This is an update from Sunday/Monday's post about the flag pattern I posted. I still think that we could have another lower-high formed, with the low end of the range I'm looking to buy this week being specially $1702-$1700.
I want to see a retest, and multiple rejections (at least 2) of this range before looking at a very high RR gold trade, which will most certainly turn into a swing trade. I am confident that we will see 5 years of gold buying in the next 6-12 months.
@kirksanderson3, Do you use correlations much in your trading strategy?
kirksanderson3
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@TayFx, I use Correlation as a hedge. for example, When Im Short the aud/usd I use nzd/usd for long Position to soften the blow if Im wrong like yesterday.