Wednesday, September 28, 2011

Undecided Market - Gold Bottom

The market has now retraced to the target Fib area and I think we will find out soon if this is a correction or if the lows are going to be tested yet again. Looking at the waves, I could make the case if this leg being an "A" leg just like I could make it a W1 so it's impossible to tell at this point. The one thing that is clear is that there haven't been any closes over the TA, which clearly indicated the trend continues to be down. I unfortunately got stopped at the morning gap so I am missing out my short position but it's ok, I'll catch it on the uptrend. If I was able to stay up all morning looking at the computer I would take advantages of lots of more trading opportunities but it's hard for me to be awake and in front of the monitor for hours.. maybe the day I make $10k per trade I will start doing Lastly, I should add that if we are going to sell off in the next couple of sessions I will be going margin long around 1090.

And btw Gold is finding a bottom around these levels so I might go in on the long side again, it's getting very oversold and it's due for a big bounce.

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