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  • #28,541
  • Nov 20, 2013 6:01am Nov 20, 2013 6:01am
Quoting Rf7
{quote} Well done The Rhodie.. You're damn good mate!
Thank you, but it's not me. It's the market that tells us this. I know nothing. I have been trading a live account for just a week. My mentor's teacher is the one who gets the credit: Larry Pesavento.
You win, you lose. All else is history. The future does not exist.
  • #28,542
  • Nov 20, 2013 6:02am Nov 20, 2013 6:02am
Quoting Vachus
{quote} Yes, buy and have the stop lose under the low the 5 minutes printed ... this isn't the first time price plunges like that or the way to break a support!
Vachus,

thanks but no thanks! the last time i tried to catch a falling knife, while looking for my severed thumb, i ended up walking into the path of an oncoming freight-train!
cryptocurrency everytime
  • #28,543
  • Nov 20, 2013 6:02am Nov 20, 2013 6:02am
I'm thinking of going long right now very risky but have to try.
  • #28,544
  • Nov 20, 2013 6:06am Nov 20, 2013 6:06am
Quoting JayPipin
Im holding the long Venzen, news in 90 min may help my cause, but rhodie was right double bottom is on the cards, im in a pickle as my one strategy says after this mofo of a 4hr bar closes below 1269 i have to short till about 1252 i dont think i have the margin if it then decides to go long for 100+

Jay,

"may help" sounds like "i hope it does"! but you have your trading rules so do what you must.

as i understand double bottom happens at the bottom which is 1180. unless we say it's going to reverse at the previous low. Which it could,
cryptocurrency everytime
  • #28,545
  • Nov 20, 2013 6:09am Nov 20, 2013 6:09am
Just wondering, but are you from Southern Africa by some chance? Muntu is the clue.

Quoting Muntu
Any idea why she is falling this heavily ?
Yes. Gold is overvalued and the demand is falling out as there are fewer people able to afford the cost with the increase in joblessness globally. The corporates are not hiring and there is no future in gold as a currency hedge. With the issues in the US at the moment, we are witnessing a devaluation of the USD to cause hyperinflationary pressures against the troubles that the US government is ignoring. The "fiscal cliff" is near the end of Feb and there is little that Obamacare can do to stop it. Actually, Obamacare may actually cause it.

(http://www.bloomberg.com/news/2013-1...y-bullion.html)
Fed Easing
“The Federal Reserve will eventually reduce quantitative easing and that will drive up bond yields there,” said Wang Weimin, a gold analyst at Dalian Fortune Futures Co. in Dalian, northeast China. “Funding costs have been rising inside China, all bearish for investment in gold.”
You win, you lose. All else is history. The future does not exist.
  • #28,546
  • Nov 20, 2013 6:09am Nov 20, 2013 6:09am
Quoting Muntu
Any idea why she is falling this heavily ?

Muntu,

no idea what (or who) that was. Must be a large institution sell - probably a central bank who are infamous for selling near the market bottom...
cryptocurrency everytime
  • #28,547
  • Nov 20, 2013 6:11am Nov 20, 2013 6:11am
another leg to 1250-1240
and we may may have a divergence on the 4H chart

target 1295
i'll be watching the 1250-1245 to make sure
Attached Image (click to enlarge)
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  • #28,548
  • Nov 20, 2013 6:14am Nov 20, 2013 6:14am
if i see in the first 15 minutes of an hour that price tries to go higher while in the previous hour we had a massive sell when i am quite sure that at the end of this hour the bears will prevail again.
The good thing with the future is that it is progressively approaching...
  • #28,549
  • Nov 20, 2013 6:19am Nov 20, 2013 6:19am
Quoting venzen
{quote} that's great but the quandary is that saying so after-the-fact doesn't help anyone... you see what i mean? i believe your system does what you say, but it's one thing saying so when the PA is manifest and another to put your c*ck on a block and actually sharing the signals that make the forecast.

have a look at http://www.forexfactory.com/showthre...59#post7100659
and read downwards from there and you will notice that that was 11 hours before the dive.
You win, you lose. All else is history. The future does not exist.
  • #28,550
  • Nov 20, 2013 6:19am Nov 20, 2013 6:19am
managed to see the short setup and then reversed to long without waiting for my preferred double confirmation. It happened just minutes before we got the big whoosh down. And that's exactly the reason why one has to use stops unless you think you are perfect.
Stopped out at 1269. Now in new long at 1264.60 this one is better confirmed.
The bigger picture however is definitely breaking down some more here.
  • #28,551
  • Nov 20, 2013 6:19am Nov 20, 2013 6:19am
Back to her mom (channel)...
Attached Image (click to enlarge)
Click to Enlarge Name: WGQ4kHj.png Size: 69 KB
The good thing with the future is that it is progressively approaching...
  • #28,552
  • Nov 20, 2013 6:25am Nov 20, 2013 6:25am
What if it rallies up today to as high as 1300? Will there be then any place left for technical analysis?!
Let's wait and see.
  • #28,553
  • Nov 20, 2013 6:29am Nov 20, 2013 6:29am
Quoting Gold-lover
What if it rallies up today to as high as 1300? Will there be then any place left for technical analysis?! Let's wait and see.

View this and see what that means to your idea: http://www.forexfactory.com/showthre...16#post7100816

It could, but what world events would have to occur to make that happen?
You win, you lose. All else is history. The future does not exist.
  • #28,554
  • Nov 20, 2013 6:30am Nov 20, 2013 6:30am
Quoting Gold-lover
What if it rallies up today to as high as 1300? Will there be then any place left for technical analysis?! Let's wait and see.
In one hour there are news from US... why not?

For me everything is possible in that life apart from finding a rich woman to married her and stop trading any more...
The good thing with the future is that it is progressively approaching...
  • #28,555
  • Nov 20, 2013 6:49am Nov 20, 2013 6:49am
1265.79 is bottom from last week's ascent. If gold cannot hold here, it's probably going down to 1250. As time advances this is looking more and more bullish.
You win, you lose. All else is history. The future does not exist.
  • #28,556
  • Nov 20, 2013 6:50am Nov 20, 2013 6:50am
Anyone know what happen for the sudden drop in Gold? My broker was on more than 260 pips spread, Zzz, should have won more when it hit my TP.
The only winner is the one who survive the longest...
  • #28,557
  • Nov 20, 2013 6:57am Nov 20, 2013 6:57am
Quoting spinozagr
if i see in the first 15 minutes of an hour that price tries to go higher while in the previous hour we had a massive sell when i am quite sure that at the end of this hour the bears will prevail again.
The law of Gravity? My collegue Newton something knew!!!
The good thing with the future is that it is progressively approaching...
  • #28,558
  • Nov 20, 2013 7:00am Nov 20, 2013 7:00am
Sorry to ask a noob question. What is the impact of FOMC outcome on gold? ie. what is the co-relationship of tapering and gold?

Thanks in advance.
The true fact is market doesn't care, risk mgt is important.
  • #28,559
  • Nov 20, 2013 7:01am Nov 20, 2013 7:01am
Quoting The Rhodie
1265.79 is bottom from last week's ascent. If gold cannot hold here, it's probably going down to 1250. As time advances this is looking more and more bullish.
more and more bullish?
  • #28,560
  • Nov 20, 2013 7:03am Nov 20, 2013 7:03am
No , Sir, was never in that country.

Quoting The Rhodie
Just wondering, but are you from Southern Africa by some chance? Muntu is the clue. {quote} Yes. Gold is overvalued and the demand is falling out as there are fewer people able to afford the cost with the increase in joblessness globally. The corporates are not hiring and there is no future in gold as a currency hedge. With the issues in the US at the moment, we are witnessing a devaluation of the USD to cause hyperinflationary pressures against the troubles that the US government is ignoring. The "fiscal cliff" is near the end of Feb and there...
Patience is magic
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