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  • #12,401
  • Jul 25, 2014 12:51pm Jul 25, 2014 12:51pm
Waiting for H4 candle to close below 1303 and add short to that. Looks like a pretty good R:R on this one.
  • #12,402
  • Jul 25, 2014 12:52pm Jul 25, 2014 12:52pm
Quoting noobstrader
I am short @ 1297. took a break and when came back it shooted up. should i hold ? what is your opinion?

I think it's a hold…. clearly you weren't patient enough to let the up move finish… everything always goes a bit higher/lower than we expect to fool us...
  • #12,403
  • Jul 25, 2014 12:53pm Jul 25, 2014 12:53pm
Quoting Ck87
At least I waited pretty patiently other than a few scalps for this overbought set up here… was thinking to wait for 1306 level but this 1303 level looks appealing for a play to the downside.. might hold till 1292….
I think this is still a good trade based on R/R.

As long as one risks the appropriate amount and not get carried away with it
Attached Image (click to enlarge)
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  • #12,404
  • Jul 25, 2014 12:56pm Jul 25, 2014 12:56pm
thing is it was a risk event that will ware out hopefully if nothing happens during the weekend. im praying for them to somehow not have fights during this weekend
  • #12,405
  • Jul 25, 2014 12:57pm Jul 25, 2014 12:57pm
Quoting waleed.khan
{quote} I think this is still a good trade based on R/R. As long as one risks the appropriate amount and not get carried away with it {image}
Agreed… could definitely shoot higher from here, well aware of that.
  • #12,406
  • Jul 25, 2014 1:00pm Jul 25, 2014 1:00pm
Main thing is the S&P came down and was under pressure today….. if that continues gold is most likely going to continue higher… if not we can see a nice sell off from these levels
  • #12,407
  • Jul 25, 2014 1:05pm Jul 25, 2014 1:05pm
Quoting Ck87
Main thing is the S&P came down and was under pressure today….. if that continues gold is most likely going to continue higher… if not we can see a nice sell off from these levels

Good point... It is selloff friday......haha...

I think we might be good... I've gone tired of calling S&P topsl it just keeps on rising...

I wouldn't be surprised if it rallies back up in the last hour or something; as it often does!

*but then again S&P has to correct sometime*
  • #12,408
  • Jul 25, 2014 1:05pm Jul 25, 2014 1:05pm
on my opinion gold is not suppose to reach here if its bearish , now it may pull back down , will keep buying ,try to firure out good places to buy
  • #12,409
  • Jul 25, 2014 1:06pm Jul 25, 2014 1:06pm
on my opinion gold is not suppose to reach here if its bearish , now it may pull back down , will keep buying ,try to figure out good places to buy
  • #12,410
  • Jul 25, 2014 1:10pm Jul 25, 2014 1:10pm
Quoting waleed.khan
{quote} Good point... It is selloff friday......haha... I think we might be good... I've gone tired of calling S&P topsl it just keeps on rising... I wouldn't be surprised if it rallies back up in the last hour or something; as it often does! *but then again S&P has to correct sometime*

Yeah same boat here with calling S&P tops, it's a major bull trend… of course the days I want to buy it for intraday trades it always comes down.. hahaha… tricky ass markets! I think it is likely to continue marching higher from here…. if not here 1950-1960 range..
  • #12,411
  • Jul 25, 2014 1:16pm Jul 25, 2014 1:16pm
Quoting Windstrown
lorix u'll miss your chance on this one mate but have a nice weekend. CT is it possible on your browser to hedge gold for more than 24 hours? If so i'd keep shorts alive for monday. Gonna have volatility this setback allows us to go further down in my opinion.
Hello just loged in from the phone to take a look at the market my order is now in the market i am short on gold 1302.9
and this is my 1st trade for today and ill keep it for the next week
Senior Trader Multi-Account Manager
  • #12,412
  • Jul 25, 2014 1:27pm Jul 25, 2014 1:27pm
Seeing from an hourly chart I see this as one of three possibilities...the latter two paint a bullish scenario; and call for a bottom that we have just seen... where A is to first bottom 1292 and C (W) is the one we just had! ( I am still not convinced though that we have seen the "W" as yet; however if the top channel does break then I think these 2 possibilities will become valid and be the pattern to watch for in the coming days and weeks...


http://www.elliottwave.net/education...ges/fig_20.gif

or

http://www.elliottwave.net/education...ges/fig_21.gif
  • #12,413
  • Jul 25, 2014 1:40pm Jul 25, 2014 1:40pm
Quoting waleed.khan
Seeing from an hourly chart I see this as one of three possibilities...the latter two paint a bullish scenario; and call for a bottom that we have just seen... where A is to first bottom 1292 and C (W) is the one we just had! ( I am still not convinced though that we have seen the "W" as yet; however if the top channel does break then I think these 2 possibilities will become valid and be the pattern to watch for in the coming days and weeks... {image} or {image}

Sorry I posted the wrong chart

I meant this as the first leg is clearly a zigzag and not a flat!

http://www.elliottwave.net/education...ges/fig_13.gif
  • #12,414
  • Jul 25, 2014 2:33pm Jul 25, 2014 2:33pm
Au @ 1303

So far, so good!
Hello World!
  • #12,415
  • Jul 25, 2014 2:54pm Jul 25, 2014 2:54pm
Quoting ClockTrader
Au @ 1303 So far, so good!
Au @ 1308

Nice 21 $ rally so far today and amazing thing.. not a single sign of peak out yet, which means, this could possibly climb further on Mon and Tue unless it peaks out before closing.
Hello World!
  • #12,416
  • Jul 25, 2014 2:55pm Jul 25, 2014 2:55pm
There's the pop to fool all of us who shorted too early and didn't wait for 1306 to get crossed haha…. no doubt it's falling monday-tues to 1300 probably 1295 and below
  • #12,417
  • Jul 25, 2014 2:56pm Jul 25, 2014 2:56pm
Wow this thing shot up so unexpectedly my SELL order at 1304.50 got filled at 1307.76 which is good as long as it doesn't go further up hm and i just prepared to go to bed hm RSI is overbought on 1H i might hold to that trade but if we break 1310 i will be out
  • #12,418
  • Jul 25, 2014 2:59pm Jul 25, 2014 2:59pm
Quoting atom3
Wow this thing shot up so unexpectedly my SELL order at 1304.50 got filled at 1307.76 which is good as long as it doesn't go further up hm and i just prepared to go to bed hm RSI is overbought on 1H i might hold to that trade but if we break 1310 i will be out

Yep… I think we see 1285.50 next week..
  • #12,419
  • Jul 25, 2014 3:00pm Jul 25, 2014 3:00pm
Quoting ClockTrader
{quote} Au @ 1308 Nice 21 $ rally so far today and amazing thing.. not a single sign of peak out yet, which means, this could possibly climb further on Mon and Tue unless it peaks out before closing.
Now this was too tempting, I just hedged 4 of my longs, in other words I just opened 4 shorts @ 1306

I will try my best to not close even a single long, neither in profit, nor in loss. If its about taking money home, I'll close shorts in GREEN when the time is ripe.
Hello World!
  • #12,420
  • Jul 25, 2014 3:02pm Jul 25, 2014 3:02pm
Quoting ClockTrader
{quote} Now this was too tempting, I just hedged 4 of my longs, in other words I just opened 4 shorts @ 1306 I will try my best to not close even a single long, neither in profit, nor in loss. If its about taking money home, I'll close shorts in GREEN when the time is ripe.
Probably a nice play….
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