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Only Gold!

  • #17,861
  • Oct 21, 2014 11:04am Oct 21, 2014 11:04am
As 1180 and 1222 is holding as critical weekly and daily support...................gold is going up.

daily trendline resistance is at 1268,
weelky is at 1295,

if 1262-68 level doesn't act as a reversal level but crossed,then my target is 1286-95,

crossing 1295 will open the door to 1324 and 1345.

1345 can be a long term downtrend start level.

for now buy gold with SL 1237 or 1221,after that sell 1262-68 level if holds.
Nothing Is Certain In The Universe
  • #17,862
  • Oct 21, 2014 11:29am Oct 21, 2014 11:29am
my analysis weekly,daily basis..........
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Nothing Is Certain In The Universe
  • #17,863
  • Oct 21, 2014 6:02pm Oct 21, 2014 6:02pm
1247.47 < 1251 > 1248 < 1254
Founder of Sutherland Wave Principle
  • #17,864
  • Oct 21, 2014 7:01pm Oct 21, 2014 7:01pm
Quoting griffinssoul
{quote} Good point! I guess it goes in and out of correlation (as explain by waleed.khan in the post above; http://www.forexfactory.com/showthre...21#post7812121) ...but you would imagine a rapid change having some local effects?
Mmmm... that VIX keeps falling like there's no bottom in sight...
  • #17,865
  • Oct 21, 2014 7:08pm Oct 21, 2014 7:08pm
Quoting ClockTrader
Peak Outs getting invalidated. Bottom-outs playing hard. I'll take a patience pill. Here I share M30 {quote} {image}
Classic short-trap PA... but didn't get to 45's as fast as perhaps it should have (anyone got a dime?)... Mmmm
  • #17,866
  • Oct 21, 2014 7:21pm Oct 21, 2014 7:21pm
in contrary to what the average view is here on our thread.. (long for now) ammm.. id like to bring your attention to something people..

looking at this "DAY" chart.. TELL me what a shooting star (inverted hammer) looks like :-X and what it means.. could this come into play

P.s the currencies (euro and gbp) are down again... views ?
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  • #17,867
  • Oct 21, 2014 7:28pm Oct 21, 2014 7:28pm
Quoting haider13
in contrary to what the average view is here on our thread.. (long for now) ammm.. id like to bring your attention to something people.. looking at this "DAY" chart.. TELL me what a shooting star (inverted hammer) looks like :-X and what it means.. could this come into play P.s the currencies (euro and gbp) are down again... views ? {image}
Thanks for highlighting that haider13. Tough call with the shooting star, there's another one halfway up the trend that failed? I guess you can wait for higher order patterns like evening star etc. Also, using estimates like ADR etc can really help - if our shooting star was above average say 2 x ADR we would perhaps pay closer attention.

P.s no one ever said you can't be both long ans short, just not on the same TF
  • #17,868
  • Edited 9:24pm Oct 21, 2014 8:43pm | Edited 9:24pm
1253.50 H&S ETA 6 hours.
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Founder of Sutherland Wave Principle
  • #17,869
  • Edited Oct 22, 2014 12:25am Oct 21, 2014 11:24pm | Edited Oct 22, 2014 12:25am
Quoting suthmo
1253.50 H&S ETA 6 hours. {image}


... got a nice little cup&handle happening on the 30M (CT, got me looking at the 30M)... (dumpling top on Copper, Mmmm dumplings, 1H TF)
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  • #17,870
  • Oct 22, 2014 12:26am Oct 22, 2014 12:26am
Sitting on shorts, awaiting NY morning..
Hello World!
  • #17,871
  • Oct 22, 2014 12:28am Oct 22, 2014 12:28am
Quoting ClockTrader
Sitting on shorts, awaiting NY morning..
  • #17,872
  • Oct 22, 2014 1:38am Oct 22, 2014 1:38am
Overall Gold movement still held up due to an increase of the purchase of physical gold in Dwali Festival in India.
Might CT seasonal theory still applies on here. IMHO

A doji candle formed on the hourly chart tends to describe the consolidation pattern.
If it remained above the level of 1246.xx this shiny gold could be bullish again, tested back 1255.xx
The Force is with me.. Im One With the Force..
  • #17,873
  • Oct 22, 2014 2:17am Oct 22, 2014 2:17am
My two cents:

According to my (very limited) understanding of Elliot Wave, we have a triangle with 5 3-wave substructures. ABCD has formed, with wave E still forming.
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.

Wave C is 78.6% of Wave A. So perhaps Wave E= 78.6% of Wave C (1345) ?
The subwaves 1-2-3 follow a fib ratio.
All quite interesting - unfortunately, it does not tell us where wave 1 (of the current wave E) will end, before the corrective wave 2.

Also according to EW, after Wave E ends, price will continue in the direction it was in before this triangle started i.e. down, below the triple bottom. This bit, I find, quite hard to swallow.

Just using channels and TLs on H4 and H1 - much easier to read PA. I think EW is always clearer in hindsight!
  • #17,874
  • Oct 22, 2014 3:33am Oct 22, 2014 3:33am
Quoting suthmo
1253.50 H&S ETA 6 hours. {image}

doesnt look so good
  • #17,875
  • Oct 22, 2014 4:23am Oct 22, 2014 4:23am
Quoting griffinssoul
{quote} ... got a nice little cup&handle happening on the 30M (CT, got me looking at the 30M)... (dumpling top on Copper, Mmmm dumplings, 1H TF) {image}
That's the weirdest looking Tea cup I've seen ...
  • #17,876
  • Oct 22, 2014 4:24am Oct 22, 2014 4:24am
we have CPI numbers today. Good numbers = strong USD
  • #17,877
  • Oct 22, 2014 4:42am Oct 22, 2014 4:42am
everything waits on CPI data release.. If this goes good for US Dollar, how low can it go for Gold?

I hold long from 1248.

Thanks
  • #17,878
  • Oct 22, 2014 5:08am Oct 22, 2014 5:08am
USD has been retracing since Oct 3rd and I think it's time for it to gain some strength again.
Tomorrow there's important EZ data comming out as well as US unemployment claims, maybe the strongest gains will happen tomorrow.
IMHO shorters would take proffit at around 1217
  • #17,879
  • Oct 22, 2014 5:09am Oct 22, 2014 5:09am
  •  Kah
  • | Joined Jun 2012 | Status: Patience is the Key to Success! | 150 Posts
Hello Everyone - I have a small humble suggestion to make. This is nothing to be offended of - as it is in the best interest of those novice traders who come here to read, learn, grasp and trade. We must not forget that our vague analytics may force someone to trade wrongly and end up making a loss.

I have been seeing very vague posts from quite sometime and also shared my views with CT, from time to time. 'ETA 1256 in 6 hours' was the recent one to ring my bell - please don't think of XAU as a flight or a train or a bus, for heaven's sake, we are traders, trading a globally accepted commodity. There would have been two possible reactions on such posts, 1 - I would die laughing, 2 - I must highlight it as an issue, so to save people from making a wrong decision, on the basis of a misleading view or analysis.

We draw lines, read the charts, but very few of us do an analysis without a bias, most of the time, we analyze the PA movements with the bias of our current holdings. If I am a seller, I will highlight the selling pressure and if a buyer, then the buying pressure. Let's not do this, we shall not analyze for our holding satisfaction guys, let's grow up and put sometime concrete, which shall give a good feeling to all - that yes, we have read something worthy and not something which may harm someone's money.

No offense to anyone - just my own opinion. If nothing to be shared, let's question each other, it's never mandatory to exhibit ourselves as experts.

Cheers,
KAH
  • #17,880
  • Oct 22, 2014 5:28am Oct 22, 2014 5:28am
Quoting Landline
{quote} Hi CT, I totally agree with your point. Rather than just say price is going here or there as the majority seem to, I'd recommend the following format in anybodys "call", because if a person cannot give the detail below, then how can anyone be expected to take any notice 1. Direction of trade 2. Entry price 3. Stop loss 4. Take profit 5. Reasons/justifications 6. An image if necessary for clarification I'd also add that intraday type calls we see on here of 5 dollars etc dont help, its just as easy to post a simple comment such as price likely...
H Kah

I completely agree with your point, reference my post.

Cheers
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