XAUUSD HWB | 5-21-2013
Yesterday 50 USD spike, wasn't a buy because it went straight down into the next larger shorts without trading a micro long after breaking a micro short. Technically, this is a short within the system as the short TRADED FIRST. Today's price action broke longs from 1338 to 1401. The break of longs was marked by a break of 61.8%. This techncially mean we can anticiapte a 50% move back from 1401.79 to 1359 that would make shorts free. The entry into the trend was 1380 against 1386. As you can notice Gold made shorts free - aka buying the stops of shorts buy offloading 1/2 @ 1374. Now, you wait and see. If 1386 breaks, you are looking for potential longs starting from 1359 low.