Gold Bull Flag
9 responses | 0 likes
Started by mikempt - May 17, 2018, 10:28 a.m.

Comments
By metmike - May 17, 2018, 10:58 a.m.
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Thanks for the great chart Mike!

We've had a difference of opinion on what is a bull flag before. However, on this chart there are numerous formations that I think are there and one can make a case for all sorts of things.

In the short run, I would call the May formation a BEAR flag, off of the April highs and potential new downtrend...........confirmed if we break below this flag(May lows).

In the long run, if you go all the way back to the start of the year, and the spike low, you might make a case for this to be a huge, drawn out bull flag. 

You can also make a case for a triple top using the highs, last one in April.


However, I think maybe what you are seeing in your bull flag, is the upside potential if we break above the green/red lines above......correct?



By mikempt - May 17, 2018, 12:40 p.m.
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I'm early,the chart formation is there,wait for a breakout of the channel to the upside.

By silverspiker - May 17, 2018, 1:38 p.m.
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Today will be the 3-rd & LAST day of margin call as it just settled @ 1:30 est (5 MINUTES AGO)... i AM LOOKING TO BUY A ROAD GRADER GRINDER-DIP BEFORE 4 est...

... FIRST OBJECTIVE FOR JUNE GOLD TO THE UPSIDE WILL BE $13-07.40

Trading Gold
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By Richard - May 19, 2018, 8:58 a.m.
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Did you go long this week? I had an order to buy at 1282.0 with a stop at 1275. I like the action the past couple days and am thinking of going long on Sunday night around $1291.50. The problem that I have is that you really need to put your stop at 1275 no matter where I go long. There is a nice trend line that bring support in around 1277 basis june gold and to put a stop higher means the risk of sell the low of this move. Just curious if anyone is actually trading gold at this point or are we just posting charts? The only negative I can find is the seasonal tendencies are down hard all the way to may 31 so it could be prudent to wait one more week, but if we are going higher and this week was the low, then I could miss a nice move. tough call as trading is all the time

By cutworm - May 19, 2018, 11:15 p.m.
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I'm going with this formation as a bear flag. the pole points down and the flag points up.

If bonds continue down and the US$ is up, gold will have a hard time going up.

JMHO

By cutworm - May 20, 2018, 8:20 a.m.
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The RSI at 34 and a negative MACD histogram Gold should be a short.

By mikempt - May 20, 2018, 8:53 a.m.
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I am not in any positions at the moment,looking to scalp to the long side when and if it breaks out of this channel.

By mikempt - May 20, 2018, 8:56 a.m.
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I've traded this formation many of times,the trick is to wait for the breakout,which ever way it decides. As Tom Petty sings"the waiting is the hardest part."

By Richard - May 20, 2018, 9:08 a.m.
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Yes, I understand and do appreciate your comments here. The COT is bullish and gave me a buy signal. The ONLY Negative I can find is the seasonals which are down hard till May 31. If it weren't for that, I would buy here, but waiting one more week or until a breakout is prudent.