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  • #9,021
  • May 22, 2014 6:38am May 22, 2014 6:38am
Quoting arunthegreat
Yesterday was a loss. Again bought today. Anybody care to join me!!!
I think your trade idea yesterday was fantastic... the only problem that I felt was your stop loss ( which mind you on any other day would have been great) but if you put the day into context; you had your stops on 1288 whilst the pinbar finished at 1285 (which would have been the conventional/conservative area for a stop loss) but if one was to the see the broader picture, i.e FOMC minutes plus the triangle support at 1283... you could have taken a sl at 1280 or you could have split your trade in two halves and buying the second time the market fell to 1283 support...

I hold the same view as yesterday; and I still believe that 4 hr pin bar is in play... If we are to neglect the 8 4hr candles (i.e 32 hrs) after that initial pinbar (FOMC time) the market has only retraced by 50% from that pinbar; and hence it is still bullish! Plus we have support of another pinbar which touched support at 1283 now. Now with that being said I think we are going to see some resistance at 1300-1303 level...

The usd index is moving up which is not a good sign to trade...when the market gives mixed signals like this...

I would still wait for a break and close above key resistance area; to go long!

Happy trading & good luck!
  • #9,022
  • May 22, 2014 6:42am May 22, 2014 6:42am
Quoting barefx
{quote} {quote} 1300 is well within current tight range, we have no clear direction until the price breaks out either direction. My bias is bear since the price pattern resembles a bear pennant which is a bear continuation, however it is not impossible for the price to break upside. (And CT's advice is to start buying only in June / end June ..., but of course nothing is certain until we get there) {image}
Nice chart, and yes, looks like a bearish pattern. Fundamentally, some traders might have concluded that ECB will cut rates next month (or some sort of EUR QE)-especially in light of weak numbers today-which could be holding this train in the station sort to speak. Still looks like a spike upward before bearish trend continues....
"The market can remain irrational longer than you can remain solvent"
  • #9,023
  • May 22, 2014 7:04am May 22, 2014 7:04am
Quoting waleed.khan
{quote} I would still wait for a break and close above key resistance area; to go long! Happy trading & good luck!
Maybe bad unemployment claims and/or existing home sales will break resistance down... have to wait and see!
  • #9,024
  • May 22, 2014 7:09am May 22, 2014 7:09am
Quoting farukh
yesterday FED minutes did not affect gold much. on the other hand dollar rises. again a signal of a very strong support down at 1280. having said all this.. still it is expected to be in range bound for some more days
Hi Farukh

I agree 100%; Yes market might be range bound a little longer... but I do feel the time is near past few days the market has spread very thin & with the ukranian vote to happen over the weekend (there have to be fireworks around the corner)
  • #9,025
  • May 22, 2014 7:20am May 22, 2014 7:20am
Quoting anton.olff
{quote} Nice chart, and yes, looks like a bearish pattern. Fundamentally, some traders might have concluded that ECB will cut rates next month (or some sort of EUR QE)-especially in light of weak numbers today-which could be holding this train in the station sort to speak. Still looks like a spike upward before bearish trend continues....
Thanks, I agree that spike will be very likely before the real direction reveals itself. Will coming unemployment claims be the trigger? Fasten your seatbelt
  • #9,026
  • May 22, 2014 7:34am May 22, 2014 7:34am
Quoting diggo
Something has to give within the next week or two with Gold. The ascending/descending TL's are really tightening now, so we have the top at ~1301 and bottom at ~1286, tightening daily. Personally, I favour a break to the downside. My TP remains 1181. I just closed 1/4 of my shorts @ 1288 to protect some profit. Will reload at 1300 if the opportunity presents itself.
Re-entered more shorts at 1303
  • #9,027
  • May 22, 2014 7:38am May 22, 2014 7:38am
Quoting diggo
{quote} Re-entered more shorts at 1303
arent you concerned that we are above 1301?
  • #9,028
  • May 22, 2014 7:42am May 22, 2014 7:42am
Quoting waleed.khan
{quote} I think your trade idea yesterday was fantastic... the only problem that I felt was your stop loss ( which mind you on any other day would have been great) but if you put the day into context; you had your stops on 1288 whilst the pinbar finished at 1285 (which would have been the conventional/conservative area for a stop loss) but if one was to the see the broader picture, i.e FOMC minutes plus the triangle support at 1283... you could have taken a sl at 1280 or you could have split your trade in two halves and buying the second time the...
Quite agree with you, Arun would have bee in unrealize profit now. Sometime too tight a stop loss is not good unless one enter at the best entry. Gold move with legs about $15.
The only winner is the one who survive the longest...
  • #9,029
  • May 22, 2014 7:57am May 22, 2014 7:57am
Quoting bonnzi
{quote} arent you concerned that we are above 1301?
What is 1301 level? is that resistance? I dont see it in my chart
  • #9,030
  • May 22, 2014 7:57am May 22, 2014 7:57am
Quoting kinspk
{quote} Quite agree with you, Arun would have bee in unrealize profit now. Sometime too tight a stop loss is not good unless one enter at the best entry. Gold move with legs about $15.
Thanks!

....and yes especially when there is big news like (FOmC) minutues which is bound to move the market in either direction for no logical reason except (for a lack of a better explanation) for triggering stop losses (HFT trading some say...?)
  • #9,031
  • May 22, 2014 8:02am May 22, 2014 8:02am
Shorts! Shorts! Shorts! Shorts! Shorts!

Exited Long and entered Shorts at $1303.00
  • #9,032
  • May 22, 2014 8:11am May 22, 2014 8:11am
Hi All... Gold will rally because of Ukraine elections on may 25th..Lot of violence in next 3 days.. and that too Us long weekend . May be gold climb up and up.. Buy gold in every small dips... Happy trading
  • #9,033
  • May 22, 2014 8:21am May 22, 2014 8:21am
Quoting halosemua
{quote} What is 1301 level? is that resistance? I dont see it in my chart
i was referring to the post where he quoted himself
  • #9,034
  • May 22, 2014 8:28am May 22, 2014 8:28am
Quoting Lucias
Shorts! Shorts! Shorts! Shorts! Shorts! Exited Long and entered Shorts at $1303.00
am always left out!
  • #9,035
  • May 22, 2014 8:31am May 22, 2014 8:31am
Quoting smile
Hi All... Gold will rally because of Ukraine elections on may 25th..Lot of violence in next 3 days.. and that too Us long weekend . May be gold climb up and up.. Buy gold in every small dips... Happy trading
Have been monitoring news coming out of Ukraine.

It is in my opinion that Gold has already factored in the Ukraine situation.

Even with news of bloody clashes coming out from that area.

Gold price did not increase substantially, the situation is more likely to be acting as an support for Gold.

---------------------

Unless there is an outbreak of massive conflict, full scale civil war and military intervention.

I believe this support will be slowly forgotten by the world after the elections.
  • #9,036
  • May 22, 2014 8:31am May 22, 2014 8:31am
be weary of unemployment claims data coming out, has a tendency to move the metals a bit during the day. Will be a good time to find an entry after.
  • #9,037
  • May 22, 2014 8:38am May 22, 2014 8:38am
Quoting weti
be weary of unemployment claims data coming out, has a tendency to move the metals a bit during the day. Will be a good time to find an entry after.
It was out an hour ago.
  • #9,038
  • May 22, 2014 8:39am May 22, 2014 8:39am
Quoting weti
be weary of unemployment claims data coming out, has a tendency to move the metals a bit during the day. Will be a good time to find an entry after.

I thought the number came out already? Now is waiting for Home sales number...
  • #9,039
  • May 22, 2014 8:51am May 22, 2014 8:51am
Quoting kinspk
{quote} Quite agree with you, Arun would have bee in unrealize profit now. Sometime too tight a stop loss is not good unless one enter at the best entry. Gold move with legs about $15.
Yes. I was expecting even a very big move upside. But market again losing momentum.
Arun
  • #9,040
  • May 22, 2014 8:53am May 22, 2014 8:53am
Quoting waleed.khan
{quote} I think your trade idea yesterday was fantastic... the only problem that I felt was your stop loss ( which mind you on any other day would have been great) but if you put the day into context; you had your stops on 1288 whilst the pinbar finished at 1285 (which would have been the conventional/conservative area for a stop loss) but if one was to the see the broader picture, i.e FOMC minutes plus the triangle support at 1283... you could have taken a sl at 1280 or you could have split your trade in two halves and buying the second time the...
Thanks for your reply. This was not the first time my stop was hit. Mostly my exact stop losses were hit many times.
Arun
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