Gold RIGHT NOW

I'm fading this rally. I know what you're thinking, but no way can I lose again.

Right now I am unsure on what Gold does in short term. Mind says the uptrend continues and heart says a correction is overdue. Donno which is correct so have no short term position. Only hold long term position.

right now i'm loading up longs again. we had a nice break, now time to go higher. but is that my greed talking??

Sticking to the long positions for now -- the party ain't over yet.

right now bullard is shitting on gold: https://www.metalsmine.com/news/9275...ke-a-good-time

Agreed Metallurgy. Added long position this afternoon. Hoping the run continues, but my picks have been counter to reality for the last few weeks.

A broken clock is right twice a day

Maybe there's a lesson to be learned here... If you insist on something long enough, you could hit it eventually.. It might even pay out
all the previous trials Life is a numbers game in most areas.. I have seen many traders that would be profitable in the longrun, but they quit... or changed the "strategy" too quick... It is similar in casino... Rarely.. if at all.. people lost house(s) on ONE slot machine or BETTING on one color consistently... Even maybe on the one number... on the same table.. Most of them that do lose, on the longrun.. change the game/machine/slot so often that they cancel event the potential luck/juice that they might have

I am not talking about this particular trade although I always say that having/owning gold is rarely a bad thing...
Trading is a little different... even in the downmarket you could focus on the buys within... if that is your belief/preference (in the longrun

Just my 2

Careful! That road many times leads to martingale systems

Yeah In casino, black/red... you would eventually break the house.. if you could borrow/bet without limits... That is why they have MAX for the table(s).
In FX is a little different, very hard to pre-determine the odds... The main point was that changing systems/strategies/pairs too fast.. seems to be the least favorable thing... Judging from the traders that I had a chance to observe... Not necessarily for winning but at least to cut the exposure to loses... In casino's slot.. there is even pre-set cash-back rate.. I believe it is 90%... So if you would go in, stick to one slot (long enough).. you could lose no more than 10%... Much better than people that would lose house(s) (changing slots) etc... Similar in red/black.. if you play long enough... it should go around 50/50 (negating the greens... so worst case you would lose HALF...
50% DD or so to speak Most lose at switching... I found same thing to happen in FX... I used to have a rule.. when someone sticked to one (or maximum a few) pair(s)... which I would mostly suggest for "one-man-band" traders... I think he/she has much more chance than to switching from pair to pair... throw some oil in, gold, stocks... Almost all that I knew doing that... eventually lost the edge (if they had it)... and quit... There are also some examples that if you stick to some (trend etc..) strategies.. you would maybe eventually hit the STRIKE that would pay off all the previous trials.. Many strategies here... but I hope you get the point... I believe the change is one of the most expensive options... But this is also true... Only the "nutcases" ussualy go through the dark times/ages That is why they say you have to LOVE it or be ADDICTED.. becase any "SANE" person would QUIT already... This amazing quote comes to mind... Could write pages on it, but would prefer to stay on topic, here is the epic quote:
And also.. best to channel addiction to something (because some believe addiction(s) is/are incurable, only channel-able
Another epic quote (I believe):


P.S. Sorry for OT

Right now I see gold melting. It has lost over $20 over the last 5 hrs

Food for thought

Right now gold is approaching a daily range of almost $20 ($19.59). There have only been a handful of days where it's had a drop that big in a single day. And, in the past year only six days did gold ever move lower by more than $20. When it did, it was usually in the lower $20s.

The reason why this is interesting is because we are only into the SHFE session. We still have the London and US sessions. It's already one of the biggest moves lower in the past year. If gold breaks the 1400 level, are we looking at the largest daily drop in over a year?

As you can see, red candles usually don't get much bigger. Not a lot of fundamentals here, but some precedent.

I'm not sure I'd be hanging on to any intraday short positions at this point. Just one trader's thoughts. Good luck out there!

Right now and perhaps surprisingly I see Bullard has been approached for Fed's top job. He is a super dove and the same guy who called for a 50bps rate cut last week. This is super news for Gold.

https://www.metalsmine.com/news/9278...-fed-governors

Since Bullard turned it down, right now I'm thinking Kashkari's future looks bright.

The "coded" market patterns are all so predictable.

XAUUSD crashed this night/morning CET to 1401.50: almost basic support 1400.

Now @ 2-230pm CET, after two temptations to break through 1402-1401, the volume accelerates in the direction of the main trend and see what happens....

THE problem, MY personal ego problem, is to step in with too heavy leverage in respect to equity and am then stopped out .

For me the secret is to balance equity and leverage in heavy price action. Nothing more

XAUUSD on 5' average price chart is up 76.66

You are right sir. Thanks for the perspective

The third market test in the last 12hrs failed to break through 1405-1400 basic support and @ 430pm CET - 1030am EAST - volume accelerates in direction main trend up to 1425 or above or not?

Will there be a 4th attempt and then break through 1400 support? Wait and see until 6-8pm CET. Again patience & discipline are requiered, as usual

Nobody knows, we can only speculate here

First I want to say that right now gold is testing 1400 support levels so be careful out there.

I agree with you that switching systems over and over is a terrible idea. I also have to say though finding a true edge in the market is much harder than most people think. If you do find one all you have to do is program a trading algorithm and watch the money come in until the edge is gone. Not many are doing that.

My issue with this is that even if you shouldn't lose more than 10%, statistically your odds of losing in the long term are basically guaranteed. Who cares if you draw down is capped if it is also guaranteed?

That video of Steve Jobs is such a great one. Wise words that should be revisited constantly in life! I think it also frames our discussion nicely auric. Trading is profitable only for those who are obsessed enough with it that they will work long and hard, learn tough lessons and stick it out long enough to make through the down times.

Keys to success . Right now any speculation I do around gold's 1400 support will be with tight SLs and only slightly looser TPs.

Right now I closed all my gold positions as Europe enters the night.

XAU is dancing in the 1400-1410 support zone and either tonight or tomorrow should break through the 1425 roof or break the 1400 support and then again back to basics.

As I can not walk with my positions, I prefer to start fresh tomorrow around 9am CET London open.

Keep our fingers crossed.....