I got fake entries and exit for gold twice. First I saw a good short entry for breakout of pennant at 1695. All was good till the strong reversal at 1686 area. By that I saw a strong reversal which could meant harm to my short positions. I held on to it, but the reversal was couple with a divergence in the 1 hr chart . So I decided to take loss before it hits my target stoploss. And on the hourly chart I thought I can do a long since I saw a small double bottom with divergence in gold. It went up a little but came crashing down after that and broke the neckline. Once again, I did a cut loss as it broke the neck line. Refer to the 4hr and 1 hr chart above. The top is the 4 hr and below it is the 1 hr chart. Red line denotes the pennant i saw. and blue lines denotes the neckline of the double bottom. This is again the market big boys in action to confuse the crowd, although their main motive, as you can see on the right hand side (a big plunge) is obvious. Though my tech analysis told me that gold is bearish, but when the shorter term chart tell me otherwise I had a second thought. This is I guess how the Big boys played with our minds.
Look at the longer term I would need to sharpen my skills more on the mental part. But i guess i did well in stoploss and looking out for danger. For if I did not stoploss on my long I would have lost more.
Anyway, I did mention that 1680 need to be broken. As of now price is about 1674. More downside might come to reach my target of 1625 (around there). From then on one should look for higher low and higher high to ride the new third wave up. July - Oct = wave 1 , Oct - now = Wave 2 and wave 3 should come now.Shall see?
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