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06/05/20
11:59
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Originally posted by AverageJoe
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He is coming from the other side pushing the property line based on vested interest so what did you expect him to say?
It is abundantly clear that the economic situation is pretty horrendous. Feds brought the N option right at the start and suggestions among some insiders opining without those 'stimulus', the fall would have been one straight line down on everything from Treasuries to gold on the safe haven side to risk (equity, commodities). That is why I could not work out in March why bond yields rose while equity meltdown occurred not gold to a lesser extent. Be easy to say I should have acted and took advantage of gold stocks but I did have a couple of exposures so that is akin to averaging down!
If you are brave between US21-29 is where I think crude oil will likely meet a ceiling rejection. I didn't quite get my AUDUSD short entry 66.10 now I think if it rallies intraday to 64.90 is where I'll limit sell. Look at the weekly pin bar. You will see the exact opposite to DXY! No idea why the correlation is so exact when AUD isn't technically in the DXY makeup!
Gold is stuck in the range I posted to you to look at the range top. Measuring the daily candles on the peaks and troughs the past couple of weeks are non indicative of either directions besides the longer term bullish trend. Good luck with your shorts. Why did you place a stop this time around?
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@trent3727
That WTI $21-29 range is the weekly candle obviously a very large stop. Price dipped into this range. Daily is from the $24.80 upwards to cut the size of the stop to increase RR.
Gold daily is a symmetrical triangle and I still think it favors a break to the upside. Currently stuck in a congested range is another way to look at the pattern. What will be a trigger to move the price action? Could it be Us/Oz equity indices are all responding to Fib ratios?