Is Gold On The Way Up?

Showing the daily chart below of the Gold futures market, the way I observe from the technical view seems it's on the way up. It penetrates the trend line and the ema's indicators are pointing upwards. And looks like it formed a shallow cup with a handle pattern. My best guess here is that it might reach or breach the 1400 level (this week?) and might stall from there. Let's find out this week's market.

Gold Made Another Big Leap

Gold made another stunning leap last Friday's market. It drops (down) early in the open but recovered dramatically. It maintained its thrust till the close. Looks like Gold starts to recover.

Gold Made a Double Leap

Shown is the 15-minute chart from the Gold Futures where it made a two vertical leap, the first from the overnight session and the second from the regular session. Capturing this kind of setup needs a lot of waiting and patience. Able to capture the first leap but missed the second one for I fell asleep, got tired waiting for it (Jesse Livermore says, 'Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn').

Sunday's Gold Trade Setup

Able to spot this price action from the Globex market and was quite successful in 'digging' the Gold for a nice opportunity. Got stop out on the first try but due to price action interpretation, tried to come back and capture the big vertical leap from Gold. That's what you called timing the opportunity and as what Jesse Livermore, the famous trader known for, it's the 'sitting that's making me money' (because I've been sitting from my trading table one hour before the Globex market has to open and was imagining/analyzing the market).

Here's the chart and how to be a Gold 'digger'!

Friday's Market Update

The market indices did not perform on the upside due to Friday's profit taking day. The S&P chart below made a chaotic move, the Crude made a nice upside direction, while the Gold mostly on the sideways. The Crude is the best instrument to make a trade last Friday's market, and the rest are not that quite tradeable. To make a good outcome in trading, you need to have a different instrument to monitor for better trading selection.

 

 

NQ's 'W' Trade Setup

The market drops hard in the open today only to make a reversal a couple of hours thereafter. It made a 'w' pattern that shows a double support as shown from the 5-min chart below. Timing the reversal and riding the sloping ema's upwards is the best opportunity to make a trade in today's market.

So What Now With The Market

Nothing, do nothing, if you don't know what's going on with the market do nothing, as what Jim Rogers professed. The broad indices are topping out, including the Crude, and the Gold is struggling too. So what now in the market for traders, either take a break, watch the market price action, learn, go over with the mistakes, find something to do, or hibernate for a while. The market seems exhausted from this observer's point of view. It's time to make a break for the market participants, month of August and September in the market is a bit slow. Most participants are going on a holiday/vacation. The charts below shows how the market is up to.