Houston - Gold's getting ready for launch

2 Mar 2018

Sideways consolidation/correction period following an aggressive rise is running into support at $1,306 range (50% retracement level). The ABC wave corrective cycle has formed a bullish rectangle with a bottom at 38% to 50% retrace of bull rise. While wave C should extend down to $1,295 in a textbook, a test of key $1295-$1,306 support area failed to breach and quickly retraced to $1,320 forming a bullish pinbar today. 100MA ($1,301) and 50% retrace level ($1,306) are key support areas with a high probability of holding.
Wave A-B cycle: 16 days
Wave C cycle: 9 days
Ready for new 5 wave up to challenge $1,360.

Houston, the base is in place and we are ready to launch. The entry came a little sooner than I was expecting, but the pinbar today is pushing the issue and prompting an entry. More conservative traders can strive to get an entry tomorrow (Friday) or Monday at $1,306 but may miss the entry all together and be left chasing prices back up. Pick your point, set your stop and hang tight.

Entry: $1,311
Stop: $1,301
Min Target: $1,341
Max target: $1,361

Risk/reward: 3:1

On the hourly, its clear that a new lower low was formed, but quickly failed and rose back up above the prior low, a 2B reversal, which also formed a bullish pinbar.

2 Mar 2018

Not

Longer term picture on what I am targeting - I'm after a the breakout above $1,377 but it may take a few waves to get there. My goal is to be long at ever upside move so that I remain long when the resistance at $1,377 finally breaks. This is a strategy to exploit the bullish triangle forming on the weekly charts.

I don't expect this wave to challenge beyond $1,341 but its a good strategy to be long and keep being long in my opinion.

8 Mar 2018

Not

Still waiting on a DCL entry base to form. $1,295 to $1,306.

11 Mar 2018

Not

Friday's bullish pinbar formed at bounce from $1,315, this is not the DCL yet - I believe we are seeing a bullish continuation wedge forming with one more bottom yet to come around March 20/21---the FOMC meeting date! My target remains $1,294 to $1,306. The next dip below $1,316 will perk my interest to watch for a good long entry point in this range. I expect the reversal back up to be quick and aggressive with a challenge beyond $1,380 possible. Stop @ =$1,290 if tolerable.

13 Mar 2018

Not

Still in the messy chop zone. No trade to whippy. Patiently waiting for DCL to establish just below $1,300 then breaking the downtrend channel.

14 Mar 2018

Not

Still in chop zone waiting for direction. No trade. No DCL.

15 Mar 2018

Not

The longest setup ever is still on track for a rise after the March 20/21 FOMC. prices sinking back into my target purchase range - $1,315 to $1,294 with $1,294 finally looking like a strong possibility. Stay patient for your entry, prices will come to you.

20 Mar 2018

Not

Right on track with price erosion...slow and choppy. $1,306 is holding firm but I believe there is still a drop below $1,300 as the final down move...tapping $1,294 at the extreme but time is running out. Long entry in the next 48 hours with $1,330 as the mininum target (confirmation) and $1,360 as the target (strong resistance)

22 Mar 2018

Not

Launch confirmed.

25 Mar 2018

İşlem kapandı: hedefe ulaştı

Too much risk of volatility with the US markets this week. New idea will be launched shortly.