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  • #10,541
  • Jun 26, 2014 7:02am Jun 26, 2014 7:02am
what about weekly graph?

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Bottomless wonders spring from simple rules, which are repeated without end
  • #10,542
  • Jun 26, 2014 7:09am Jun 26, 2014 7:09am
Quoting KiwiOz
{quote} Ding Ding... A retrace back to 1313 then lets see if there is more to come.?? {image}
after an irrational move and not consolidation its hard to chart support and resistances levels in m15, m30,
you can chart maybe a fibo retracement but not a trending channel.

only number which looks key right now is $1280 support from last consolidation.

this is a nice news for gold bears :

http://www.bloomberg.com/news/2014-0...ld-trades.html
  • #10,543
  • Jun 26, 2014 7:14am Jun 26, 2014 7:14am
Quoting acidguy
{quote} after an irrational move and not consolidation its hard to chart support and resistances levels in m15, m30, you can chart maybe a fibo retracement but not a trending channel. only number which looks key right now is $1280 support from last consolidation.
First, if you don't have a position already, don't enter now with expiration of futures/options and unemployment release, I expect some whipsaw moves that can catch people off guard if they are overleveraged with tight SL's.

Second, I feel1300 will be tested. I don't expect us to re-visit the lows we had earlier in the month any time soon, I am looking at a consolidation and sideways move between 1285 and 1300 for a short while, then a move higher in july/august.

If anyone cares about silver, look at 20.35 being tested around the times gold plays the levels I mentioned above.

Key indicators and signs of a healthy trend is to test historic breakout points. (short or long term depending on your trade style)

Mitch
  • #10,544
  • Edited 7:44am Jun 26, 2014 7:20am | Edited 7:44am
Can't afford the stop on the weekly timeframe money to be made long and short on every time frame everyday pretty much...I like the bearish scenario longer term but don't discount the bottom and possible higher lower formed on the weekly as well. I have frequency resistance on the weekly too. My medium and intraday patterns are pointing higher though. Support and resistance is only going to do one of two thing hold or break once it does you'll know and adjust accordingly, until then it's in the hands of the market makers...just along for the ride with those guys.
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  • #10,545
  • Jun 26, 2014 7:23am Jun 26, 2014 7:23am
mm as I finished typing above post, gold/silver had a spike heh. Be carefull with the price doing this prior to news events, they can reverse just as hard.
  • #10,546
  • Jun 26, 2014 7:23am Jun 26, 2014 7:23am
Just a light shot here at prior lows before news...
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  • #10,547
  • Jun 26, 2014 7:28am Jun 26, 2014 7:28am
closed some nice shorts last night but I missed the buying opportunity. Data looks flat to me, nothing too substantial any other thoughts?
  • #10,548
  • Jun 26, 2014 7:31am Jun 26, 2014 7:31am
delta when positive buyers on the fake breakdown a little divergence on my intraday chart very aggressive long thus the light position...worth the r:rw every now and then playing the reversal trade. Bullish scenario puts me up in the 1350s. 1315.7 is an important level on my chart...will want to see price get above there and hold to have confidence to to add hold longer term.
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  • #10,549
  • Jun 26, 2014 7:56am Jun 26, 2014 7:56am
Quoting bayfisherman
delta when positive buyers on the fake breakdown a little divergence on my intraday chart very aggressive long thus the light position...worth the r:rw every now and then playing the reversal trade. Bullish scenario puts me up in the 1350s. 1315.7 is an important level on my chart...will want to see price get above there and hold to have confidence to to add hold longer term. {image}
so you mean we have seen the low for today ? or quite a few days.. iv been monitoring the D1 charts and found something intresting.. wich means if it can break the resistance its facing at 1325 we are in for a pretty hefty move upside.. bullish takes me around 1346
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  • #10,550
  • Jun 26, 2014 7:57am Jun 26, 2014 7:57am
Quoting Mitchoss
{quote} First, if you don't have a position already, don't enter now with expiration of futures/options and unemployment release, I expect some whipsaw moves that can catch people off guard if they are overleveraged with tight SL's. Second, I feel1300 will be tested. I don't expect us to re-visit the lows we had earlier in the month any time soon, I am looking at a consolidation and sideways move between 1285 and 1300 for a short while, then a move higher in july/august. If anyone cares about silver, look at 20.35 being tested around the times gold...
couldn't agree more.
Money Makes Money
  • #10,551
  • Jun 26, 2014 8:00am Jun 26, 2014 8:00am
waiting for 1300 again before going long, kicking myself that I missed 1306 today.
  • #10,552
  • Jun 26, 2014 8:01am Jun 26, 2014 8:01am
my reading of smart VSA volatility bars indicate stay away from longs, in line with my view.

I would wait until tomorrow's NY morning / noon to buy for season.
Hello World!
  • #10,553
  • Jun 26, 2014 8:13am Jun 26, 2014 8:13am
Quoting ClockTrader
my reading of smart VSA volatility bars indicate stay away from longs, in line with my view. I would wait until tomorrow's NY morning / noon to buy for season.

Agreed; but I do think we have near term support at 1300 now... As far as going long is concerned; I would wait for a higher high close above 1325 for confirmation...

Recent price action on the hourly chart has shown a lower bottom (which is the only problem)...

but after yesterdays poor Gdp number... I don't see price falling much...
  • #10,554
  • Jun 26, 2014 8:15am Jun 26, 2014 8:15am
Quoting Mitchoss
{quote} First, if you don't have a position already, don't enter now with expiration of futures/options and unemployment release, I expect some whipsaw moves that can catch people off guard if they are overleveraged with tight SL's. Second, I feel1300 will be tested. I don't expect us to re-visit the lows we had earlier in the month any time soon, I am looking at a consolidation and sideways move between 1285 and 1300 for a short while, then a move higher in july/august. If anyone cares about silver, look at 20.35 being tested around the times gold...

Agreed; same view pretty much... don't see price falling much anymore...
  • #10,555
  • Jun 26, 2014 8:17am Jun 26, 2014 8:17am
Quoting waleed.khan
{quote} but after yesterdays poor Gdp number... I don't see price falling much...
Remember that it was the 1st Q GDP data and it was already priced at least by the majority.
The real GDP for the 2nd Q considering the data that has been shown these past months will be a different story.
Be carefull that's my advice
  • #10,556
  • Jun 26, 2014 8:23am Jun 26, 2014 8:23am
Quoting haider13
{quote} so you mean we have seen the low for today ? or quite a few days.. iv been monitoring the D1 charts and found something intresting.. wich means if it can break the resistance its facing at 1325 we are in for a pretty hefty move upside.. bullish takes me around 1346 {image}
not say anything really just playing this price pattern for the risk:reward win or lose it's worth taking over and over.. from a R:rw stand point...yes I'm holding long sitting 90 ticks or so now.
  • #10,557
  • Jun 26, 2014 8:29am Jun 26, 2014 8:29am
near term area of concern...if you want to short this would be a good place to do it....my intraday chart is showing a topping pattern here resistance is currently 1318.6
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  • #10,558
  • Jun 26, 2014 8:31am Jun 26, 2014 8:31am
Quoting Windstrown
{quote} Remember that it was the 1st Q GDP data and it was already priced at least by the majority. The real GDP for the 2nd Q considering the data that has been shown these past months will be a different story. Be carefull that's my advice

True... but on many levels; the bias is on the upside...

(summers are historically slow...plus the global risks etc...)

Right now; we just have a base layer for support forming... Nonetheless stops are in place at appropriate levels ( I guess by next week; the picture will look a lot clearer...)
  • #10,559
  • Jun 26, 2014 8:36am Jun 26, 2014 8:36am
My finger on trigger ,good opportunity!!!
  • #10,560
  • Jun 26, 2014 8:46am Jun 26, 2014 8:46am
long from 1315 stop1300 target 1366...
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