For some reason gold has been following some really distinct chart patterns so it has been my favorite recently. It also gets me more in tune with the general economy, oil as well. I'm going to trade breakfast foods soon. Milk and wheat, lean hogs (bacon).
Perhaps a double top. I learned a lot about fighting the trend with this one. Obvious trend line break spike. Again, spike fade. Stop already at breakeven, that is how to trade spikes that are forming good reversal patterns. Tiny risk.
Waiting for the reaction with this teal fib. Satisfied with the exhaustion point? Or, one more time around to the 423.6 It broke the high but gold didn't. They correlate quite well. Perhaps gold will catch up.
I've been watching this pattern and this fib setup since the trend first reversed. Early this year as it was heading toward resistance. I remember I got stuck in some bad trades trying to find a top but it sure did reverse. If I hadn't jumped out early. Hopefully I can ride this one to the 423.6. I had an entry above the double top that never triggered. I should have had a more aggressive entry order.
Price didn't make it to the sma 50 before breaking the triangle pattern, so I missed this one. Waiting for a larger retrace. The pattern of it almost making it to the 161.8, I wonder if it will hit it before retracing more. Not betting on it, so I removed the entry. It turns out to be a bounce on the sma 50 from the 15 min, same place I would have entered.
