This chart is a follow up to the comments made on the prior post here: http://scottpluschau.blogspot.com/2012/06/update-chart-on-gold.html
"Head and Shoulders" and "Bear Pennant" drawings have been included on the left hand side 30 minute chart. "Descending Triangle" on the daily right hand side is quite menacing.
It continues to amaze me how prior supply or demand gets shut off when targets get reached. This is a great example of why I take my profits and move on (as well as take my losses and move on).
If you took the profit on the H&S, you can re-enter on the Pennant for further follow through. When you exit the Pennant it then becomes a matter of again objectively identifying market behavior and waiting for the next pattern to develop.
PS In all seriousness studying the OTC markets would not have helped me intuitively identify any of these trading opportunities in gold. There were some great comments on this subject at the bottom of a prior post here: http://scottpluschau.blogspot.com/2012/05/gold-on-verge-of-new-phase-of.html
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Source: http://scottpluschau.blogspot.com/2012/06/follow-up-on-gold-2.html
