Wednesday 26 January 2011

Gold

Price action is very steep and suggests to me that price might go through the RL. Both CL's (pink & grey) from both available pivots have been hit.
Here is a chance to pick some crumbs off the floor and get long either
1. on shallow RT (using the B-Line short 7 long stoch indicator & MACD 7-10-50) to the RL indicated in the small screen charts.
2. On break above ther RL (perhaps tonight in Asia or Euro session tomorrow) and wait for the retouch which should be confirmed in the 15 or 30 min TF.
All this depends on price keeping up its bullish tempo. If it goes back to the LMLP of these forks its all over- forget it -and look for a short entry in my opinion but this looks less likely now.


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