follow up on last few calls...and looking ahead

In the last few calls, we had short Aussie at 1.079, short Gbp/Usd at 1.5910, and long gold at 1721..

Just updating the charts quickly, with comments to follow..

I am anticipating a final run higher on all risk assets till the beginning of March, before we see a prolonged correction lower. Incredible opportunities ahead.. 

Gold...

Looking over the charts this weekend, and replaying the events of Friday in my head, thinking about the sudden move gold did, from 1762 to 1725...Although i was bearish, and still think it has not corrected properly the wave from 1520,  this move was too fast, sudden and large to be the beginning of a major move...The markets are never this kind and clear to show their real intentions.. Sentiment has went from one extreme to the other in a day, and the market moves on sentiment.  When people are bearish, it goes up, and vice versa..

So, i took another look at the move lower, and realised its more of a 3 wave pattern (corrective)  rather than 5 (impulsive)... On Monday, i will look to go long from  1721, for a move up to 1771, and possibly even 1790 as a further target, but i seriously doubt it can go much higher..

The market is like a game of chess, where the opponent is the market maker..The right strategy is to see what the opponent is doing, and react, rather than just play the moves we are used to (being biased).. Nothing wrong with changing sides.. In the end, what really matters is being on the right side of the market.

Update

Well, it finally happened, on Friday.  Gold reverses and plunges 40$ in what is probably the beginning of a move close to $1600.  .. Expecting the GBP/USD and AUD/USD shorts to work as well come Monday. updates soon..

Reversal Thursday!!

Timing markets is impossible. The Gold plunge ive been talking about first at 1739, then at 1749, did not materialize, even though we did get 20-25$ corrections after hitting both levels. This is my third and final attempt to pinpoint the turning point for gold, and im not talking about a correction, but a trend change and major move lower....... I think the Euro has already topped near 1.3232, so i wont post a chart, but here are another two great plays im anticipating, the GBP, and the Aussie....Some trades you 'feel' more than others.. These im pretty sure about...Still, stops will be placed 30 pips above each level as always.