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Only Gold!

  • #8,401
  • May 8, 2014 11:08am May 8, 2014 11:08am
looks like.. rocket will go up!
visit www.OlimpiaFX.com
  • #8,402
  • May 8, 2014 11:25am May 8, 2014 11:25am
Quoting ClockTrader
{quote}ps: Time to call it a day, catcha tomorrow fellas.
Have a nice one CT!
  • #8,403
  • May 8, 2014 11:50am May 8, 2014 11:50am
Even if it doesnèt go up today... just hanging around in this area will post a doji on the daily chart; and what is better it is right on top of the 100 day sma... Tomorrow only suggests a reversal to the upside... and we might end up with another pinbar on the weekly close.

When that happens we will have 3 tweezer like candles on the weekly charts! ( i wonder what will happen next week...)
  • #8,404
  • May 8, 2014 12:44pm May 8, 2014 12:44pm
clocktrader, any advice for tomorrow?
  • #8,405
  • May 8, 2014 12:44pm May 8, 2014 12:44pm
Quoting ClockTrader
{quote} Can you tell us something about yourself mate? You look new here, like how long you been trading? In your other post you posted a nice chart that included gartley etc. I wonder what technical stuff you follow? Share only what you feel like, no obligation. PS: Time to call it a day, catcha tomorrow fellas.
Hey CT,

Maybe then you should also read Matt Weller too at FXSTREET. Because that's where that chart came from. No offence. It's just that I also hop around there and read some stuff they write to make us newbie's understand behind the scene stuff.

http://www.fxstreet.com/analysis/ind...2014/05/06/09/


Cheers !!!
  • #8,406
  • May 8, 2014 1:31pm May 8, 2014 1:31pm
I think the scenario might look like this.
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  • #8,407
  • May 8, 2014 1:50pm May 8, 2014 1:50pm
Quoting Superchor
{quote} Hey CT, Maybe then you should also read Matt Weller too at FXSTREET. Because that's where that chart came from. No offence. It's just that I also hop around there and read some stuff they write to make us newbie's understand behind the scene stuff. http://www.fxstreet.com/analysis/ind...2014/05/06/09/ Cheers !!!
Your right mate, he simply posted the chart as his own, never mentioned the source.

to bad fella!
Hello World!
  • #8,408
  • May 8, 2014 2:35pm May 8, 2014 2:35pm
Quoting waleed.khan
{quote} Because markets are ultimately irrational in the face of panic... I think if i have to describe gold in a few words these days; its tunnel visioned, dyslexic and intensely gullible! trading when the 50 sma on the daily chart is flat is bound to lead to more losses!
hello Mr. Khan. please what do you mean by 'flat' 50sma. thanks
  • #8,409
  • May 8, 2014 2:46pm May 8, 2014 2:46pm
Quoting zee1111
{quote} hello Mr. Khan. please what do you mean by 'flat' 50sma. thanks
sideways...with no tilt, and hence no trend.

It makes the market choppy!

one should also cross check with the 50 EMA as it gives more weight to recent price hence it gives a better picture! Some also use the 64 EMA on the daily!

Plot it on your chart right now and see how 'flat' gold is right now!
  • #8,410
  • Edited 3:08pm May 8, 2014 2:51pm | Edited 3:08pm
Updated with chart.


Daily doji, close above (~) SMA200, 61.8 Fibo (~between 76.4), RSI seems to be turning towards upward, Stochastics show oversold and it's Friday (Poll in Ukraine on 11th of May, possible riots). News should have minor impact on gold. There might be some dips for MMs to build over-the-weekend-longs.

Only thing to have in mind is that there is a good Gartley pattern with potential target at 1250. Also, if not for Ukraine, gold wouldn't be that high - however, Ukraine might have become a catalyst for long-term bottom on Gold since alot of Funds/Banks are currently closing their short positions.
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  • #8,411
  • May 8, 2014 2:58pm May 8, 2014 2:58pm
Quoting Xeet
No chart for now, but... Daily doji, close above (~) SMA400, 61.8 Fibo, RSI seems to be turning towards upward, Stochastics show oversold and it's Friday (Poll in Ukraine on 11th of May, possible riots). News should have minor impact on gold. There might be some dips for MMs to build over-the-weekend-longs. Only thing to have in mind is that there is a good Gartley pattern witch potential target at 1250.
I agree...friday is usually sell off day; but with ukraine vote; traders will stock up for the weekend on gold!
  • #8,412
  • May 8, 2014 3:18pm May 8, 2014 3:18pm
Quoting Mitchoss
{quote}. Though we moved -$18 yesterday in gold, don't think its over until we take out 1295/1300 again. I do expect to touch 1295, and then straight back down. If not, expect us to re-visit 1300+ pretty damn quick, and I would be closing all my shorts. Mitch
According to my charts we hit the 1295 region like I was expecting then infact did go straight back dowm. Now eyes on 1285.over to golds little brother k expect it to comtinue to slide below 19.1 one last time today. Then next week we head over 1300 and 20 respectively.


Happy trading.
Mitch
  • #8,413
  • May 8, 2014 3:25pm May 8, 2014 3:25pm
Quoting Mitchoss
{quote} According to my charts we hit the 1295 region like I was expecting then infact did go straight back dowm. Now eyes on 1285.over to golds little brother k expect it to comtinue to slide below 19.1 one last time today. Then next week we head over 1300 and 20 respectively. Happy trading. Mitch

Will see how 1H plays out, starting London open (to see if MMs decide to take on the risk of nothing-gonna-happen on Ukraine). For FTSE100, 1h starting 17.00 and 1h starting 20.00 are most important. Movement on on Gold might start before.
  • #8,414
  • May 8, 2014 3:25pm May 8, 2014 3:25pm
Quoting Mitchoss
{quote} According to my charts we hit the 1295 region like I was expecting then infact did go straight back dowm. Now eyes on 1285.over to golds little brother k expect it to comtinue to slide below 19.1 one last time today. Then next week we head over 1300 and 20 respectively. Happy trading. Mitch
So Im gathering that you are bullish next week then.

Plus with the better data coming out of China and US; I am guessing Silver industrial function also comes into play; hence any spike in gold will perhaps give silver longer legs... since you actively trade silver; are you finding this to be the case.

*sorry for some odd reason my question mark is not working*

cheers!
  • #8,415
  • May 8, 2014 4:33pm May 8, 2014 4:33pm
Quoting waleed.khan
{quote} So Im gathering that you are bullish next week then. Plus with the better data coming out of China and US; I am guessing Silver industrial function also comes into play; hence any spike in gold will perhaps give silver longer legs... since you actively trade silver; are you finding this to be the case. *sorry for some odd reason my question mark is not working* cheers!
Correct, I'm seeing a very bullish scenario in silver. The price is hovering around a very strong support level, however I would have preffered to see gold around the 1210 price area at this stage to confirm we are a coiled spring ready to launch.

While my TP on silver is 19.1 (havn't quite hit it but not far off) I believe we will go lower.

Back to your original question, Gold and Silver typically move in the same direction. Silver's moves are more violent however
  • #8,416
  • May 8, 2014 5:16pm May 8, 2014 5:16pm
Quoting Mitchoss
{quote} Correct, I'm seeing a very bullish scenario in silver. The price is hovering around a very strong support level, however I would have preffered to see gold around the 1210 price area at this stage to confirm we are a coiled spring ready to launch. While my TP on silver is 19.1 (havn't quite hit it but not far off) I believe we will go lower. Back to your original question, Gold and Silver typically move in the same direction. Silver's moves are more violent however

I guess you mean 1310?

What do you think, is it going to go lower tomorrow, visiting 1280 again before it goes up next week? Should we expect one more leg down before up or the decline is over?

Btw, man, I'm sure you're reading this all the time in this forum - but you are really awesome! I really admire your knowledge, thank you for sharing it with us here!
Shift happens...
  • #8,417
  • May 8, 2014 5:48pm May 8, 2014 5:48pm
Quoting Mitchoss
{quote} Correct, I'm seeing a very bullish scenario in silver. The price is hovering around a very strong support level, however I would have preffered to see gold around the 1210 price area at this stage to confirm we are a coiled spring ready to launch. While my TP on silver is 19.1 (havn't quite hit it but not far off) I believe we will go lower. Back to your original question, Gold and Silver typically move in the same direction. Silver's moves are more violent however
Glad to you know we are on the same page!

offcourse...gold and silver move 90% of the time move in the same direction; but I was saying since the past Economic data has been good I am sure Silver might be "getting" extra juice whenever it rallies! and hence might even be a better bang for your buck!
  • #8,418
  • May 8, 2014 7:31pm May 8, 2014 7:31pm
this trader was right. thanks
what is your next view
he, alone, was to blame for his losses in the zero-sum game
  • #8,419
  • May 8, 2014 7:32pm May 8, 2014 7:32pm
missed chart here now
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he, alone, was to blame for his losses in the zero-sum game
  • #8,420
  • May 8, 2014 7:36pm May 8, 2014 7:36pm
exact moves down to target
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he, alone, was to blame for his losses in the zero-sum game
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