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fib_1618

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Reply with quote  #1 
Nice clean pattern here...high volume breakout of a symmetrical triangle.

Fib




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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

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fib_1618

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Reply with quote  #2 
Breakout...snapback...and thrust...all in textbook fashion.

Note the volume activity that confirms the pattern - higher than average on the breakout, lower than average on the snapback, and the volume thrust that initiates the new uptrend sequence.

Minimal upside objective based on the triangle breakout...$5.75.

Fib






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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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fib_1618

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Reply with quote  #3 
Upside target reached...volume still in bullish mode...holding for now.

Fib






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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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kean

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Reply with quote  #4 
Fib,

Great call on this one a while back.  Do you have any updated targets?

Tim

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fib_1618

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Reply with quote  #5 
Hi Tim

When a price pattern is in uncharted territory, where everyone is a winner, technical price targets become difficult. However, given that the metals still have plenty of upside left in them, I would rate this issue as a continued hold at this time. If anything should come up in the future that would suggest an exit, I will post it to the thread.

Fib


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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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kean

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Reply with quote  #6 
Thanks, Fib.

So it's a hold, meaning you wouldn't be adding to an existing position at this time?

Tim

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fib_1618

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Reply with quote  #7 
Quote:
So it's a hold, meaning you wouldn't be adding to an existing position at this time?

It would be a hold until the price pattern presented a new technical structure to work with (triangle, consolidation, daily volume non confirmation) that would suggest a different trading tactic. However, given the bullishness of gold, and the ongoing rhythm of the chart, I guess one could add to their positions if their weighted allocation was still available to them. But the best course of action is to ride out the current position until "something different" develops that would inspire more or less exposure to this specific product.

Fib


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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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fib_1618

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Reply with quote  #8 
Time to take profits on this one as the chart pattern continues to show more and more bearish characteristics.

Profit on this position from the triangle breakout from 10/5 - 17.55%.

Fib


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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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