Closing my old and new Selling order / #91 Profits row

11 Kas

As discussed throughout my Friday's session commentary: "My position: As I expected Fed easing the Rate and which may hurt the DX even more, I have awaited the Fed Rate announcement aftermath and engaged re-Sell order with #2,708.80 since I was aware that Gold will not deliver a move once again above #2,727.80 Medium-term Resistance zone. My order is currently running however I have missed the chance to close the order on #2,682.80 Support / even though my Profit on my re-Sell order is decent already, I will take the Risk and keep the order and close it as close as #2,682.80 Support zone in extension on overall another excellent week for me."


I have closed my re-Sell order throughout Friday's session (#2,708.80 - #2,684.80) on a fine #24-point run extending my results range to #91 Profits row and #19 Stop-loss hits regarding December - November cycle. I have closed overall very excellent last week on good note and made another re-Sell order today (#2,672.80 entry point - #2,660.80 closing point) few moments ago.


Technical analysis: Following the #2,707.80 local High’s rejection, the Price-action pulled back on a Daily chart’s Engulfing Bearish candle, making an expected Bottom at #2,662.80 - #2,672.80. This doesn't alter my perspective and I am not concerned if I miss any potential upside correction leg towards #2,700.80 benchmark as the current Intra-day levels may be Volatile even for Gold standards. Hourly 4 chart appears to be healthy Descending Channel taken from Double Top formations (Lower High’s / Higher High’s) and a #2,652.80 - #2,662.80 Support base. I am not interested in engaging on additional Risk outside my (more comfortable) Short benchmarks.


My position: I have made quick buck few moments ago and will keep operating with Selling order within my well know range. I do not expect any Bullish Short-term reversals as Trade remains "Sell every High's" which Gold delivers. I do expect Gold to continue Trading under Selling pressure and eventual #2,652.80 benchmark break-out.