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Only Gold!

  • #8,101
  • Edited 8:59pm May 5, 2014 8:42pm | Edited 8:59pm
Quoting acidguy
{quote} stay short and forget about new highs soon, Goldman Sachs makes the market and target is $1150 . the opposite of what made Gold Rally from $400 to $1800 is happening now.
Well first off gold rallied to $1921 in its bull run...

Secondly I find it ironic you mentioned goldman sachs...do you know back in 2010 they were predicting the gold price of 2011 to hit $1350 only and then fall to 1100 and yet it rallied to its record high! (do some googling...or wait here is one article -
http://in.reuters.com/article/2010/0...47628720100412)
What I have learned and experienced over the years is that...one should always do the opposite of what big firms or let me reiterate "market makers" like Goldman sachs tell you to do! because that is how they make their money...

To put it in another way if the majority agrees and puts on shorts; the market will not really move lower because there wouldn't be as many buyers hence less liquidity. Big firms always see moments like these as opportunities because if they buy 3 or 4 times the amount of the order flow of shorts; they are not only going to eat the shorts but they are gonna make the price of gold go parabolic (as it did back in 2011). As Buffett has said "be greedy when others are fearful and fearful when others are greedy"...

With all this being said... I will have no remorse if the price falls to 1200 tomorrow; because i don't attach myself to the bias... I solely let PA dictate and I just follow! I might hang out with either bulls or bears sometimes; but ultimately I follow the traffic flow and rules! After all I am not a bull nor a bear but a civilized and rational individual!

Peace!

P.s what is your price bottom level?
  • #8,102
  • May 5, 2014 9:04pm May 5, 2014 9:04pm
Quoting waleed.khan
{quote} Well first off gold rallied to $1921 in its bull run... Secondly I find it ironic you mentioned goldman sachs...do you know back in 2010 they were predicting the gold price of 2011 to hit $1350 only and then fall to 1100 and yet it rallied to its record high! (do some googling...or wait here is one article - http://in.reuters.com/article/2010/0...47628720100412) What I have learned and experienced over the years is that...one should always do the opposite of what big firms or let me reiterate "market makers" like...
yes, was until end of 2012 starting 2013 that USA economy started to pickup nicely and gold started to fall,
gold price was a bubble and popped out hard, when bubbles explode they dont recover easily again, gold is still very high
when the China demand is going lower, now they with a credit crisis startin the less thing they wanna do is invest in gold and metals,
they need fiat to aggresively start QE and keep inflation low.

next target $11xx and the most Banks Agree, hard to see a bottom target of $9xx like Jim Rogers or Warren Buffet said.
  • #8,103
  • May 5, 2014 9:10pm May 5, 2014 9:10pm
Quoting acidguy
{quote} yes, was until end of 2012 starting 2013 that USA economy started to pickup and gold started to fall.
It was nov 2011 that gold started its decline... and sat on 1600 level for a while... And then in 2012 goldman said that price will go to $1800 and it never did...hehe!

So Goldman doesn't know...and yet each year they outperform everyone else! hmmm... Ofcourse they know everything but i can guarantee to you that they will never sell precious information so cheaply (FREE) to the public!
  • #8,104
  • May 5, 2014 9:26pm May 5, 2014 9:26pm
Quoting acidguy
{quote} they need fiat to aggresively start QE and keep inflation low. next target $11xx and the most Banks Agree, hard to see a bottom target of $9xx like Jim Rogers or Warren Buffet said.
QE should increase inflation; not decrease it! But you are right about the credit crisis that seems to be an issue (perhaps china might have a few banks go bust along with a slump in their housing market), but by no means do they need QE! They're interest rates are already comparitively high! so to increase pace and promote growth their rate they are at best going to lower interest rates...QE doesn't make sense!

And mind you lowering interest rates will again promote inflation; which works well for both gold and silver!

But Generally speaking and assuming that the U.S economy really is improving I am also a longer term bear...but all I am trying to say is rather than getting fixated on the downside; try to acknowledge the upside potential too..because the bulls do have a few arguments going in their favor as well!
  • #8,105
  • May 5, 2014 9:32pm May 5, 2014 9:32pm
Quoting waleed.khan
{quote} . I will have no remorse if the price falls to 1200 tomorrow;


This is the only sentence I read, and I read it multiple times..
I shortened it to make it easier for people to read...

"Expect 1200 tomorrow!!" See above statements and read carefully, this is sarcastic / tongue in cheek / speculation on my behalf / a joke (I don't want to see any quotes saying Dreaming)

I have no remorse but will be a wealthy man..
I am holding two shorts.

  1. AUD Gov has wanted the AUD to be around the 0.80 level for the last six months +, have we seen it. No... Although we might soon considering the trade balance, the budget release and bubbles.
  2. The ukraine crisis has been in the news and on ramp up for months now, I jumped in a long as soon as I heard the news expecting a rally to safe havens (Gold, Silver, etc), did we see much movement, not really. Considering I was expecting a large rally to the heights of may 1400+.
  3. We are being sold all good news, smooth sailing and upward movement on the economy for the US and the UK. Europe is a different matter with energy crisis in Germany (Hey let's shut our nuclear power plants and employ more hamsters, all those in favour?)
  4. We have doomsayers still warning of a major correction and a repeat of the 2008 GFC, that the US is not doing as well as being portrayed. Hell I have heard rumours that go as far as to suggest that Fort Knox only has one bar of gold left in it. <True I did hear this rumour, no exaggeration>

So what do we take from all this,,,

TRADE THE TECHNICALS and not the FUNDAMENTALS.
If you are in the 1% group of people on the planet that can put the Technicals and Fundamentals together and profit then you are not reading this post anyway.

A genius is born every minute, me I am lucky if my socks match.
  • #8,106
  • May 5, 2014 9:42pm May 5, 2014 9:42pm
My Idea
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Ro IMRAN Ro
  • #8,107
  • May 5, 2014 9:42pm May 5, 2014 9:42pm
Quoting whackdiddy
{quote} This is the only sentence I read, and I read it multiple times.. I shortened it to make it easier for people to read... "Expect 1200 tomorrow!!" See above statements and read carefully, this is sarcastic / tongue in cheek / speculation on my behalf / a joke (I don't want to see any quotes saying Dreaming) I have no remorse but will be a wealthy man.. I am holding two shorts. AUD Gov has wanted the AUD to be around the 0.80 level for the last six months +, have we seen it. No... Although we might soon considering...
Haha...lol! Well you made a good point by throwing some "fundamentals" in the air. On a purely technical basis the charts do seem to be pointing up on the daily.. So I don't know what you are seeing?

as far as your points are concerned...
1) aud really doesn't matter much in the grand scheme...
2) Yes the ukraine issue didn't really kick off... but it is becoming worse; plus may 25 is their election... we can expect things getting a lot worse until then.... (perhaps we might even not find a direction)
3) I agree...
4) We have more well wishers than doomsday sayers in the market these days! Which is not a good sign! "the opposite rule"

Best of luck to you regardless!
  • #8,108
  • May 5, 2014 9:55pm May 5, 2014 9:55pm
Quoting whackdiddy
{quote} If you are in the 1% group of people on the planet that can put the Technicals and Fundamentals together and profit then you are not reading this post anyway.
hmm... Truth is one can be the greatest analyst on earth and yet when it comes to trading they just can't measure up! & the answer is really simple..it is because trading has little to do with analysis and more to do with individual psychology and discipline.

One can profit from a simple stochastics system also! It is all about your discipline, implementation. curbing greed and more importantly knowing when not to trade and protecting your capital!
  • #8,109
  • May 5, 2014 11:19pm May 5, 2014 11:19pm
Quoting waleed.khan
{quote} hmm... Truth is one can be the greatest analyst on earth and yet when it comes to trading they just can't measure up! & the answer is really simple..it is because trading has little to do with analysis and more to do with individual psychology and discipline. One can profit from a simple stochastics system also! It is all about your discipline, implementation. curbing greed and more importantly knowing when not to trade and protecting your capital!
Couldn't agree more.

I would take advise from someone who has made money with a live account. Someone who puts there nards on the line before a demo trader who never exposes themself to any real risk and calls shots.

The only source of knowledge is experience. Experience is one thing you can't get from a demo account, or simply analysing charts.

Exposure to the demon that will keep you awake at night while you have a losing trade trickling away your hard earnt money. Exposure to the euphoria you experience when you make money by sitting on your bum behind a screen as others sweat and bleed to put food on the table. How YOU manage those emotions will make or break you as a trader.
  • #8,110
  • May 6, 2014 12:35am May 6, 2014 12:35am
Quoting Mitchoss
{quote} Couldn't agree more. I would take advise from someone who has made money with a live account. Someone who puts there nards on the line before a demo trader who never exposes themself to any real risk and calls shots. The only source of knowledge is experience. Experience is one thing you can't get from a demo account, or simply analysing charts. Exposure to the demon that will keep you awake at night while you have a losing trade trickling away your hard earnt money. Exposure to the euphoria you experience when you make money by sitting...
Hear Hear!!
  • #8,111
  • May 6, 2014 12:45am May 6, 2014 12:45am
Quoting Mitchoss
{quote} Couldn't agree more. I would take advise from someone who has made money with a live account. Someone who puts there nards on the line before a demo trader who never exposes themself to any real risk and calls shots. The only source of knowledge is experience. Experience is one thing you can't get from a demo account, or simply analysing charts. Exposure to the demon that will keep you awake at night while you have a losing trade trickling away your hard earnt money. Exposure to the euphoria you experience when you make money by sitting...
Very well said Mitchoss, I can't agree more with you either. I really encourage you to be active here and be inspiration for all of us. I remember your live account shot very high and then you hid it, shared with your friends only or something and now you are sharing it again with shorter history available. Nevertheless your account is probably one of the best here, no doubt about that.

On other note have you ever traded a demo account? No doubt a trader doesn't fear about losing money there, yet, I wonder if you have ever shared a demo account being watched by hundreds of people? I believe almost everyone here has traded a demo account, yet, how many share it here? I always encourage people to share their real / demo accounts here regardless of its color, green or red. I got into an argument with a senior member, felt annoyed, removed all my demo accounts (would not share patron's and other people real accounts here).

Thanks for being around and I hope you to be active here more than often :-)
Hello World!
  • #8,112
  • May 6, 2014 1:25am May 6, 2014 1:25am
Quoting ClockTrader
{quote} Very well said Mitchoss, I can't agree more with you either. I really encourage you to be active here and be inspiration for all of us. I remember your live account shot very high and then you hid it, shared with your friends only or something and now you are sharing it again with shorter history available. Nevertheless your account is probably one of the best here, no doubt about that. On other note have you ever traded a demo account? No doubt a trader doesn't fear about losing money there, yet, I wonder if you have ever shared a demo...
Absolutely have traded demo, I don't anymore though. I was trading demo from 2011 - 2013 on and off along side a real account, entering comeptitions. Came top 5 in a few over the years. I had a couple of guys I looked to as mentors, they seemed so level headed and had the right guidance, whether they practice the preach is another story, nevertheless I trained myself to be disciplined.

I'm not a big fan of sharing my account, but I figure what have I got to lose, if I do my ass and lose all my money.. meh, its more EXPERIENCE. Will it sway my strategy to lower my leverage? Possibly, but I wouldnt have opened my very first trade if I wasn't willing to kiss that money goodbye.

Remeber, for every winning trade there is a losing trade.

I'll be around.. might not always post but I stop in to read views etc

Mitch
  • #8,113
  • May 6, 2014 1:34am May 6, 2014 1:34am
Quoting Mitchoss
{quote} Absolutely have traded demo, I don't anymore though. I was trading demo from 2011 - 2013 on and off along side a real account, entering comeptitions. Came top 5 in a few over the years. I had a couple of guys I looked to as mentors, they seemed so level headed and had the right guidance, whether they practice the preach is another story, nevertheless I trained myself to be disciplined. I'm not a big fan of sharing my account, but I figure what have I got to lose, if I do my ass and lose all my money.. meh, its more EXPERIENCE. Will it sway...
Just trying to work out where the demo trader bit came from, who is giving out advice on a demo account?
A genius is born every minute, me I am lucky if my socks match.
  • #8,114
  • May 6, 2014 1:43am May 6, 2014 1:43am
Quoting whackdiddy
{quote} Just trying to work out where the demo trader bit came from, who is giving out advice on a demo account?
I encourage people to try their hands on demo before losing any serious money.
Hello World!
  • #8,115
  • May 6, 2014 1:47am May 6, 2014 1:47am
Quoting ClockTrader
{quote} I encourage people to try their hands on demo before losing any serious money.
No I understand that and did that for two years before turning to a live account many moons ago. But the advise from a demo trader statement popped up and I would hate for people to think that I am a demo trader still.
A genius is born every minute, me I am lucky if my socks match.
  • #8,116
  • May 6, 2014 2:16am May 6, 2014 2:16am
Quoting whackdiddy
{quote} No I understand that and did that for two years before turning to a live account many moons ago. But the advise from a demo trader statement popped up and I would hate for people to think that I am a demo trader still.
Nonono wasn't a stab at anyone. I've just seen it over the years thats all
  • #8,117
  • May 6, 2014 2:18am May 6, 2014 2:18am
Quoting Mitchoss
{quote} Nonono wasn't a stab at anyone. I've just seen it over the years thats all
A genius is born every minute, me I am lucky if my socks match.
  • #8,118
  • May 6, 2014 2:19am May 6, 2014 2:19am
I went long a few minutes ago (just before London open) after the breakout of a triangle I identified. My target is the recent high but will continue to follow up. My strategy is to play the London and New York opens on a 1 hour chart. Typical targets are around 50 - 100 pips but will close earlier if lack of momentum. At the end of a day a profit is a profit.
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  • #8,119
  • May 6, 2014 2:20am May 6, 2014 2:20am
On gold, the journey to the upside,seems to have resumed,my eyes are glued to my lappy
  • #8,120
  • May 6, 2014 3:09am May 6, 2014 3:09am
I plan to add to my test shorts sometime by 12 pm NY, IF PA does not show Super Bullish signs by then.
Hello World!
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