Friday, July 23, 2010

Friday

Gold has hit the 61.8 fib retrace of the drop from last week and I am adding to my short here.  It is also the round 1200 number and a bearish gartley pattern which means we should retest the lows.

I am waiting for the post-stress-test-euphoria-rally to buy EUR!!

Gold short 1201 stop 1206 PT 1175 - addition
EURAUD short 1.4460 stop 1.4510 PT 1.4260 (50fib retrace)
CABLE long 1.5355 stop 1.5320 PT 1.5630 (off 50fib retrace)
EURAUD closed 1.4410 post stress tests (+1R)
CABLE closed 1.425 (+2R) don't want to hold on weekend.

Open Positions:
GOLD short 1203 stop 1209 - 1/2
GOLD short 1201 stop 1206
Posted by at

4 comments:

  1. McFearlessJuly 23, 2010 at 2:48 PM

    Nic,

    I like the idea of the gold short as well.

    any thoughts on the silver?

    ReplyDelete
  2. NicJuly 23, 2010 at 3:29 PM

    Silver is not so enticing to me. Those two monthly doji candles say it all. 17.222 is the 50fib and support, I could see a drop to there but if you think the dollar has more downside correction to come then its a tough short.

    ReplyDelete
  3. NicJuly 23, 2010 at 3:33 PM

    Having looked at it some more it probably is a good swing short today to see if it can break 17.222, because below there sets up some nice downside targets.

    ReplyDelete
  4. McFearlessJuly 23, 2010 at 3:47 PM

    Nic,

    thanks, I've stopped trading it, I had some success with it last year but mostly just getting chewed up in there this year.

    ReplyDelete

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