Gold is still in an uptrend noted in the CCI(30). RSI<2> and CCI(5) indicates an overbought condition. Candles have not given a loss of mojo signal-but note the August drop. GOLD tends to not provide a signal. Extension above upper Boilinger suggest setting a tight stop or harvesting profits.
GOLD short is in confirmed downtrend (noted CCI<30>). The divergence noted in RSI(2) verses todays closing price, indicates a potential snap back trade. Take down half position now, 2nd half after lost mojo signal in candles. Because this is downtrend-this is snap-pop trade only. Thus expect the trade to be exitied within 1-7 trading days with tight stop.
Financial Sector closed with a 5/15 bear cross-and Bearish Harami Pattern. Close outside upper bollinger, suggest potential move to lower end of the range. Since CCI(30) still is uptrending; the trade is a short below $13, expecting to cover within 1-4 trading days; tight stop above $13.10.
OIL closed outside BB today. CCI(5) showing a negative divergence. RSI(2) at 95, historically suggest underperformance in the week or weeks to follow. Because in confirmed uptrend, with no loss of mojo in candles apparent, take 1/2 half short position now, with cover stop above $26.
These are the best high probability/low risk sets ups for November 7th. Set-ups can take 1 week to play out.
Tim Kathlina
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