GOLD Visual Trading Update

Current Trading Plan:

Position: OUT
Last (03-02-2010) Closed position @ 1118 (+$26)
Long: --
Short: --
Exit by Stop Loss: --

Technical Indicators Notes:

Last time we said: "What we thought as a zigzag was in reality the whole correction. What a move! We did not catch it because we were fixed on a conception and we will try to correct that in the future. As for now no real insight that we did not say in the EUR and AUD (ForexPros). Oversold extremes but dangerous to try to catch the rebound. We saw again how volatile is this metal when it really wants to move."

Like in all assets, Friday's last hour did change the immediate technical picture and we now expect a small rebound to set our next downside entry level. It is amazing what one H4 bar can do in this asset. We teach that a move like that should be considered as a gap and if this gap is about to be filled, we get a target of 1103 for the retracement move.

Charts Legend:

In Price Window:

Simple Moving Average (20): Green
Bollinger Bands (20,2): Violet
Support & Resistance price areas: Pink and Light Green areas
Trend lines and Channel Boundaries: Blue
Elliott Waves Counts: Black and Blue numbers

In Indicators Part:
RSI (10): Blue, STOC(5,3,3): Green, ATR(5): Blue
MACD (12,26,9): Blue, Signal: Red, Histogram: Green
Indicator trend lines and effects: Magenta

Signals:

Long:  Above the Green line
Short: Below the Red line
Exit position: On crossing the Cyan line
SL in case of triggered level: Dashed Cyan Line

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