I see a special topping candlestick pattern evolving on the daily chart. Yesterday we printed a hanging man and today we broke to new highs. When the daily cycle is topping you can find very often the hanging man - shooting star combo at the top.
Today's candle can easily turn out to be a shooting star.
The hanging man shows that the selling interest started to increase during the day though the buyers pushed up prices by the close. A shooting star next day confirms in this case sellers are back again at the end of the day though at the beginning buyers were able to push price to new highs.
Notice the extremes in the MACD and TSI:
The daily cycle should be close to its top. Many traders are waiting for a tag of 2000$ so that's the reason I don't think they are going to get this. Just like the short traders at 1800 when I posted the gold Arrival idea.
Let's see what we have at the close.
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Shooting star under construction.
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The Ascending triangle starting to lose its meaning. More and more it looks like A 100 SMA crawling. When we break the 100SMA price will be at 1940 in 10 minutes.
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The 5 day RSI close to 100 . This will collapse when smartmoney handed the bag to retail.
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I have a feeling this was all. The late bulls who bought today Are the bag holders who will have a nervous week As gold drops into the DCL.
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This idea is in the profit now. I never buy into a 48 day cycle without a decent correction.
Alot of analysts like Michael Oliver are saying there will be no pullback in gold.. Straight vertical to 2100
chartwatchers
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@RobinChong, it seems robin chong will have to wait a few more months for that 2100. I doubt he sold T 2070...
And today its way too late to get out. I didn’t see him buying at 1700...
A-shot
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Isnt it early to call a shooting star when the price range within the candle is not below 50% of the candle with wicks?
chartwatchers
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@2use, It broke to new highs and no follow through. If the daily candle is not going higher after trying to break the resistance at 1980 3rd time then its going lower. If it’s going lower after a hanging man in this setup then the chance of shooting star is high.
A-shot
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@chartwatchers, actually i wonder if they plan on keeping it this way - because gold/silver was out of range and now it is back to the levels as silver caught up - so its in the zone where it can be imaginable in correlation. As markets are heated up as well, will gold fall with them?
lord_kinbote
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Double bottom for DXY and Double top for EURUSD? We shall see.
lowerlows
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My favorite poster to follow when I am looking to loose money. lol
chartwatchers
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@lowerlows, I'm always a bit early in my gold ideas. I would be be busy closing my longs at RSI 100 if I were you with long positions.
But we both know you have no positions. :)
lowerlows
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@chartwatchers, I am simply long. Have been since 1200. Cheers
chartwatchers
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@lowerlows, Didn't see you postig there.
I did at 1120............