XAUUSD - Hanging man & a shooting star

2020년 7월 31일

I see a special topping candlestick pattern evolving on the daily chart.
Yesterday we printed a hanging man and today we broke to new highs.
When the daily cycle is topping you can find very often the
hanging man - shooting star combo at the top.

Today's candle can easily turn out to be a shooting star.

The hanging man shows that the selling interest started to increase during the day though the buyers pushed up prices by the close. A shooting star next day confirms in this case sellers are back again at the end of the day though at the beginning buyers were able to push price to new highs.

Notice the extremes in the MACD and TSI:


The daily cycle should be close to its top. Many traders are waiting for a tag of 2000$ so that's the reason I don't think they are going to get this. Just like the short traders at 1800 when I posted the gold Arrival idea.

Let's see what we have at the close.

2020년 7월 31일

노트

Shooting star under construction.

2020년 7월 31일

노트

2020년 7월 31일

노트

2020년 8월 3일

노트

2020년 8월 4일

노트

The Ascending triangle starting to lose its meaning. More and more it looks like A 100 SMA crawling. When we break the 100SMA price will be at 1940 in 10 minutes.

2020년 8월 4일

노트

The 5 day RSI close to 100 .
This will collapse when smartmoney handed the bag to retail.

2020년 8월 5일

노트

I have a feeling this was all. The late bulls who bought today Are the bag holders who will have a nervous week As gold drops into the DCL.

2020년 8월 11일

노트

This idea is in the profit now.

I never buy into a 48 day cycle without a decent correction.