Gold - Fibonacci Cheat Sheet
Gold played out exactly as planned and squeezed up to the 0.618 Fib Extension around $2,070 taking out all the short sellers with little to no resistance.
Although I am still long GLD, GDX, SLV, I've closed out my Futures positions for $2,154.50 profit and will wait for a better swing trade setup (entries/exits linked below).
Setups:
1. Continue squeezing up from here. Buy on daily close above 0.618 fib @ $2,070.
2. Chop sideways between $2,000 and $2,070 before moving up.
3. Dip lower and find support. Lot's of chop before a swing higher.
Although I am still long GLD, GDX, SLV, I've closed out my Futures positions for $2,154.50 profit and will wait for a better swing trade setup (entries/exits linked below).
Setups:
1. Continue squeezing up from here. Buy on daily close above 0.618 fib @ $2,070.
2. Chop sideways between $2,000 and $2,070 before moving up.
3. Dip lower and find support. Lot's of chop before a swing higher.
Transaction en cours
Monthly chart logarithmic scale shows no signs of stopping so rather than waiting, I'm opening a long position now and will add on dips.+1 @ $2,057.20
Note
Daily close above the 0.618 fib extension with little to no resistance. This could be big. As prices start to go parabolic many traders that are expecting a pullback might be disappointed. Someone's buying with both hands it seems.Note
I lied. DXY double bottom?-1 @ $2,076.30
Profit: $191
Transaction en cours
Bought it back at a discount.+1 @ $2,046.60
Note
Looks like setup #3 is playing out so I'll wait a couple days to add to this position. Usually after a big sell off there is 1 more smaller dip lower to scare the new dip buyers into selling.
Watching these levels for a bounce: $1,938 and $1,904
Note
B R U T A LNote
I think DXY will make one more attempt to 94 before rolling over. So I'm anticipating Gold and Oil to inversely react and sell off before running up.Note
The sell off on DXY is on it's 3rd leg down which is usually the last before a relief rally. This would push Gold back down if it plays out which is why I'm not adding just yet. It could get pretty violent.Transaction en cours
Adding to position here.+1 @ $1927.80
Cost basis: +2 @ $1987.20
Trade fermée: ordre d’arrêt atteint
Carnage today. Stopped out $1877.9 and $1872.5
Loss: $2,240
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