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  • #12,941
  • Jul 31, 2014 10:55am Jul 31, 2014 10:55am
Quoting waleed.khan
{quote} This is the number one question...where is gold headed? According to elliott waves... there is a conflicting opinion too... bearish on the weekly chart count but bullish on the daily chart count... According to the daily count we have seen a double bottom and are completing 2nd corrective wave... but on the weekly chart we are in a bearish abcde triangle which calls for more downside!

For now we're ranging… looks like we might be bottoming for short term… maybe another move back up to 1300-1306 next week.. after grinding out a bottom 1280-1285 levels.
  • #12,942
  • Jul 31, 2014 10:59am Jul 31, 2014 10:59am
s&p sentiment…. Like I said this was 80% short for a while… then I noticed when it started getting choppy and dropping a bit to 1960-1970 levels we started going to 70% and it was a tip off that we've seen a short term top….

It's always the same pattern…. 80% are on the wrong side… then when they finally are on the right side after most have lost a ton.. they start fighting the new trend (whether it's short term or complete trend reversal) and you see the 80% slip lower and lower as prices go against them on their new positions.

Same thing has happened with crude oil recently… it's really the best indicator there is if you can combine it with S&R levels and anything else that helps you, can make some nice $$$.
Attached Image (click to enlarge)
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  • #12,943
  • Jul 31, 2014 10:59am Jul 31, 2014 10:59am
Have a nice and green one you all!
Hello World!
  • #12,944
  • Jul 31, 2014 11:11am Jul 31, 2014 11:11am
Quoting Scoobidoobi
{quote} haha , investing dot com web retail sentiment over 70% gold longs. easy meat for big boys to reverse the trend and make killer

exactly! Yesterday was just text book stuff (with the consolidation and the 1300 level)...
  • #12,945
  • Jul 31, 2014 11:16am Jul 31, 2014 11:16am
Quoting Ck87
s&p sentiment…. Like I said this was 80% short for a while… then I noticed when it started getting choppy and dropping a bit to 1960-1970 levels we started going to 70% and it was a tip off that we've seen a short term top…. It's always the same pattern…. 80% are on the wrong side… then when they finally are on the right side after most have lost a ton.. they start fighting the new trend (whether it's short term or complete trend reversal) and you see the 80% slip lower and lower as prices go against them on their new positions. Same thing has happened...
Aptly put!

I've been quite lucky trading crude lately!

*notice also how the "evening star* pattern worked out on the S&P ( I remember we had a talk about this some days ago)
  • #12,946
  • Jul 31, 2014 11:41am Jul 31, 2014 11:41am
Quoting waleed.khan
{quote} Aptly put! I've been quite lucky trading crude lately! *notice also how the "evening star* pattern worked out on the S&P ( I remember we had a talk about this some days ago)

Yep.. right on.
  • #12,947
  • Jul 31, 2014 11:59am Jul 31, 2014 11:59am
Evening all !!!

PS: From my point of view.....:
on S&P i'm in buy limit @ 1934.5
... and ...
buy limit on Gold @ 1281
The best thing that can happen to you is to find out where you're wrong.
  • #12,948
  • Jul 31, 2014 12:03pm Jul 31, 2014 12:03pm
I really don't feel like tp'ing on target 1...(trailing stop compromise)

A pure ab=cd hits 1270....
  • #12,949
  • Jul 31, 2014 12:07pm Jul 31, 2014 12:07pm
Quoting waleed.khan
I really don't feel like tp'ing on target 1...(trailing stop compromise) A pure ab=cd hits 1270....

1268 is a good target… but may go back up to 1300 first..
  • #12,950
  • Jul 31, 2014 12:10pm Jul 31, 2014 12:10pm
Quoting Ck87
{quote} 1268 is a good target… but may go back up to 1300 first..

True... according to the waves 1 posibility of a small leg up and then down again...
  • #12,951
  • Jul 31, 2014 12:10pm Jul 31, 2014 12:10pm
The best looking chart there is….
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-07-31 at 11.09.51 AM.png Size: 429 KB
  • #12,952
  • Jul 31, 2014 12:12pm Jul 31, 2014 12:12pm
Quoting Driver55
Evening all !!! PS: From my point of view.....: on S&P i'm in buy limit @ 1934.5 ... and ... buy limit on Gold @ 1281

good luck!
  • #12,953
  • Jul 31, 2014 12:14pm Jul 31, 2014 12:14pm
Quoting Ck87
The best looking chart there is…. {image}

seriously still...??
87% on etoro
  • #12,954
  • Jul 31, 2014 12:15pm Jul 31, 2014 12:15pm
Closing all my short at 1282.00
Believe it will drop to 1277 - 1280 before major fly....
Just my 2cents.

Have a good day and profit
row row row your boat
  • #12,955
  • Jul 31, 2014 12:17pm Jul 31, 2014 12:17pm
Quoting waleed.khan
{quote} good luck!
Thx,
we all need it
The best thing that can happen to you is to find out where you're wrong.
  • #12,956
  • Jul 31, 2014 12:18pm Jul 31, 2014 12:18pm
Quoting ClockTrader
added 2 longs @ 1287 will add few more in low 1280ish if price drops till there in another 10 min, gota go after that..
Where do you have your SL fot this trades? or you hedge it with open SL?
  • #12,957
  • Jul 31, 2014 12:25pm Jul 31, 2014 12:25pm
Quoting Abdulaziz_D
{quote} any chart!! or you just thru this from your mind!! even the price went down that doesnt mean you are pro. thnx
don't be so offensive like that
although he did not post any chart, I'm sure most people here can see gold has been down for 4 consecutive days (7 of 8 last days were down)
so why still try to catch the falling knife?
  • #12,958
  • Jul 31, 2014 12:32pm Jul 31, 2014 12:32pm
Think we're really close to a short term bottom here… but it's really a total disaster to be long right now
  • #12,959
  • Jul 31, 2014 12:33pm Jul 31, 2014 12:33pm
Made a 2nd buy now @ 1281.80
Senior Trader Multi-Account Manager
  • #12,960
  • Jul 31, 2014 12:34pm Jul 31, 2014 12:34pm
Feel 1280 should provide short term support and we move back up to 1292-1300 in the next days… that or 1268 but for some reason favoring 1292 first.

Guess we can't really forget about NFP tomorrow which is gonna be massive…..

A lot of times ahead of big news event like that we see very tight range dominated by traders…. so maybe something like Buy 1280-1281 and sell 1285.50 is what we'll see the most for the next 12-16 hrs….

Don't even know if I'll have a trade open before NFP… usually kills me.
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