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Only Gold!

  • #14,841
  • Aug 20, 2014 12:43pm Aug 20, 2014 12:43pm
Quoting qaiser4u007
{quote} it is good but nothing to say coz FOMC can take it north or south
i will explain it to you why if you draw the averages i just mentioned
  • #14,842
  • Aug 20, 2014 12:45pm Aug 20, 2014 12:45pm
Gold down to touch 1291. support and then up to 1303 on FOMC report.. lets wait and see :-)
Que Sera
  • #14,843
  • Aug 20, 2014 12:49pm Aug 20, 2014 12:49pm
Quoting wafiqsalameh
{quote} i will explain it to you why if you draw the averages i just mentioned

mate i never use Moving average,you should draw and post a snapshot for us here please,thnx in advance
  • #14,844
  • Aug 20, 2014 12:50pm Aug 20, 2014 12:50pm
i have hard time snapshooting
  • #14,845
  • Aug 20, 2014 12:55pm Aug 20, 2014 12:55pm
  • #14,846
  • Aug 20, 2014 1:10pm Aug 20, 2014 1:10pm
1280$?
Enter signature
  • #14,847
  • Aug 20, 2014 1:16pm Aug 20, 2014 1:16pm
where this is taking us?

whether your analysis is right or wrong,
i gained lot of confidence in trading following this thread .. thank you guys...
  • #14,848
  • Aug 20, 2014 1:24pm Aug 20, 2014 1:24pm
who told me if they had a million to trade gold long 5 days ago they would !!!! because there is no way it can go lower

where can this take us, well its at a daily demand area that didnt break anything on the way long from this area, it had a good departure showing buyers were interested here, but not interested enough to push past daily highs. A bounce is possible from this zone, but my fib is still telling me down to 1272 -1258 daily demand and if that breaks down to prior lows.
  • #14,849
  • Aug 20, 2014 1:27pm Aug 20, 2014 1:27pm
again doller index is under pressure and cant go higher
  • #14,850
  • Aug 20, 2014 1:29pm Aug 20, 2014 1:29pm
time to turn bull. long @ 1289.47
That which does not kill us makes us stronger
  • #14,851
  • Aug 20, 2014 1:29pm Aug 20, 2014 1:29pm
we may be set up for a little inverted head and shoulders with neckline around 1344.
A 1 pip gain is better than a 1 pip loss.
  • #14,852
  • Aug 20, 2014 1:31pm Aug 20, 2014 1:31pm
Quoting moneymove
time to turn bull. long @ 1289.47
1289.43
  • #14,853
  • Aug 20, 2014 1:32pm Aug 20, 2014 1:32pm
That was FOMC minutes not yelen's Speach on technical Side We have very Strong Support At 1280$ if Price break my support Then i will be Totaly bearish,until The price is above then 1280$ i M bullish on Gold,but i have covered half of my loss in This FOMC Minutes,Now net one possition open Which is long At 1295$ and Stoploss is at 1280$
  • #14,854
  • Aug 20, 2014 1:36pm Aug 20, 2014 1:36pm
Also have A pending Sale Order At 1287.24$ I M Sure That A big bang will be happen on Friday when yelen Speach
  • #14,855
  • Aug 20, 2014 1:36pm Aug 20, 2014 1:36pm
Moment of truth...

We must get a candle close above 1291.6 for the wave structure to remain valid on the hourly chart....

So far not happy with the volumes, but a reversal pinbar would be the ideal thing to look for if there is to be a new bull run...
  • #14,856
  • Aug 20, 2014 1:38pm Aug 20, 2014 1:38pm
I hope all those buying right now are just scalping.
To live a successful life, we must lose our fear of being wrong
  • #14,857
  • Aug 20, 2014 1:42pm Aug 20, 2014 1:42pm
This slow grind lower looks very bearish to me... this tells me that the bulls are buying and they are hurting, but not capitulating.
"Where you want to be is always in control, never wishing, always trading.
  • #14,858
  • Aug 20, 2014 1:44pm Aug 20, 2014 1:44pm
Quoting waleed.khan
Moment of truth... We must get a candle close above 1291.6 for the wave structure to remain valid on the hourly chart.... So far not happy with the volumes, but a reversal pinbar would be the ideal thing to look for if there is to be a new bull run...

Just curious how an analysis can be done based on a 1 hr chart, the daily may have a liquidity run causing the level to break for 7 or 8 hours then straight back up, wouldnt it be better to do an analysis on a daily or higher chart, unless we are talking about scalping
  • #14,859
  • Aug 20, 2014 1:47pm Aug 20, 2014 1:47pm
Now its time for setting up trap in this market watch out folks bulls then bears looks like it.
i wont change my plan selling higher
Senior Trader Multi-Account Manager
  • #14,860
  • Aug 20, 2014 1:53pm Aug 20, 2014 1:53pm
Quoting iaveight
{quote} Just curious how an analysis can be done based on a 1 hr chart, the daily may have a liquidity run causing the level to break for 7 or 8 hours then straight back up, wouldnt it be better to do an analysis on a daily or higher chart, unless we are talking about scalping

Higher time frame is always more credible...

One should start at the higher tf then move lower even in terms of analysis.

What makes it more credible is if the lower time frames are in line with the higher time frames...

1 hr is not really considered a low time frame -- actually it gives very good volume levels for elliott wave analysis.

The daily elliott wave level is 1292.7; which s crucial however the hour candle close is closer and if price doesn't go above 1291.6 then the probability of it closing above 1292.7 becomes a lot less.
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