XAUUSD: Potential breakout, daily/weekly buy signal

19 oct 2016

We have a potential buy signal here, but there's risk with record high short positions by commercial hedgers. I'm risking 0.5% only here, if we break into new highs now, and flipping short if we break back below the stop.
Daily trend briefly turned down but the weekly is still up, and there's a lot of retail bulls, so tread with caution.

Good luck,

Ivan Labrie.

19 oct 2016

Nota

0.5R already, let's see how it goes.

19 oct 2016

Nota

Keep in mind the daily 'Time at mode' target is 1279.42, but there's a weekly range expansion down bar that creates resistance at 1278.385.
Since commercial hedgers have massive short positions according to the Commitment of traders report, we are in danger once we hit that level.
We should study price action diligently, since it's still not safe to call this rally a long term uptrend continuation yet.

19 oct 2016

Nota

Weekly:

s3.amazonaws.com/tradingview/snapshots/b/bK5tkzvD.png

Daily resistance (1289.14):

20 oct 2016

Operación cerrada manualmente

I booked my profit for now, it's acting quite slow here.

20 oct 2016

Nota

(good that we got out)