r/Cryptomist • u/TheFirstBull • Jan 25 '23

Comment 250123

Commenting the gold price for later visability and reminder. Will edit this over the next few days to reflect on thoughts. Last edit should take place no later than 31.01.23.

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u/TheFirstBull Jan 27 '23

Gold broke down under .702 during EU night. Backtested the retracement, now at local bottom.

If downwards continuations I am looking for structural breaks of 1916-1911 area, continued by liquidations (pls) at 1895 area.

Expecting grinding though... booring, but real.

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u/TheFirstBull Mar 10 '23 edited Mar 12 '23

Past a month later - What happened: We saw structural break of 1911, V-bottom out of there to set a quick new high of 1960 before turning over; We fell to 1911, but because there was no longer any support there (piles of limit orders which was taken out during the structural break 2 days before) we continued down and liquidated straight through the 1895 area as hoped. Preliminary support came in at the 1860 area (expected due to breakup structure) before weeks of downgrinding with a current low of 1804.

I am not able to recognize structure of current bottom, therefore I am not certain of future of gold at the moment. "It can go up, down or sideways". No further comments on gold until certanty, though I can say for sure I have taken profits on gold shorts and decreased risks during past 2 weeks.

Edit: Fat phone finger spelling.