How a Weekly Trade Triangle Saved Me $10,000

A week and a half ago, I posted a non-blog entry where I thought that after hitting $1000 an ounce, Gold would have to retrace.

The video that Adam did on Barrick Gold convinced me that the Gold spot was going to make that break out. It was very significant, technically. Then, on February 23, Market C issued a weekly red down triangle on Barrick Gold (see below.)



Because of this, I maintained my shorts on Gold from the $970 level (we are trading at $909 today) and sold my long positions. Most of them were profitable. Had I not seen this triangle, I may have been a little slower to decide the ultimate (intermediate) direction of Gold, and those longs would have ultimately closed at a loss.

If you want to know how I do this, click the Market Club.