Gold Finger “I LOOOOOOVE GOLD!!!”

May 18

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Below is a daily chart of the XAU/USD and the first thing that stands out should be the follow through after the bottoming tail formation that brought price comfortably above the 8 MA. Now it is clear that the current trend is bearish, but with price action as oversold as its been we have been overdue for price to pullback and give us a correction. After a forceful move from the bulls we see that for the time being the momentum has shifted from the Bears to the Bulls.  And as Newtons Law says things in motion tend to stay in motion. So with that being said we could expect to see a continued move to the $1602.89 area to complete the correction to the 20MA. If executed properly this trade presents a great risk to reward opportunity with a chance to net 27 points  while only risking 8 points.

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About Reginald Ringgold

Reginald Ringgold is a Forex trading instructor, Institutional trader & market professional. Specializing in Forex and Futures trading with a focus on technical analysis, price projection and money management. Reginald has several years of financial services experience. He has sat on the board for several successful corporations in California and Nevada, and is the Author of the Billionaires Business Blueprint, A step by step guide to building a corporate entity, obtaining financing and protecting it’s assets. This experience inspired him to teach others on the importance of financial discipline. Reginald understands the importance of encouraging entrepreneurial interests among youth and adults young and old. He has spoken throughout the country to kids and young adults on the importance of money management, goal setting and his “The sky is the limit philosophy!”. Reginald has a firm belief that with hard work knowledge and preparation “The sky is the Limit”.

Posted on May 18, 2012, in Forex, Futures and tagged , , . Bookmark the permalink. 2 Comments.

  1. TomFondon | May 18, 2012 at 10:20 am

    Thanks Reggie, I love your tips4pips post. Keep up the great work!

    Reply
  2. ringgoldstips4pips | May 18, 2012 at 10:59 am

    I will say one thing I am still beating myself up for missing the entry right above the Bottoming Tail. But when you still got a ways to go before your overall target gets hit, a late entry is better than no entry

    Reply

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