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Tramline Trading: A practical guide to swing trading with tramlines, Elliott Waves and Fibonacci levels by John Burford

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The Gold Campaign

Gold was in a major bull market for many years until it made its top in late 2011. Since then, it has been in decline with an accompanying reversal in trader sentiment. From bullishness reaching manic levels near its 2011 high, bullish sentiment reached an unprecedented low – into single-digits – in mid-2013 as measured by the Daily Sentiment Index (DSI). This accompanied the plunge to $1180, which remains the low (so far).

This selling of gold was the flip side of the rush into equities in a low interest-rate (QE/ZIRP) environment.

My campaign is attempting to take advantage of this current bearish sentiment by looking for a relief rally, which could develop into a move of several hundreds of dollars in a huge short squeeze. ...

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