Gold HS Reversal Short

20 Nov 2016

Nov 18: Classic Head and Shoulders Reversal Pattern on breech of neckline Nov 11.
Text Book theory suggests a pull back towards the breech "A" then Down.
Minimum target is the Head-Neckline distance --- >> "B"
Why? I have no idea.
Yellen will probably increase 25bpts before inauguration.
Trump gets a new Fed Chair.
So USD strong, metals weak, and S&P stronger - see FedEx.
Oh ... the Down Trend line? It is the Down side marker
Don't know why just seen it so many times before.
I apologise now for my poor artwork.
My Trade: Open long for the lift. Look for $1,250 - $1,265 ... then Short or stop and reverse on any weakness.
You are adults so do your own analysis

24 Nov 2016

Nota

Nov 24 13:47 AEDT Break of Support at $1209 suggests downside will now continue.
Target is $1,100 but this pattern tends to overshoot as both sides panic to either get in or covered.
I couldn't get any profit out of my long so I have stopped and reversed for a small loss this morning.