For Wednesday April 3/13 not as high as I'd expected. if the price holds this level then it may rally again back up to yesterday's high, maybe, maybe a bit higher downside break could be 1.2806 or 1.2798 , but, possibility of price dropping to 1.2760 from which it could rally 4:44pm pst the remaining B&H demo trades from last month are Sell gold - xauusd first Sell on March 4 at 1573.69 which fairly soon was a loser but with the loss now reduced to -$20 and bouncing entered another Sell on March 21 at 1613.94 which I closed on Sunday at 1599.64 for $145.53 profit entered a new Sell last night at 1597.02 which will remain on together with the first Sell looking for the price targets of 1542 and 1528 areas the crude and ng were killers and the account is still down. having done an analysis of the ng the possibility is that it's on a Major Bull move, looking for $5 first and then if it hits and breaks thru $6
some chitter-chatter about . . . 'easing' ? so the ECB banter may be , , , interesting For Thursday April 4/13 looking like the price may close up for the week - gl ? the ECB begins at the same time the Jobs report is released. the Jobs report 'may' be on the higher end, a price boost and if there's any expectation the ECB will ease and firmly states it won't, that ought to add to a rally Bernake has a non gov speak at 10:30am est at present the price is travelling an ml and I wonder if it'll drop to around 1.2828-21 or even 1.2814 . my logic is the bulls would want a lower price to rally from IF the above speculation manifests 4:27pm pst gold: the LL in this whole correction begun Sep 2011 is 1522 . if the price goes down to that area, it makes for a very symmetrical - sideways correction; the LC of the correction is 1560.56 on the fx pair, 1562.60 futures and with most of the month to go so I'm wondering if the price will break the 'magic' 1500 level â just for the hell of it attached gold Q chart, gives a bit of a different perspective of what the price is doing
For Friday April 5/13 the $ price formation has reached a point that for me is open to a couple of major interpretations. two interpretations see the price going Down, the other interpretation has the price continuing up the Down interpretations are Large price movements, first, a double top has formed and a major price decline will begin. the second is the down leg of a correction has begun which could see the price drop down to the 79 area again the $'s downside implication for the euro is major upside, a large rally potentially breaking the previous 1.37 high what's under consideration is if the so called tipping point has been passed, and if so the ramifications that may follow beyond just selling the $ and buying the euro the NFP may be a bit of a non event whatever the numbers are, quickly passed the Buy's still on 6:24 pm pst gold, thought about taking profit for the correction but didn't, more down expected
Hi Wallace, Thank you for your analysis. NFP has been quite an event and we had a 'buy' in EURUSD because of dollar weakness; clearly not a buy in the stocks indexes, at the moment. Let's see how it will develop during the RTH session.
the euro bottomed on Wednesday March 27 changing the trend from Sell to Buy first test will be to close above 1.31 and then 1.3170 For Monday April 8/13 could go either way for a couple of sessions but I'll stay with the Buy. looking for a drop to 1.2970 - 60 and see if the price rallies from there 3:43pm pst
l'd an rc on the 60 and removed it as I'd thought it out of the price range, but this correction if that's what it is is continuing for a longer period than I'd originally thought and the rc's back on again For Tuesday April 9/13 I'm presuming the price'll come off again back down to the 1.2970 area, at least the 60 gives the price formation that appearance. the 4H however looks like the correct- ion's over and the price will rally from here there's 2 gls which the price has already penetrated so breaking those levels again leaves the path open to a couple of fibo levels and chasm line around 1.3080 likewise the Daily is seeing the price out of the upper outer rc line the Buy continues, but, downside: tight 1.30 , 1.2980 , 1.2970 4:17pm pst both gold Sells in profit again, not much of a correction the new MT4 Build 482 has changed the Save As Picture and it seems images need to be Saved As 'Active workspace', otherwise any right margin is lost; also can now save in png format
the price having closed above the chasm line has fulfilled a part of its progress the lowest of the 3 lines is around 1.3061 , but it would seem more reasonable to see the price drop to the 1.3035-24 area for a full correction For Wednesday April 10/13 the price could continue rallying from here, maybe the next 4H. upside targets remain closes above 1.31 and 1.3150 . downside as above 4:12pm pst
price broke above 1.31 but, ahaaa, the 4H Did close at 1.31007 so now we're getting the fuller correction, after the price has finished playing with the 1.3061 line For Thursday April 11/13 still have the same Low targets as yesterday, plus the possibility lower Lows could be made and possible US open to reach the LL whatever that is upside from here ? hmmmmm, price breaks 1.3081 ? possibility 2:38pm pst
on the 60 there's a sharp v, an ab reversal formation ? or part of a correction before higher highs ? For Friday April 12/13 downside: well, as far down as 1.3080 again, 1.3090 , 1.3095 ; next 4H reversal formations aside, the price could pop 1.32 today 3:30pm pst
For Monday April 15/13 still in Buy mode 2:45pm pst gold: was tempted to close the Sells Friday but still looking for LLs. chart here: http://www.elitetrader.com/vb/showthread.php?postid=3689110#post3689110 Australia and China have their no US$ trade agreement in place as of Wednesday but the aususd hasn't done much, the nzdusd tho is soaring, new highs to come ?