Usually a cup with handle formation is a continuation pattern..
Usually it does not retrace more than 1/2 of it's previous advance.. The practical takeaways
If we get a breakout of the handle with strong volume, this is a buy signal
Until this breakout, expect the daily moves of gold to be sloppy and choppy
If this breakout does not come and we cannot hold the handle, this could be a shorting opportunity
Yellen's dovish words pushed the dollar lower and gold higher.. will it stick? Watch these levels, volume, and divergence in RSI or MACD for clues.
Historically, gold and interest rates do not like to move in the same direction..
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I am going short on Gold here. Something isn't quite right... something stinks and I am basically looking for the price to drop through this bottom channel of the handle. If I am wrong (which could be) I will hit my stop and l will look for the next trade. STAY DISCIPLINED!
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I made a quick scalp trade but I am watching carefully here flat
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Bottom trend line clearly breached looking for the best short trade at the moment.
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Short 1 May contract at 1228.8
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I can't tell if this is a fake out or not. I have set up a bracket order to take me out at 1127.8 at a small profit or at 1170 in case this thing wants to fall for the floor. Position management is key.
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I am still short one May contract at 1228.8 with a bracket on both sides to protect profits. I will probably carry this position through the weekend
עסקה סגורה: הגיע לסטופ
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I was clearly stopped out at a profit. I am trying to see if we can regain the bottom of the handle and move higher or if we continue to breakdown. Very key levels here!