I believe this is the area to short gold my zone is 177-185 on the GLD ETF...yes I know my zone has been hit nd it is currently ripping through it but I still like the trade target MINIMUM 140
well since the end of the zone is 186 I will let it ride to 187 then I am out and will not short until much higher and may consider a long
Yes this system has 80% accuracy with around 5 to 1 R:R which means I will take the stop loss if I am wrong. I believe friday will make or break this trade even though at the moment it appears I will be stopped out
Gold is going to fall hard soon, what took weeks to gain will be lost in hours soon. I do think gold does get above 2000, rallies a few more times and then sells off extremely hard, I think you wait until the end of the week to start putting on shorts, wait to see what BUBBLE ben bernanke is going to say, if anything add some short positions around 2000 and get ready to add more a little higher, patience will pay off once gold drops back below 1500! The trade is EXTREMELY crowded at this point, I went to a mall a couple of weeks ago and saw kiosks buying gold from people!
I think it goes alot higher short term and then pulls back we could see 200 before the pull back but meanwhile grab the Pepto Bizmo sell and take your profit and don't look back. Libya has a lot of gold that will be available to the market.