Pedro is popular in gold thread lol

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Indeed. Its good to go with trend for sure. Month chart looking to try and engulf and break a trend line.

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On the flip side if you use fib to look to where the 50 might land if we reversed to the upside you can see right now 50 would be in line with the top of right shoulder. Sorry not a good at drawing lol.

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Possible for sure...i see this on the D1 possible head and shoulders appearing. Edit however with H&S often time they are not as perfect so bottom might be at the 50% area...its tested 2x now and yes did break support but could be a fake.

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GU has been so beat up while EUR has been holding its own. Not sure why that is though as they used to be pretty in line.

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I have the bigger channel being broken as well. Price has not reacted with a big push so i think they are waiting. Could be they dip to support then try the takeoff to up side. Volume seems low at the moment but with NY session i believe they will ...

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Took gold at 2382 and 2383. SL just over break even. Will see how this rides out.

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Done for day unless something happens where i see good entry on Gold. Hope yall are killing it.

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All this is fine and dandy but im looking to see what NY session is going to do. Missed all the move up as i was to timid today. Is what it is nothing gained but nothing lost.

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lol

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Also have this pattern that its at critical point.....fasten you seat belts.

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Thank you for the response. Makes sense. True patterns that work out are always a hindsight type of deal. We use the potential on patterns to validate our trades and that can get dangerous.

Gold

Is there a fib lvl that decides the proper depth of a handle? I ask cuz retraces of 50% and 61% are pretty common and would like to know if its more in line with the 38%. Thanks,

Gold

In a bullish market. Like Gold is.

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May the odds ever be in your favor lol

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yes and thats the downside to the Cup and Handle pattern you have the resistance that must break. it should get interesting and i look forward to the madness.

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RSI is a funny thing.....it can be very misleading. Price can stay up in overbought (70) or more then price drops a tiny bit and your at mid way (50). Price drop to RSI drop is what i tend to watch for more than looking at it like we are at ...

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Not yet I haven't made a move yet. Its Friday so I tend to be more vigilant on these days. Hoping to scalp on news tho.

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Yes cup and handles are typically bullish on the break. Im not sure on distance to travel but test of previous high seems likely at a minimum. Then its off to races one way or another. Down side to this pattern in the situation we are in is the ...

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On a 5m chart looks to be we are challenging that line now.

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