Monday, 9 January 2012

Gap fork in Gold ( Gold continued)

The blue thin fork seems to have the measure of the frequency of the current market with P0 being the gap from last nights opening. Gaps have a power of their own that i do not fully understand as sometimes i find they work a treat ( as pivots) and other times they are less than useless but its always worth wtahcing where they are ( viz a viz important support/res from RL/ML's) and always try a fork off them.
Note the light touch( .618 Fib RT) on the centre line at the confluence of the green/black ML ( see previous post). I am in two minds here but will continue to hold with original stop levels rather than move to b/e due to the 50Cents of the pitfalls of CFD's.

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