Gold went parabolic. I am shorting it.
Updated
Hello fellow warriors (warriors only for this bet).
What a pump! Those that know no fear might want to try this.
I believe we are arriving at the end of wave 5:
Gold might have exploded up, but this does not matter to me.
Wave 5 is the extended one, typical when 1 and 3 are of similar sizes, it is typical for 5 to go to 1.618 and we are approaching this area too.
Price is topping, or is it? Might explode. But I think if it explodes it will not have much follow up.
Also, do note this:
We crossed some moving averages but it does not mean gold is bullish, look at the past it often goes above for a short time then falls below.
And when you zoom out you realize how important that level is. Plus 1300 is a psychological number.
And emmm... not sure about this but maybe it means something:
Anyway, stop asking questions, I just go against parabolic moves deal with it :p. Gold will probably fall. EW & market cycles say so. I have seen this so many times.
Risk reward probably not too high (will make avout what I risk), but the odds are high.
As for a target, as always I do not have one, we will have to follow gold once we take the trade, so for me from now to the following days.
But it will be at least 1250 (3000 points 3000/future or 30/contract for the poor ones if your broker has the typical setting).
There has been "bad news" for gold, weird it has not gone down, no one cares, or heard yet I guess.
I am praying we hear some big buyer say they drop gold for copper fake gold replacement.
Maybe the spike is just the initial reaction to stocks being bearish. Or it is not really correlated (like most of the time).
Out topic, my broker: "The maximum number of contracts per click (trade) for XAU/USD is 10,000." That's 100 futures :D
Not too much to worry about scaling here :D
What a pump! Those that know no fear might want to try this.
I believe we are arriving at the end of wave 5:
Gold might have exploded up, but this does not matter to me.
Wave 5 is the extended one, typical when 1 and 3 are of similar sizes, it is typical for 5 to go to 1.618 and we are approaching this area too.
Price is topping, or is it? Might explode. But I think if it explodes it will not have much follow up.
Also, do note this:
We crossed some moving averages but it does not mean gold is bullish, look at the past it often goes above for a short time then falls below.
And when you zoom out you realize how important that level is. Plus 1300 is a psychological number.
And emmm... not sure about this but maybe it means something:
Anyway, stop asking questions, I just go against parabolic moves deal with it :p. Gold will probably fall. EW & market cycles say so. I have seen this so many times.
Risk reward probably not too high (will make avout what I risk), but the odds are high.
As for a target, as always I do not have one, we will have to follow gold once we take the trade, so for me from now to the following days.
But it will be at least 1250 (3000 points 3000/future or 30/contract for the poor ones if your broker has the typical setting).
There has been "bad news" for gold, weird it has not gone down, no one cares, or heard yet I guess.
I am praying we hear some big buyer say they drop gold for copper fake gold replacement.
Maybe the spike is just the initial reaction to stocks being bearish. Or it is not really correlated (like most of the time).
Out topic, my broker: "The maximum number of contracts per click (trade) for XAU/USD is 10,000." That's 100 futures :D
Not too much to worry about scaling here :D
Trade active
Doing this.I'm scared.
Note
Gosh I was going to take a trade on USDJPY but I was sleeping.Could have gone very wrong.
Forex sessions volume:
London 3 Trillion
New York 1 Trillion
Tokyo 750 Billion
Singapore 500 Billion
Sidney 100 Billion
There is a hole. It wasn't this bad before I think. Something has to be done about this lol, or we're just going to keep getting random spikes. EURJPY & AUDUSD too.
Note
Gold finally collapsing hehehe.Ok I entered a bit early, should have waited for at least 1290.
I don't even remember tha TA I made, but I know we are only halfway to target, the minimum drop to take profit or trail stop loss is this:
Going to check this during the week end.
Note
Went in early I suppose.Looking like potentially the top is in.
Not sure where to target how to trail SL, will just have to look at it evolve...
Note
People that were hard bulls and convinced gold would keep going up, at least go to 1350 and beyond, I assume they know are not so sure anymore.It is looking like the bull trend could be over finally, and we entered complacency, could go down ABC or 12345 which I drew here.
Going to exit carefully, maybe half and try riding the other half further.
Note
I hope this is it it has already been 3 weeks :pDoes the fact that the weekend is starting mean people will have time to absorb the fall and not panix? :(
Note
Here we go?I am starting to feel less depressed and do not want to end myself anymore. :dab: :peepohappy: (please don't take that seriously)
What goes up must go down. Evertiem.
Trade closed: stop reached
Stopped and it just kept going, so at least my SL was not at the top.I bet it won't go all the way to 1350 but I am not touching it.
I really dislike waiting 1 month for a trade. I'll learn. Maybe.
Note
Oh no I want to short gold again XDI am getting tempted. Wow it retraced on several fib levels. Maybe 0.786 is the big one, or 0.886.
Going to wait for the day to close and then see...
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