Gold

im going long on a first attempt basis at 1522 with a 10 point stop.
This is for a bounce trade only and will be for a very short term trade.
Gold is in a down trend now as its really bearish.
good old death cross yesterday
hope people have made good money on the short side

no issues - was short and got a good ride down, im sure there will be another opp to reload the shorts again

www.thegoldandoilguy.com/downloads/GSNLTS.pdf

I've taken a very small and risky counter-trend long on this today. I'm sure it's going lower but I reckon we've had a wave 3 down and it's bounced perfectly off the 161.8% Fib extension of the wave 1 move down from 1795 to 1672:



dl.dropbox.com/u/20815047/Golddaily21_02_13.gif

Target is c. 1625 but if it goes my way I'll close below that, perhape c. 1600 and then look to short for a 5th wave down.

screencast.com/t/VH4Vf7TAOhXP

Sorry, yesterday's chart contained a labeling error: (( w )) should terminate at 1625.93 making the copy terminate at 1527.90, almost exactly the previous low of 1526.90.

Had a good look at the chart last night, and it seems that it is actually sat in a large range, between 1800 and 1526, from Sep '11 until now. Be interesting to see what happens if the 1520 level breaks and is backtested...the trading range break should open up 1240 in theory