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TFC Commodity Trading Forum

Re: Trades - Gold / Silverbear
In Response To: Re: Trades - Gold / Silverbear ()

No I haven't read Diary of a Professional Commodities Trader or heard anything about it. I notice a lot of comments about this Symmetrical Triangle recently. I get concerned when there is too much talk about a pattern I'm tracking. One analyst on CNBC saw a Head and Shoulder pattern within the Symmetrical Triangle she said was bearish. Nice to see a contrarian view like that when thinking long. And while that 1705 mid point minor support was tempting to get long this morning the best trades are at major price points not minor. So I'll take it either way once price proves itself. But I would prefer to buy solid support not some questionable breakout that fails or retraces a majority of its move and puts me underwater. I don't hold losing trades so it doesn't make it easy to buy breakouts that then retrace even a portion of its gains. Today despite the bounce of Gold off 1705 support still had a lower high and lower low than yesterday which did the same thing. So today is the 2nd day of lower highs and lower lows so the trend short term this week is still zig zagging down. Hopefully to that 150ema.