Went long @ 1658 for reasons on the chart attached. Now at BE. Closely watching 1681. Won't add before breach and confirmation at that level.
Long A/U as well from 1.0430
Long A/U as well from 1.0430
Patience is magic
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DislikedI think LilPip Has done a good job of explaining that.
Regardless, if you are day trading and trying to maximize profits, the trade for friday was clearly long and trending up. not much more sense in discussing this.Ignored
Dislikedwhen gold crashed from 1920 - how did it feel like really to go long for a very long time then know that the gold market is crashing?
was it 'normal' feeling?
how did you feel?
any trades occured in the period? successes and failures?
id like to know for experience sharing purposes thanksIgnored
DislikedDownward Daily TL broken.
Great move on Friday, let's see where she takes us next.Ignored
DislikedSure, since I trade in the direction of the prevailing trend 90% of the time, 100% with gold, I was already long until we hit 1900.
I trade off my channel, and at this point we had Blown way out of the channel and were rocketing up every day.
This alone was a signal to be careful and aware that a correction will be imminent.
We had one attempt at a spot close above 1908. It failed. The price fell.
Then we had another attempt from 1700 the channel top expansion line, we did not re enter the channel thus, I added.
Next we attempted from this...Ignored
Dislikedthat gold has been in a 10 year bull... yes
That gold has been undergoing a major correction... yes
that gold did not close below the weekly rising trend line (although it broke the others)... yes
that a major decending trendline on the daily is still in place ... yes
That gold has made about a dozen attempts to break the new daily trendline and failed... yes
That gold has displayed most of the classic techincal reverals signs ... yes
Not sure how anyone that has spent too much time in front of the gold chart can argue with certainty that...Ignored
DislikedTaking a position at this moment would likely not be the best entry point agreed.
Falling back into a rising channel started in June of 2008 after blowing out of it by several hundred dollars north is not a reversal to me it is a correction and part of the ebb and flow.
This entire month the price has risen. So there were positions to be taken.Ignored
Dislikedi do not know how to put charts but on a daily chart i am looking at the support at around 1488. am i missing some thing here. ofcorse this is based on trend lines and not on any complex tools.Ignored
DislikedSometimes it's the small ones that are most important.
Here is your Downward TL redrawn on the daily from my weekly channel.
I see a close outside the line.Ignored
DislikedQE3 is inevitable to many. A question of when...
I wouldn't be so sure it is unlikely in the near future, unless you are talking about a very short window of time.
http://www.bloomberg.com/news/2012-0...tom-keene.htmlIgnored