Loading ...Gold Monthly – My View (Lone Bull)
Mine is the only bullish view I’ve seen so far, even on an intermediate basis. I don’t agree with the way Chuck drew his TL but yes, it’s all interpretative and opinion. I don’t think a BT would occur until the $1,400 area which fits my $1,371 target post from last week. Also, since we are now on track to have 4 consecutive monthly closes above the 20ema, I think most are in denial that a trend change is very likely in the cards but 99% of you seem to feel the best odds are for fresh lows ahead. I will stick in my bullish camp until we see a June close below the 20ema. Again, so many folks trade what is “supposed” to happen instead of what “is” happening. Denial! 😉
Read this after I read Simon’s comment and posted.
You’re connecting the second point of your trendline to the bodies of the candles instead of the lows.
That is one way of doing it. I connected to the lows. For each his own. They’re both right.
Yes, there is no correct way to draw a TL except it MUST have more than 2 touches and should be regarded as a zone and not a line. I feel the TL which yields the most touches (combo of wicks and candle bodies) is the most valid. I feel mine does this better but it’s as much art as science for sure. The key is not being right….the key is taking appropriate action when you’re wrong and not start moving TLs and indicators around to rationalize why you’ve abandoned your initial trading plan. We have ALL done this!
One more thing. I was absolutely in denial during this run up.
I’m past that and letting the chartology I see now steer my future action like your grey lessons you’ve taught recently. Your advice recently has been VERY GOOD. I wish I had learned those lessons months ago.
Now going forward? We don’t know who’s in denial yet…..
That action above the 20 ema on the monthly has been very telling in the past. Will be watching with great interest.
We are two lonely bulls Mark
https://goldtadise.com/?p=370541