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  • #10,621
  • Jun 27, 2014 8:09am Jun 27, 2014 8:09am
Quoting biondo
{quote} so we are right back from where we started today this game is seriously getting on my nerves..and testing them
I can't believe this, I think they are just kidding ! I won't get out of these trades without getting my targets. I am getting angry and feeling impatient because of these meaningless movements.
  • #10,622
  • Jun 27, 2014 8:49am Jun 27, 2014 8:49am
Friday is the worst day to trade gold guys my backtesting shows a lot of rangey junk on friday's historically, of course NFP a different story...4 of july week is going to be low volume...wave 4 is usually rangey and triangles etc. Some intraday trades today long oil still long gc looking for a new high.
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  • #10,623
  • Edited 9:43am Jun 27, 2014 9:32am | Edited 9:43am
Quoting bayfisherman
Friday is the worst day to trade gold guys my backtesting shows a lot of rangey junk on friday's historically, of course NFP a different story...4 of july week is going to be low volume...wave 4 is usually rangey and triangles etc. Some intraday trades today long oil still long gc looking for a new high. {image} {image}

Hey Man

I couldn't see that you too had done a wave analysis on your charts... (I could have saved myself the effort )

I think our charts are pointing out to something similar... that's a good sign good luck!
  • #10,624
  • Jun 27, 2014 9:52am Jun 27, 2014 9:52am
Quoting waleed.khan
{quote} Hey Man I couldn't see that you too had done a wave analysis on your charts... (I could have saved myself the effort ) I think our charts are pointing out to something similar... that's a good sign good luck!
Yes we are seeing the same pattern...don't like holding this into the weekend but just a light position in the last part of this move so we'll see where it goes...not expecting much today
  • #10,625
  • Jun 27, 2014 10:04am Jun 27, 2014 10:04am
I'm out guys...have a good weekend still watching the same lines... my weekly top down to 60m
Attached Image(s) (click to enlarge)
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  • #10,626
  • Jun 27, 2014 10:10am Jun 27, 2014 10:10am
Quoting bayfisherman
{quote} Yes we are seeing the same pattern...don't like holding this into the weekend but just a light position in the last part of this move so we'll see where it goes...not expecting much today

I've been in since the 1285 breakout; for me its about taking profit or holding on now...

I have moved my stops to 1299...that way I will be in profit and then if we move further down (max 1285 level; will go long again <the 4th wave can fall to those levels also for it to remain a valid EW>)

If we don't go down then I will add more at a break of 1325-30 level; and try to pyramid up...

Yes today it seems that we will have side ways (tug & pull) action...

GL!
  • #10,627
  • Jun 27, 2014 10:14am Jun 27, 2014 10:14am
I am a bit disappointed that we are on the same levels like last Friday but i am still expecting a correction before we continue north actually silver is diverging a bit from gold for some reasons
  • #10,628
  • Jun 27, 2014 10:24am Jun 27, 2014 10:24am
Quoting atom3
I am a bit disappointed that we are on the same levels like last Friday but i am still expecting a correction before we continue north actually silver is diverging a bit from gold for some reasons

Why the disappointment? The way I see it is; the fact that it is holding onto its gains after that massive spike is actually good and healthy (as it cools of from being overbought on the oscillators)...

That being said there is provision for it too go down to atleast 1286 for it to remain a valid EW... If more than EW structure will not apply...

My personal bias is that it should hold 1300 as the spike up last week is just a way of saying "Not this area anymore; we've fought below those levels a lot (2-3 months maybe?) Don't want to go there again?)

*silver diverging could be a sign that it wants to take the lead*
  • #10,629
  • Jun 27, 2014 10:33am Jun 27, 2014 10:33am
you are right, but the problem is that we are waiting for the correction , I have a short at 1318 and my tp is 1305 but it is not appeared!
what do you think about time of your 4 wave?
  • #10,630
  • Jun 27, 2014 10:42am Jun 27, 2014 10:42am
Quoting Arshamv
you are right, but the problem is that we are waiting for the correction , I have a short at 1318 and my tp is 1305 but it is not appeared! what do you think about time of your 4 wave?

Just follow price action; it hints at what it wants to do...

For me personally the 5th wave seems to have already started at the red line; as there is a confirmation of volume too... Current price action indicates the 3rd sub wave of the 5th wave has started...

Of course this can all be wrong...as this is a limitation of the corrective structure of elliot waves; so caution should be taken...

Good luck & a good weekend to all!
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  • #10,631
  • Jun 27, 2014 10:51am Jun 27, 2014 10:51am
Quoting waleed.khan
{quote} Why the disappointment?
Well
Quoting Arshamv
you are right, but the problem is that we are waiting for the correction , I have a short at 1318 and my tp is 1305 but it is not appeared! what do you think about time of your 4 wave?
That's why
  • #10,632
  • Jun 27, 2014 11:37am Jun 27, 2014 11:37am
Quoting atom3
{quote} Well {quote} That's why
You are on the short side
Well good luck nonetheless...
  • #10,633
  • Jun 27, 2014 11:41am Jun 27, 2014 11:41am
Quoting waleed.khan
{quote} You are on the short side Well good luck nonetheless...
Bears should prevail in current indecision, Bulls even with huge momentum and Iraq war in their side are not being able to mantain the uptrend,
i think there is a nice premium currently priced in for Iraq, if Iraq gets better that premium dissapears and the price plunges fast.

next long term price is $1100, i read this week Goldman Schanz have still unchanged $1050 gold target (looking the link to post it)
  • #10,634
  • Jun 27, 2014 11:48am Jun 27, 2014 11:48am
Quoting acidguy
{quote} Bears should prevail in current indecision, Bulls even with huge momentum and Iraq war in their side are not being able to mantain the uptrend, i think there is a nice premium currently priced in for Iraq, if Iraq gets better that premium dissapears and the price plunges fast. next long term price is $1100, i read this week Goldman Schanz have still unchanged $1050 gold target (looking the link to post it)
The only reason why Goldman sachs is the most profitable I.B is because it sells us information like that and once we buy into that trade; they decide to trade the other way... (talk about perfect market making...)

I never listen or follow any "Bank related analysts" - they have a sell side perspective ( they only pretend to help the retailers...)

I honestly don't think Blankfein would give information like $1050 gold call that cheaply (there have to be strings attached...)

You will only get the right calls if you are a "premium client"; unfortunate -- but you have to pay ALOT if you want the right information
  • #10,635
  • Jun 27, 2014 11:52am Jun 27, 2014 11:52am

  1. Added 6 more longs
  2. Total 11 net longs now
  3. Apart from the above, 10 longs against 10 shorts neutralizing each other


Got a hunch, this could fly higher on Mon.

Had set SL on shorts @ 1327 using Daily Clock Band (DCB), worked fine today, but, these shorts might blow on Mon.

Wish you all a great weekend ahead!

PS: Secured 19 longs so far (clean contracts separate)

Hello World!
  • #10,636
  • Jun 27, 2014 11:57am Jun 27, 2014 11:57am
Quoting ClockTrader
Added 6 more longs Total 11 net longs now Apart from the above, 10 longs against 10 shorts neutralizing each other Got a hunch, this could fly higher on Mon. Had set SL on shorts @ 1327 using Daily Clock Band (DCB), worked fine today, but, these shorts might blow on Mon. Wish you all a great weekend ahead! PS: Secured 19 longs so far (clean contracts separate)

Have a good one CT!
  • #10,637
  • Jun 27, 2014 1:02pm Jun 27, 2014 1:02pm
This is what I got waltzing into the weekend. Decided to redo all my charts. The cleaner the better.

So basically Gold is on a Bearish Cypher which we may see take a couple of weeks to achieve. Either that or there are other patterns I have yet to spot.

I took a while looking for a pattern on Silver, and though I may have found one I feel that the pattern isn't exactly good and I wouldn't really trust it. Since I can't find a pattern that looks good, I did further looking around and came up with a few more ideas.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold 28 June 2014 Chart Redo Bearish Cypher.png Size: 66 KB
Click to Enlarge Name: Silver 28 June 2014 Bullish 5-0.png Size: 64 KB
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A 1 pip gain is better than a 1 pip loss.
  • #10,638
  • Jun 27, 2014 1:15pm Jun 27, 2014 1:15pm
what do you think about daily chart's Dojies?
  • #10,639
  • Jun 27, 2014 1:31pm Jun 27, 2014 1:31pm
This is for Silver. Although I don't play such long term trends, its fun finding them and knowing which direction to go towards instead of trading lost.
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A 1 pip gain is better than a 1 pip loss.
  • #10,640
  • Jun 27, 2014 3:12pm Jun 27, 2014 3:12pm
And this was it for the week folks pretty much no change since last Friday. The trend for the next month will be bullish in my view, i just hope we have a nice correction in the beginning of the next week, before the next jump to north so i can change in silver the shorts for longs on green.
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