Friday, October 13, 2017

Another Friday with a trading guess on the menu. Even though Spot Gold continues bullish, momentum has been declining, to the point where charts look bearish short term, however key supports @1290 and @1285 and 1282 are still being respected.

 I´m going to wait until after the news to make a plan but the chart today looks like "déjà vu" I mean it is like being on August 28th when the price when up form 1290 through 1325 in a couple of days, remember that I left a buy order @1302 back then? Well I might place the same order for the weekend if I don´t get a good entry level today.

 Some of you may be tempted to enter short and that represents a significant risk so that my suggestion is either to not enter short at all or use very tight SL orders.


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11 comments:

  1. jorge lugoOctober 13, 2017 at 6:52 AM

    As I remember, best entry point can find betwen 8:15 to 8:30 edt

    ReplyDelete
  2. jorge lugoOctober 13, 2017 at 7:03 AM

    What is your good entry level sir?

    ReplyDelete
  3. HighseasOctober 13, 2017 at 7:20 AM

    Good Morning friends,

    I'm still patiently waiting for test confirmation on my FIBO 61.8 at 1296/7. I believe the news will give that test and then the direction.

    I've placed a pending buy at 1303 with tight initial SL, then trailing after confirmation, the risk is 1:3 for me..

    something funny on some of my other US linked pairs are happening, perhaps givving some indication of the direction for XAU.

    I'm not good at scalping or hedging,so I'll be testing those strategies with demo accounts.

    none the less, good luck, safe trading and a wonderful weekend to you all

    ReplyDelete
  4. HighseasOctober 13, 2017 at 7:54 AM

    oh goodness! my buy order at 1302 got triggered. deja-vu seems real :) the same happend to me aug 28 :) but I got out at 1312, I have a tenancy to close positions prematurely. working very hard on that one

    ReplyDelete
    Replies
    1. jorge lugoOctober 13, 2017 at 8:11 AM

      Hope it goes to there again.

      Delete
    2. HighseasOctober 13, 2017 at 8:16 AM

      me too Jorge, SL as at a risk I'm comfortable with.

      my strategy is mainly on price action, and I placed the pending buy on the thinking of an uptake in momentum. whether it will have enough legs to go beyond my first resistance at 1310'ish, well... time will tell.

      if it tests and pass 1310, then 1325 is surely on the radar..

      but, fundamently in my view XAU is supposed to turn bearish towards december.. this late in the game the turn around will be brutal. and for me, ..... I hope it only happens after this legs up :)

      Delete
    3. CesatoOctober 13, 2017 at 8:21 AM

      Gold will likely go bearish after this leg up but be aware that this leg up can go on for 2 or 3 weeks before turning down. That is why I´m keeping and eye on 1350 before flipping out my positions to short.

      Delete
    4. UnknownOctober 13, 2017 at 8:59 AM

      same here sir cesar, i would only open long when there's a dip

      Delete
    5. HighseasOctober 13, 2017 at 9:07 AM

      thanks guys

      Delete
  5. UnknownOctober 13, 2017 at 8:14 AM

    thanks for the update sir cesar

    ReplyDelete

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