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  • #9,041
  • May 22, 2014 8:56am May 22, 2014 8:56am
Quoting ClockTrader
{quote} YES! :-)
clocktrader

or anyone of you guys who trades gold for a while and understood its behavior , a question ...

what is the most active hours/sessions for the cold ?

and how come on some of the news releases when currency jumps up and down like crazy ,your lovely gold barely moves ? what currencies move gold ?

thanks a lot.
  • #9,042
  • May 22, 2014 9:07am May 22, 2014 9:07am
Quoting NewToForex14
{quote} clocktrader or anyone of you guys who trades gold for a while and understood its behavior , a question ... what is the most active hours/sessions for the cold ? and how come on some of the news releases when currency jumps up and down like crazy ,your lovely gold barely moves ? what currencies move gold ? thanks a lot.
PA occurs primarily in the London session and more in NY session. High voltage PA is rare after 12 pm NY (EST).

Take a look at monthly TF of currencies and Gold, navigate back in time as long as you can go.

You will notice that Gold is primarily a Bull, the way I see, its driven by Golden Seasons and 5 more such seasons and cycles. Currencies wave on the charts when you obseve last 20-30 yrs.

Gold is a commodity, its rigid. IF Comes/Globex let Gold fall, Gold mining, jewelery industries etc could vanish, it a finite source and must appreciate with the passage of time.

On broad level, right now, my mood remains bearish.
Hello World!
  • #9,043
  • May 22, 2014 9:12am May 22, 2014 9:12am
Though missed a good entry after hitting my TP, I think it may worth a short for ranging till some news path out a obvious direction.
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The only winner is the one who survive the longest...
  • #9,044
  • May 22, 2014 9:16am May 22, 2014 9:16am
Quoting Lucias
{quote} Unless there is an outbreak of massive conflict, full scale civil war and military intervention. I believe this support will be slowly forgotten by the world after the elections.
Is there any guarantee that nothing will happen over the weekend...

I mean just yesterday russia signed the biggest gas deal with china which they haven't been able to do for 10 years of negotiations; I think china might have gotten a big bargain...

After that; I don't think Putin is just going to let Ukraine get away that easy...

But yes you are right that the Ukraine situation is acting as support and perhaps a Peaceful/smooth election is already priced in...

But lets see; I still think it is too early (risky) to pick a direction (especially for an over the weekend trade)
  • #9,045
  • May 22, 2014 10:19am May 22, 2014 10:19am
Quoting bonnzi
{quote} arent you concerned that we are above 1301?
Sorry for the delayed reply. 1301 is the roof of the TL. On closer inspection tonight I realized 1302 was more accurate. The price can spike above these levels. That doesn't really mean anything unless it closes above it. I have my SL at 1306, which is just above the previous high a few days earlier. That acts as a secondary condom if you like
  • #9,046
  • May 22, 2014 10:28am May 22, 2014 10:28am
And here we're back to the good old range.

Took a short @1300 with first target 1290 and stop 1305, will let the rest run after first target. H4 forming a pinbar so hopefully it will at least reach the range trendline support.

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  • #9,047
  • May 22, 2014 10:34am May 22, 2014 10:34am
Quoting diggo
{quote} Sorry for the delayed reply. 1301 is the roof of the TL. On closer inspection tonight I realized 1302 was more accurate. The price can spike above these levels. That doesn't really mean anything unless it closes above it. I have my SL at 1306, which is just above the previous high a few days earlier. That acts as a secondary condom if you like
1303 was a good call
  • #9,048
  • May 22, 2014 10:45am May 22, 2014 10:45am
Do you guys think I should hold or should I close?
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  • #9,049
  • May 22, 2014 12:43pm May 22, 2014 12:43pm
Quoting Chuckyxxx
Do you guys think I should hold or should I close? {image}
Close & wait.
  • #9,050
  • May 22, 2014 12:55pm May 22, 2014 12:55pm
Worth a quick long trade. Closed my short and long. R/R is good.
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The only winner is the one who survive the longest...
  • #9,051
  • May 22, 2014 12:59pm May 22, 2014 12:59pm
My MA is holding my short term trend too. SL is reasonable tight for a try.
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The only winner is the one who survive the longest...
  • #9,052
  • May 22, 2014 1:13pm May 22, 2014 1:13pm
High Resistance on the Weekly (trend) and the daily (MA200) and we have a clear ABC on Eliot Wave. Sell it.

Weekly:
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Daily:
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  • #9,053
  • May 22, 2014 1:18pm May 22, 2014 1:18pm
Quoting ClockTrader
{quote} PA occurs primarily in the London session and more in NY session. High voltage PA is rare after 12 pm NY (EST). Take a look at monthly TF of currencies and Gold, navigate back in time as long as you can go. You will notice that Gold is primarily a Bull, the way I see, its driven by Golden Seasons and 5 more such seasons and cycles. Currencies wave on the charts when you obseve last 20-30 yrs. Gold is a commodity, its rigid. IF Comes/Globex let Gold fall, Gold mining, jewelery industries etc could vanish, it a finite source and must appreciate...
clocktrader, thanks a lot.
  • #9,054
  • May 22, 2014 2:17pm May 22, 2014 2:17pm
And the 240mins to confirm the bearish situation: trendline (in red) + MA400 (in black)= sell with no doubt

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  • #9,055
  • May 22, 2014 3:18pm May 22, 2014 3:18pm
Hope everyone sold into the rally last night. 1303--1305 is still proving to be a geeat entry for shorts. Beware if gold breaks its current ranfe of 1280-1305 whether it be to the upside or downside, it will be a brutal move with the intension to wipe out stops.

Trade safe with tight stop losses .

Thanks and good luck .

Im currently bearish
  • #9,056
  • May 22, 2014 7:31pm May 22, 2014 7:31pm
Quoting Mitchoss
Hope everyone sold into the rally last night. 1303--1305 is still proving to be a geeat entry for shorts. Beware if gold breaks its current ranfe of 1280-1305 whether it be to the upside or downside, it will be a brutal move with the intension to wipe out stops. Trade safe with tight stop losses . Thanks and good luck . Im currently bearish

U.S. New Home Sales on Friday may be the spark that lights this tight market. I have 3 shorts open, though I think we could indeed see a move to take out stops as traders dump positions. Moreover, it appears that geopolitical events are not casting their usual pall over the markets, as Thailand appears steady, and Ukraine will likely have a successful election on Sunday.
"The market can remain irrational longer than you can remain solvent"
  • #9,057
  • May 22, 2014 7:48pm May 22, 2014 7:48pm
closed off my shorts and currently playing 2 x long for small profit aiming for TP within the wedge @ 1296.04, hope to fulfill by end of trading today.
A genius is born every minute, me I am lucky if my socks match.
  • #9,058
  • May 22, 2014 8:30pm May 22, 2014 8:30pm
Quoting Mitchoss
Hope everyone sold into the rally last night. 1303--1305 is still proving to be a geeat entry for shorts. Beware if gold breaks its current ranfe of 1280-1305 whether it be to the upside or downside, it will be a brutal move with the intension to wipe out stops. Trade safe with tight stop losses . Thanks and good luck . Im currently bearish
True... Usd index has broken a key resistance area; Euro last line of defence is the 200 sma and usdjpy seems to be recovering well too.. The upper wick on the 4 hr seems to have mitigated the lower wicks which signaled longs the past couple of days...

We might see a retest of the lower band...but then again with us data coming out today, plus the ukrainian vote I would still be out and wait for direction... otherwise that 1303 short play with a tight SL seems to be like a good trade at least till the london session...
  • #9,059
  • May 22, 2014 9:08pm May 22, 2014 9:08pm
In play, we are going to see a small upside within the wedge. We are currently in a dip so may see some bear action but we are then going for a small bull IMO..
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A genius is born every minute, me I am lucky if my socks match.
  • #9,060
  • May 22, 2014 10:51pm May 22, 2014 10:51pm
The sideways trend may continue, no surprise if it goes above 1305 and then bearish later or next week.

I'll continue to sit on sidelines.
Hello World!
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