Gold has broken out of the daily kumo with a break of the support trendline. Because the future kumo has not turned bearish, it MAY make a minor correction up before it resumes its bearish movement again when future kumo turns bearish.
Watch those important levels.
This post has been edited by Quinn: Dec 13 2011, 09:37 AM
Thank you for those who turned up. I am sure you enjoy the high probability trading strategy. Practise the trading plan given and with proper money management, you will be happy trading gold on the lower time soon.
1. Sitting on monthly KS. (right bottom chart) 2. If chikou on weekly breaks out of kumo, we will see south rush for gold. (right top chart) 3. Made a strong bearish pullback on the daily KS (middle top chart)
I am just waiting for the chikou to get out of kumo to further sell.
Well it works for some. Some also say technical analysis is crap. To each his own...
Of course its not just based on feelings, I have sevral reasons to think so, but ultimately, nothing is certain and I have to rely on my gut feel to indicate its direction..