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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #19,901
  • Edited 9:39pm Jul 12, 2012 9:20pm | Edited 9:39pm
Quoting lilpip
Keeping a pulse on her as tue. she briefly broke above weekly (1595) to july monthly pivot (1604). Unless shes lying to me that whole area of 1600-1611 will be a pretty good resistance as the 3rd quarter cycle gets underway .
Hang on to your shorts.
wed.daily
1615
1585
1550-55
wed. bias is down from 1585, eye on 1570 response also.
silver also moves off of weekly pivot area 27.45
wed daily
28.11
27.30
26.47
bias is down from 27.30
move down to weekly pivot area noted, partials taken along with rotation back up from that long standing 1550-55 area towards 1570 area as we watch for her response.
fri. daily
1606
1579
1552
watching candle formations and pa on the 5 min fri. between daily trendguide 1579 and 1570 for direction.
Bias is down from 1579.
  • #19,902
  • Jul 12, 2012 10:01pm Jul 12, 2012 10:01pm
Quoting mrhb30jr
Weekly gold ...1300.xx ....1527/24.... hope to be break out.....
your angle is lining up with xtrades post of his 100 and 200 wk sma and my 3rd quarter lows and 3 year pivot.
One things for certain we have to be trading on the other side of 1524 first.
  • #19,903
  • Edited 10:30pm Jul 12, 2012 10:15pm | Edited 10:30pm
Quoting XTrade
Now she will likely test the broken resistance area and resume up.
your bull flag and the daily candle looks good also but Im not convinced till we get on the otherside of fri pivot 1579 so we can then deal with that 1600 area.

A push over 1570 please .
  • #19,904
  • Jul 13, 2012 3:00am Jul 13, 2012 3:00am
Correct my count if I am wrong,
Attached Image (click to enlarge)
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  • #19,905
  • Jul 13, 2012 4:10am Jul 13, 2012 4:10am
Quoting Nawas
Correct my count if I am wrong,
There's no right or wrong. There can be multiple counts. In fact I've 3 counts including yours, both bullish and bearish. The truth is you can come up with any count to suit your bias. Markets are dynamic and new information can blow right through your 'preferred' count.
  • #19,906
  • Jul 13, 2012 4:17am Jul 13, 2012 4:17am
Quoting nim1984
There's no right or wrong. There can be multiple counts. In fact I've 3 counts including yours, both bullish and bearish. The truth is you can come up with any count to suit your bias. Markets are dynamic and new information can blow right through your 'preferred' count.
Hence, IMHO, Elliot Wave is about as useful as a chocolate fireguard......

beeb
  • #19,907
  • Jul 13, 2012 4:33am Jul 13, 2012 4:33am
Quoting beeb
Hence, IMHO, Elliot Wave is about as useful as a chocolate fireguard......

beeb
sure, if you think so.

Most people think EW is all about labeling. They forget that EW is a model to understand psychology of the buyers/sellers. I don't use EW to forecast prices. I use EW to understand where a buyer could've entered in an uptrend, and where will he place his stop, where will he move his stop depending on price action, and where is he likely to take profits. All these decisions get reflected in the patterns formed, as explained by EW. This is what I think EW is useful for.
  • #19,908
  • Jul 13, 2012 4:43am Jul 13, 2012 4:43am
Quoting nim1984
sure, if you think so.

Most people think EW is all about labeling. They forget that EW is a model to understand psychology of the buyers/sellers. I don't use EW to forecast prices. I use EW to understand where a buyer could've entered in an uptrend, and where will he place his stop, where will he move his stop depending on price action, and where is he likely to take profits. All these decisions get reflected in the patterns formed, as explained by EW. This is what I think EW is useful for.
I was referring to it's use (or rather lack of use) as a predictive tool.....

Being infinitely adjustable I can see how it can be made to fit in retrospect.

Keep using it if you find it useful - TA is all about effectively deploying the tools that best suit your style

beeb
  • #19,909
  • Jul 13, 2012 6:48am Jul 13, 2012 6:48am
GC 20 min:

http://www.screencast.com/t/BNOKoZYIxaCg

Pin bar off the UP helps validation....

beeb
  • #19,910
  • Jul 13, 2012 7:30am Jul 13, 2012 7:30am
Quoting beeb
GC 20 min:

http://www.screencast.com/t/BNOKoZYIxaCg

Pin bar off the UP helps validation....

beeb
I dont know very much about Pitchfork but I know well about channel.
Same as your anaysis on 4hr chart on gold
Attached Image
  • #19,911
  • Jul 13, 2012 7:53am Jul 13, 2012 7:53am
EURUSD heading lower for a new multiweek low.

Which helps push dollar .... higher.
  • #19,912
  • Jul 13, 2012 7:53am Jul 13, 2012 7:53am
Quoting Nawas
I dont know very much about Pitchfork but I know well about channel.
Same as your anaysis on 4hr chart on gold

Exactly - so why waste your time with EW and it's "infinite variables"?

beeb
  • #19,913
  • Jul 13, 2012 8:49am Jul 13, 2012 8:49am
GOLD BREAK!!!!! TESTING THE 200 Hour SMA!!!

1600 here we come!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,914
  • Jul 13, 2012 8:52am Jul 13, 2012 8:52am
Could not AGREE more!

EW in a nutshell
"If A completes here than technically that should be wave B and count two but if A is really incomplete or in fact B than c cannot be here............."

Quoting beeb
Hence, IMHO, Elliot Wave is about as useful as a chocolate fireguard......

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,915
  • Jul 13, 2012 8:54am Jul 13, 2012 8:54am
That is a NICE AND NASTY looking H1 bar and she looks like she wants to crack that 200 hour sma in half... But we will see...

1577 to 1592 in a jump ain't too shabby friends.

Quoting XTrade
GOLD BREAK!!!!! TESTING THE 200 Hour SMA!!!

1600 here we come!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,916
  • Jul 13, 2012 8:58am Jul 13, 2012 8:58am
NEG #s on core CPI and Prelim UoM Consumer Sentiment

also prelim inflation lower than last which = bad for USD
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,917
  • Jul 13, 2012 8:58am Jul 13, 2012 8:58am
Look at her now!

Quoting SunTrader
EURUSD heading lower for a new multiweek low.

Which helps push dollar .... higher.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,918
  • Jul 13, 2012 9:02am Jul 13, 2012 9:02am
If she can take 1600 on this new hourly bar and put some support down there I will be eyeing up a breach of 1630 tough resistance next..

BTW we have formed "hourly" on top of the 200 Hour SMA thus, a good support sign for now.

1595 and counting
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,919
  • Jul 13, 2012 9:20am Jul 13, 2012 9:20am
Looking at H1 I think the more important break was above the 100 SMA
which had been batting the price down every time it crept back up.

Also this recent bullish movement is more aggressive than what we have seen in weeks it seems..
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,920
  • Jul 13, 2012 9:24am Jul 13, 2012 9:24am
Silver broke 27.14 resistance and now seems to be using it as support.

Take a look at H1 - also above the 100 sma
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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