Friday, 11 May 2012

Short Gold.

Trading off reaction line and ML. First position was entered on the arrow and only by the luck of the Gods was not stopped out at 1586.00.
Once scenario i am toying with is that I am fundamentally Long after the touch on the  1573.50 area ML shown here and expect to see a proper cycle wave up to 1620 before going lower and breaking down through this ML to my final objective at 1480-1500 HOWEVER price action is driven by fundamentals /EZ news and if we see continuing weakness we could just fall straight through. see below
SHORT CLOSED 14:43 CET @1582.50
Look at this price action off the retouch of the pink ML . It may go higher but i am out of the short until things are clearer

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