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  • #8,601
  • May 13, 2014 12:37pm May 13, 2014 12:37pm
Quoting leopower
can we see this gold, technically ? {image}
I agree with your trend

One obstacle for upward movement is the banks etc have to come back to fill stops
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  • #8,602
  • May 13, 2014 12:41pm May 13, 2014 12:41pm
Now looking at an 8hour chart, notice the reversal from the 1280 zone is very aggressive, on the one hand mostly news which made the shift, but then the price takes a week to trickle back to where it started, this last push was not convincing..
im waiting for a decent buyer bar tomorrow after a pull back which is currently occurring
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  • #8,603
  • May 13, 2014 1:08pm May 13, 2014 1:08pm
come on bears! or manipulation! hit the 1288 support b4 US close
  • #8,604
  • May 13, 2014 1:12pm May 13, 2014 1:12pm
Quoting Yus191
come on bears! or manipulation! hit the 1288 support b4 US close
Is that your profit target ? If this candle closes around 1292 tomorrow s red most probably
  • #8,605
  • May 13, 2014 1:25pm May 13, 2014 1:25pm
Quoting AlecM
{quote} Is that your profit target ? If this candle closes around 1292 tomorrow s red most probably
My target is 1288 to break even ish (close some shorts here in case it bounces back up, got greedy thinking positive USD news and stuck)
then to 1277 at asia trading, target profit me for profit I'm optimistic.

Then wait to see what happens, if a clean break through 1277 then down to 1268-66, thereafter most likely back up at least to 1273 or a quick down to 1260. Any break from 1260 deffo to target 1200.

At 1292 to me it means there will be even a smaller range movement and could back up to dead zone 1294-95,
Tomorrow is too far away with the Ukraine thing hanging no idea what it will bring, im just sticking to short term trends hoping no news to impact my positions negatively.

What are your thoughts?? i need comments
  • #8,606
  • May 13, 2014 1:34pm May 13, 2014 1:34pm
I actually have a very similar thoughts with you , gold is still way over priced for the long term, here s my simple mobile phone chart , madr it simple and tidy in contrast to the choppiness of the market. Me break even is at 1285 had put a stop sell order hoping for a strong breakout on monday and i m still in the trade very optimistic abt it but it is tiring :s
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  • #8,607
  • May 13, 2014 1:52pm May 13, 2014 1:52pm
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  • #8,608
  • May 13, 2014 1:53pm May 13, 2014 1:53pm
Quoting AlecM
I actually have a very similar thoughts with you , gold is still way over priced for the long term, here s my simple mobile phone chart , madr it simple and tidy in contrast to the choppiness of the market. Me break even is at 1285 had put a stop sell order hoping for a strong breakout on monday and i m still in the trade very optimistic abt it but it is tiring :s {image}
This is my basic chart my range of tp or st inbetween each of the red red lines, the up arrows is where it cant go in this short term, it needs to break each range. Current range 1297 and 1292 and long as it stays here in the hr im safe , if it breaks upwards depending on how far from the range line i may decide to cut my losses, wait for it to touch the top of that range and sell, if any of that makes sense :/
If bounces off it I know to close if in profit as is range bound.

But this basic strategy does seem to work for me, smaller profits and tighter stop losses, but if you replace that with more positions it works out the same, as long as ur spreads are not too bad.

Is my chart or strategy complete rubbish?
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  • #8,609
  • Edited 2:55pm May 13, 2014 2:24pm | Edited 2:55pm
I would still be very very careful! A lot of people are calling that the major us stock indexes have topped...Right now on the daily chart the spx, the dow and nasdaq have an evening star formation on the verge of forming. If you draw a trend line on the usd index; Price has reached very close to its top and hence can reverse...

Today we are having an inside candle day where price seems to be consolidating after yesterdays major move from 1270...If you look at the past few days closes of the daily chart; gold seems to find good support on the 1285-88 (100SMA) area. Looking at from a Fib perspective Gold seems to be hanging on the 50% retracement level from yesterdays low; on a slightly more broader time frame it is also hanging on the 50% retracement level from its low of $1268.

If we have to look at this from a bearish perspective price is right now on the *edit*23% retracement level but it bounced off its 38% retracement level from its high of $1390 last week. All these are key areas and hence there is uncertainty about golds direction; and this is being indicated by the spinning top formation being formed on todays close...

Therefore one should be very careful; and wait for price to close above or below key support and resistance levels so that a direction becomes clear...
  • #8,610
  • May 13, 2014 7:54pm May 13, 2014 7:54pm
Quoting Verve
{quote} Are those real money positions? big orders!!**!!
I think those are demo. At least half of people here who post trades in multiple lots are practice accounts and nobody bothers to say they are not real. Fancy Stuff!

Quoting Verve
{quote} I agree with your trend One obstacle for upward movement is the banks etc have to come back to fill stops {image}
I disagree with upward trend from current range. Its going down, IMHO. Lets say if I'm wrong, I would be happy to buy from higher price in June, latest by June-End for long term. I would like to remain on sidelines until early-June or May-End.
Hello World!
  • #8,611
  • May 14, 2014 12:53am May 14, 2014 12:53am
a bird just told me to chart this.

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  • #8,612
  • May 14, 2014 12:56am May 14, 2014 12:56am
Quoting acidguy
a bird just told me to chart this. {image}
Looks tempting
  • #8,613
  • May 14, 2014 2:16am May 14, 2014 2:16am
Quoting acidguy
a bird just told me to chart this. {image}
Nice one, d1 and w1 confirm this action. But given the recent US numbers... ?
A genius is born every minute, me I am lucky if my socks match.
  • #8,614
  • May 14, 2014 2:27am May 14, 2014 2:27am
Quoting waleed.khan
{quote} hahaha...Is there Ice skating down in Aussieland? I thought that was only a northern thing?
Just thought I would share.. this is my counter to CNN and Bloomy.. Sometimes almost english tabloid but it gives another view on current news.
So I normally check CNN, Bloomy, site below and other media to attempt to hear from all sides of the world.

http://rt.com/op-edge/158664-role-of...ainian-crisis/
A genius is born every minute, me I am lucky if my socks match.
  • #8,615
  • May 14, 2014 2:30am May 14, 2014 2:30am
Asia session closing strong bull, might be a good op to place a short as long as you keep yourself with plenty of margin and place for a longer time frame.
A genius is born every minute, me I am lucky if my socks match.
  • #8,616
  • May 14, 2014 2:38am May 14, 2014 2:38am
.5 short placed @ 1297.70
A genius is born every minute, me I am lucky if my socks match.
  • #8,617
  • May 14, 2014 2:41am May 14, 2014 2:41am
Thought today was going to be an Inside day and was going to bypass any trades. Then M15 showed momentum breaking out of a wedge. Took 3 lots with small SL at 50 pips away (pin bar on M15 in Tokyo session. Pin bar came off a Trend line - which seems to be holding quite well.)

3 targets set at 50, 100 and 150 pips. Price still inside daily bar set on 12 May. Will have to see if price breaks out of it and goes towards the top of my channel, or I have to settle for fewer pips. M15 has an upper Trend line. Will have to see how price reacts to that TL.

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First target hit. SL on remaining 2 lots moved to just below current H4 candle i.e. within wedge. If SL gets taken out, should still result in BE
  • #8,618
  • May 14, 2014 2:48am May 14, 2014 2:48am
Quoting mact4
Thought today was going to be an Inside day and was going to bypass any trades. Then M15 showed momentum breaking out of a wedge. Took 3 lots with small SL at 50 pips away (pin bar on M15 in Tokyo session. Pin bar came off a Trend line - which seems to be holding quite well.) 3 targets set at 50, 100 and 150 pips. Price still inside daily bar set on 12 May. Will have to see if price breaks out of it and goes towards the top of my channel, or I have to settle for fewer pips. M15 has an upper Trend line. Will have to see how price reacts to that TL....
hmmm, second chart could produce a double top if you take out the middle, however I might be a little biased now that I place my short prematurely.
A genius is born every minute, me I am lucky if my socks match.
  • #8,619
  • May 14, 2014 2:49am May 14, 2014 2:49am
Silver is at critical area, if the price break through 19.75 area with a strong momentum, I anticipate it will easily get to 20.10 area. This will lead gold as well.
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  • #8,620
  • May 14, 2014 2:52am May 14, 2014 2:52am
Quoting whackdiddy
{quote} hmmm, second chart could produce a double top if you take out the middle, however I might be a little biased now that I place my short prematurely.
Yes, that is the danger. Am monitoring trades and looking at momentum closely. First target of 50 pip reached. SL of remaining 2 lots already moved so at worst I'll be at BE.
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