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I seemed to be wrong in this gold move and thank god it is...

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AverageJoe

41,129 Posts.

1007

16/09/17

12:35

Post #: 27263526
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Originally posted by AverageJoe ↑

View attachment 731604

Here is a gold 1H setup I was contemplating but Friday is usually a rest day so not taking it. Lastnight's raid was immediately after great US news. The current rally so far in Asian session just happen to fall short of the resistance marked in the little yellow line. This is usually done on purpose, market priming the bears that to build stop levels above or to keep it tight. Price is not seemingly retracing in the direction of the momentum from NY session. Heading into London I won;t be surprise to see price reached for that double top and snap through to then fill the gap.

I am looking for a short USDCHF off yesterday's nice pin bar daily but playing a retracement if it gives me a good deep fill. Too difficult to play a Friday besides the very small TF. I was looking for a little pull back on USDJPY to long but it was too shallow and kept going up. Meeting a bit of resistance currently.

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I seemed to be wrong in this gold move and thank god it is Friday as they say when I traditionally take an off day.

Now with a bit if hindsight 1334 that couldn't break was a clue on the side of bear camp. It seems price is attracted to much lower price and gold stock traders saw the reasons to be bearish on Friday. $1300 perhaps the next base to build bullish momentum?
2 Upvote

0 Great analysis

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