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  • #48,701
  • Oct 24, 2024 1:07pm Oct 24, 2024 1:07pm
Quoting ElCampeador
{quote} My best short. Still trying to lock me in. But i ama gone defeat these imbeciles
Might be interesting watch the price within 2 hours. Just a guess
The warrior of good
  • #48,702
  • Oct 24, 2024 1:16pm Oct 24, 2024 1:16pm
Gold - 15min ...
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  • #48,703
  • Oct 24, 2024 1:20pm Oct 24, 2024 1:20pm
Quoting Catempire
{quote} Given how turbulent it’s been on very little data & how long it’s been trending in the same direction, it’ll will most likely flush out higher again before it really starts its correction. 10 months of constant ups aren’t suddenly going to change without screwing everyone over first. USA elections give wild swings, wouldn’t be surprised if that sees a fresh high. personally. I intend to sit on my hands until it either hits the upper channel or tops out on a very heavy spike. besides I still think it’s going to keep going up medium term,...
These are all time highs. Everybody is already screwed. I'll change my opinion if I see a daily close above 2760.
  • #48,704
  • Oct 24, 2024 1:21pm Oct 24, 2024 1:21pm
As far as the wider piece, we've failed to break the key level and made a lower high and higher low aka consolidation, so gold is gonna do what it do and annoy everyone

There is no structural or fundamental reason why gold can't do another leg up can't push higher, there multiple banks saying price could reach $2800 or $3000 by year end, there is clearly appetite for it. If there is one thing I know about the market, is that people can generally predict where we're going, but they absolutely terrible about predicting the path to get there. Its about 33% year to date, why can't it hit 35%?
  • #48,705
  • Oct 24, 2024 1:23pm Oct 24, 2024 1:23pm
Quoting Mitiblotch
I see that gold won't make it easy. It wants to range here and frustrate sellers. But I will keep waiting patiently for it.
Frustration it is.

I will wait to see where the weekly close.
TA is not simple on LTF
  • #48,706
  • Oct 24, 2024 1:32pm Oct 24, 2024 1:32pm
Quoting ElCampeador
{quote} Might be interesting watch the price within 2 hours. Just a guess
2693 would be nice
The warrior of good
  • #48,707
  • Oct 24, 2024 1:39pm Oct 24, 2024 1:39pm
Quoting Mitiblotch
{quote} These are all time highs. Everybody is already screwed. I'll change my opinion if I see a daily close above 2760.
it’s been all time highs all year… why is this any different ?

genuinely interested as to your reasoning.

Edit: you’re only screwed if you didn’t sit on your hands after you were wrong. It can EASILY do another leg up.
Que Sera
  • #48,708
  • Oct 24, 2024 1:59pm Oct 24, 2024 1:59pm
Quoting Catempire
{quote} it’s been all time highs all year… why is this any different ? genuinely interested as to your reasoning. Edit: you’re only screwed if you didn’t sit on your hands after you were wrong. It can EASILY do another leg up.
Amen - Trade the chart in front of you

My bias is up until there is a clear HTF break of structure and then we'll see how we can trade down the mountain.
  • #48,709
  • Oct 24, 2024 2:15pm Oct 24, 2024 2:15pm
that's all for today! some good movements this afternoon after PMI
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https://t.me/biogoldscalper
  • #48,710
  • Oct 24, 2024 2:26pm Oct 24, 2024 2:26pm
Quoting Catempire
{quote} it’s been all time highs all year… why is this any different ? genuinely interested as to your reasoning. Edit: you’re only screwed if you didn’t sit on your hands after you were wrong. It can EASILY do another leg up.
@the bolded, Fear is not the way to trade. I have a short at 2734. I'm not part of those who are screwed.

My reasoning: A Shoulder-head-shoulder (SHS) pattern formed on the 4hr. Yesterday when price was at 2716 I gave a call that it would rise to 2740 area to form the right shoulder and dump from there. It did get there, fell some, and went back there to range so my call is still valid.

Fear mongering won't help me or anyone as a trader. I saw the SHS pattern which has had a lot of success historically, especially from 4hr TF and above. It's a pattern. I saw it, called it, and traded it. I simply trust the process. If it hits my SL which is way above 2800 then fine, if not I reap the rewards at 2400 or before there.

It's really that simple: see it, believe it, make the trade and put your exit should it fail. It's better that way than predicting that it would rise just because it's been rising. The pattern means more to me than what price has been doing before now. Finally, it's been how many days and price cannot break 2760. I think it's a good shot to take and hope for the best. If it's the worst, then SL is there to preserve the account.
  • #48,711
  • Edited 2:46pm Oct 24, 2024 2:29pm | Edited 2:46pm
XAUUSD/XAGUSD H1
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https://www.forexfactory.com/thread/...6#post15038386
don'panic, till now SHS, my short are alive like yesterday: 2757;2750;2748;2747;2746
  • #48,712
  • Oct 24, 2024 2:33pm Oct 24, 2024 2:33pm
Quoting Isabella_D
XAUUSD/XAGUSD H1 {image} don'panic, till now SHS, my short are alive like yesterday: 2757;2750;2748;2747;2746
Facts. That's a SHS pattern on the 4hr TF. What else people are panicking about is what I don't understand. It's simple: sell, put the SL above the high and go to sleep. It's surprising any trader is buying a head and shoulders pattern on the 4hr at multi year highs. Interesting!!!
  • #48,713
  • Oct 24, 2024 2:40pm Oct 24, 2024 2:40pm
Quoting Mitiblotch
{quote} Facts. That's a SHS pattern on the 4hr TF. What else people are panicking about is what I don't understand. It's simple: sell, put the SL above the high and go to sleep. It's surprising any trader is buying a head and shoulders pattern on the 4hr at multi year highs. Interesting!!!
Yes, you are right, H4 too. Let's see this formation holds or not.
Of course may overshoot. That's the fate of Swingers.
  • #48,714
  • Edited 3:00pm Oct 24, 2024 2:41pm | Edited 3:00pm
Quoting Mitiblotch
{quote} @the bolded, Fear is not the way to trade. I have a short at 2734. I'm not part of those who are screwed. My reasoning: A Shoulder-head-shoulder (SHS) pattern formed on the 4hr. Yesterday when price was at 2716 I gave a call that it would rise to 2740 area to form the right shoulder and dump from there. It did get there, fell some, and went back there to range so my call is still valid. Fear mongering won't help me or anyone as a trader. I saw the SHS pattern which has had a lot of success historically, especially from 4hr TF and above....
I hear ya.

but… there’s been head and shoulder patterns all the way up, it’s only a decent pattern after the event (third peak is also higher than the first which could be argued against the pattern - interest was stronger now than it was before). 2760 hasn’t broken all week just like 2450 / 2540 wasn’t broken all week weeks / months ago (that one means absolutely FA)
there’s been no dump & I’m not saying it wont - 2692 looks like a fairly likely spot to stop if it does.

2400 is wishful thinking at this point. WHY would gold suddenly get dumped for an extended period of time ?.. what and where would be more beneficial to put large amounts of money over a longer term ? Interest rates are unstable, escalation of war looks almost inevitable, Brics are moving away from the dollar.

value is the price people give something - money only holds value because we give it one, if the value isn’t elsewhere why would golds value drop ?
Que Sera
  • #48,715
  • Oct 24, 2024 3:02pm Oct 24, 2024 3:02pm
New pattern I’ve observed lately = Go long during the Asia/Tokyo session. Works like a charm.

Maybe that trend will change starting from tonight haha
  • #48,716
  • Oct 24, 2024 3:02pm Oct 24, 2024 3:02pm
I understand you Catempire, it's all still a blur and it could turn out completely differently.
For someone wanting to tackle ~2400, 2800 should not be a co-criterion when starting the build with small lots.
In any case, you earn your first partial money at the first counter with more lot, when the main line is already fed.
But you know that yourself.
  • #48,717
  • Oct 24, 2024 3:10pm Oct 24, 2024 3:10pm
Hello guys. Which broker can I use for trading gold with the smallest swap?
  • #48,718
  • Oct 24, 2024 3:10pm Oct 24, 2024 3:10pm
Quoting Isabella_D
I understand you Catempire, it's all still a blur and it could turn out completely differently. For someone wanting to tackle ~2400, 2800 should not be a co-criterion when starting the build with small lots. In any case, you earn your first partial money at the first counter with more lot, when the main line is already fed. But you know that yourself.
even more so on the way down. Agreed.
Que Sera
  • #48,719
  • Oct 24, 2024 3:49pm Oct 24, 2024 3:49pm
Quoting michiyo
If it closes above 4hr 10 MA, then it may break ath.
about to close above. Buying to 2758
  • #48,720
  • Oct 24, 2024 3:52pm Oct 24, 2024 3:52pm
IMHO likely incoming two scenerios before reaching new ath, first price will target the low of 2709 then will renew its run to ath, or will target firstly area of 2750 and then will sweep 2709 to make new ATH. After that we shall see what fundamentals will whisper to us.
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