QUICK TaKE: GOLD - Too Soon 2 SHORT!

29 Dis 2016

The PROPER use of advanced patterns along with correct wave counting techniques can keep you OUT of bad situations as well as get you into good ones! I know many of you went and SHORTED this prematurely thinking that structure was going to give you a good trade but if you knew what I knew, then you would know that structure wasn't going to hold and shorting there was a recipe for disaster!

If you know what I know in the BIGGER picture, you will also know that you haven't missed out YET on the upcoming MASSIVE MOVE! When is that to happen? Well, my BIG PICTURE charts tell the story! But for now, watch for this POTENTIAL Bat to complete first and for the final minor wave (5) to complete before you consider going SHORT again. Don't be hasty! BE PATIENT and WAIT for a proper trade setup! Don't try to catch the top! Let price action tell you this wave 4 retracement is done and THEN SELL!

My chart is only a GUIDE and is not meant to tell you that you should sell at the levels my chart says! It could very well move even higher than what I show so WAIT and WATCH!

30 Dis 2016

Nota

Are you SHORT yet? If you are, you are not PATIENT ENOUGH! There is STILL not a good sell setup. And just because a Bat pattern completed, it does not automatically mean to sell. This is a strong mini-trend up. Not wise to fight it! Must look for price action to tell us that the trend is over before we can consider to sell. Wave counts also don't support that it's done....so if you just rely on structure...you're only seeing half the picture...

3 Jan 2017

Nota

Last week, I warned against going short too soon on Gold although the Bat pattern did fill. Now if you took a SHORT trade based on that bat AND YOU GOT OUT when it hit the TP1 of that Bat, then congrats, you made +120 pips! I did not take that trade. Why? Because as you can see, IF YOU DIDN"T GET OUT on that Bat TP1 thinking that Gold is going down or because someone told you to sell on structure alone, well, you've lost all the profits on that Bat and are now holding a losing SHORT position hoping it will go down. Hoping a trade will turn around while you are sitting in a negative position is NOT a good feeling and NOT a good way to trade!

In any case, if you do a wave count on Gold as I show here, then you will come to the same conclusion that this move up is NOT done and should still head higher. Yes, I do want to sell Gold but not right now! Can I be wrong? Sure! But you know what? If I'm wrong, I'm still not losing any money!