1 reply to this topic

[Mr Dev]

looks like a big back kiss that is just peeked over the resistance line. i have some rules i trade by and heres a good example of one that says (for now) when not to chase. simply put ... when you have a 60m buy signal in the face of resistance and a daily sell signal you DONT BUY ... you actually can SHORT with a partial position. that said i like gold as the XAU has a nice weekly buy signal and this bounce is coming from that weekly support line. remember we erased two to three weeks of XAU gains in about 3-4days. but that decline sent us into a daily sell signal that has not ended yet. with more strength it may switch to a buy and we can ride it further at that time. at this time..it goes against the rules for entering today. be patient ...either way as this is not a great entry zone...we like it on a retest of the recent lows or higher...just not here today for me. trade well gold traders.

Edited by Mr Dev, 17 July 2014 - 02:04 PM.

[dougie]

"when you have a 60m buy signal in the face of resistance and a daily sell signal you DONT BUY ... you actually can SHORT with a partial position." I get the not enter part but why the partial short? Your inbox is full