HERE IS WHERE I AM LOOKING NOW
In our new world where so many things look the same, here is the world's favorite market Gold. It looks like so many others. We are rallying in a down trend and are now up into sell zones. What would be ideal here is a further rally into the area just above the red line in the sell zone. We are going down sharply today, so maybe the rally is over. It is tough to trade around these holidays with these weird little bars you get from the electronic sessions. They seemingly always have breakouts the next day like today, but often those breaks are one day wonders. I am currently flat, having no positions in anything at the moment.
Until proven otherwise, most markets with the exception of Bonds and the Grains, are in established down trends now and are just reacting up against those trends. These should provide selling opportunities for the most part. Today is certainly an interesting day in the Dollar. I had been looking to short that market coming into today, but the action here is trashing that setup.
I have been spending a ton of time researching some new trading concepts, so time is short today. I have to get back to this work. I wish I had more to say than this, but it is what it is, we are in trends and have to look for continuation trades in the direction of them. I almost went long in the 10 Year today, but when I looked at the bar pattern, I determined the probability was not very high so I passed on that trade.