I watched this top evolve with confidence it would continue. 7 years of trading and a great chart gives you high probability of being with the price. It has been racing to meet a top and once it was met it’s game over. This is a great lesson for new traders as these strong movements are normally supported by industry media creating a narrative that the momentum will continue. WRONG. PS I was caught by the same reversal in 2014 which cost me a lot of real money.
How can the data be positive? The price came down last night to accomodate the rises we can expect for the rest of the week with jobs, GDP, Consumer Confidence and Housing. The US is in trouble. And yet the dollar and dow keep rising showing a disclocation between the data and investors.
CPI, PPI, Retail Sales and Employment….
US Weekly Economic Calender
Despite the fact that we are in a “crisis”, national debt has increased worldwide and the Fed is holding rates – gold is not rising. We actually finished the week only slightly up. Strange considering the mood. We are still glued to 1700 which we first hit on Mar 5 so two months have gone without any increase – and there appears to be real resistance to the price rising.
At any rate this week the price moved down and then up on Wed/Thursday giving us the opportunity to double a $2000 account each time. So look for the trading signals. They are there as I show in my training. In saying this it should be noted that we are rising from the 24 daily ma and this has shown to be a launch point for the price. So look for that to occur on the hourly chart as an entry.
This helpful tool will allow you to convert MGT to local time for you to easily identify the time.
March’s figure was revised to show job losses of 149,000 from the decline of 27,000 that was initially reported.
“Job losses of this scale are unprecedented. The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession,” said Ahu Yildirmaz, co-head of the ADP Research Institute.