Our stop was hit yesterday. It will be pretty hard to re-enter if it’s a double bottom with a short squeeze...
Idk my friend, I think it will tank more, same as gold miners..jmho
chartwatchers
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@Cornhub, Miners might bottom a few days later. Gold and miners not always bottoming together.
bhowe
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Thanks Arpi, is this just GOLD? What are your thoughts on miners?
chartwatchers
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@bhowe, Just gold, watching closely the miners, invictus didn't give buy signal yet.
Frashad
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Thank you Arpi, for your great viewpoints !
Nightstar
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I've already started a partial position in NUGT and JNUG. Will pick up some more shares once we get a CLEAR reversal. USLV also looking mighty tempting :)
ARPI: Any thoughts on OIL? I'm looking at an ABC correction.. Just not sure we'll get past the 38% Fib around $58.
MMadryga
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@Nightstar, I did the same taking a position in JNUG . Holding my OIL shorts...waiting to see if we break below the 50 EMA /200 MA on the WTI daily. IF DXY goes up as I think it will, then we might get that 38% Fib on the OIL and another opportunity to add to the JNUG position.
@chartwatchers, Yea, my target entry was 1231 (.618) to 1261 and we were right in the middle of the timing window, so the RSI oversold and swing low/reversal was tasty bait. The volume didn't match so I only opened a small position. Support right here, or down into the range. Wait and see game now.