GOLD PRO Weekly July 07-11, 2014

[Sive Morten]

Would really like to see W1 close above $1337.38 my W1 resistance

Still holding from $1262.52 & $1287.26 targeting $1392.08 but will have to monitor closely and sell one position and pick it up again as I have D1 in overbrought and may get pullback before target hit

Sive I have a question if you would be so kind,do you have D1 in overbrought with your indicator?

Hi Dkami,
my daily overbought at ~1360. (If I correctly understand your request). That is also very close to MPR1 and 1360 is Yearly Pivot point as well... Very significant level.

Hi Sive,

Can we trade bullish/bearish grabbers directly (while risk to reward ratio is attractive) without waiting a bullish/bearish sign/pattern on lower timeframes or do you strongly suggest to see a sign with direction of grabber on lower time frames?

Thanks.

Hi Kaslanci, yes, it is possible trade grabbers directly, especially if they appear on intraday charts. You can not wait for patterns on lower frames, but just use a Fib levels for enter if any retracement inside the body of grabber will happen. But monthly and weekly grabbers - is quite another tune.

 

[dkami]

Hi Dkami,
my daily overbought at ~1360. (If I correctly understand your request). That is also very close to MPR1 and 1360 is Yearly Pivot point as well... Very significant level.

Hi Sive
Thanks for you input and will have to watch this level closely (1360)

I hope you enjoy your weekend