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  • #18,741
  • Nov 6, 2014 3:17am Nov 6, 2014 3:17am
I know that most traders now prefer the short side. I feel this will be a good time to check the long side.
Yesterday I was surfing against the tide and still made good money. I know good traders can make money in both directions.

H4 Chart

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDrH4_Nov6.png Size: 54 KB


A trend will reverse sometime and its difficult to know when so I start with small volumes based on shorter time frame technicals (H4 in this case) . The advantage is the low risk if I was wrong, and High rewards if I caught the trend reversal. So my plan is to BUY gold whenever it gets cheaper, and then ladder up when it starts to build the up trend.
No guts, no glory
  • #18,742
  • Nov 6, 2014 3:25am Nov 6, 2014 3:25am
Quoting Agent Orange
{quote} My info on this.........Large Gold producers cost to get Gold out of Ground is around $1050 per oz IMHO this will be the floor price on Gold......if it gets that low. Im currently looking for a retracement to $1180 but with good NFP figures this is looking more and more unlikely.
Wow! Many thanks AO - that's really interesting!
  • #18,743
  • Nov 6, 2014 3:38am Nov 6, 2014 3:38am
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  • #18,744
  • Nov 6, 2014 3:38am Nov 6, 2014 3:38am
Quoting abokwaik
I know that most traders now prefer the short side. I feel this will be a good time to check the long side. Yesterday I was surfing against the tide and still made good money. I know good traders can make money in both directions. H4 Chart {image} A trend will reverse sometime and its difficult to know when so I start with small volumes based on shorter time frame technicals (H4 in this case) . The advantage is the low risk if I was wrong, and High rewards if I caught the trend reversal. So my plan is to BUY gold whenever it gets cheaper, and then...
Hi AB, I always lose bad when I try trading against the trend. Yesterday I had 17 trades 14 short @92.86% win while 3 long with only @66.67% win. But what you are saying sounds right, perhaps for the better trader (not me!). When presented with the opportunity I always like to jump down the water slide on a hot summers day... lol
  • #18,745
  • Nov 6, 2014 3:45am Nov 6, 2014 3:45am
Quoting kunobech
Commodities have fallen to their lowest levels since the Lehmann crisis, remember what happened next? You can't have a global recovery and falling commodity prices, basic economics! IMO, i think the bottom is done.
. totally agreed
  • #18,746
  • Nov 6, 2014 3:49am Nov 6, 2014 3:49am
Quoting griffinssoul
{quote} Hi AB, I always lose bad when I try trading against the trend. Yesterday I had 17 trades 14 short @92.86% win while 3 long with only @66.67% win. But what you are saying sounds right, perhaps for the better trader (not me!). When presented with the opportunity I always like to jump down the water slide on a hot summers day... lol
Well, with these win rates on both directions You are doing very well griffinssoul.
No guts, no glory
  • #18,747
  • Nov 6, 2014 3:53am Nov 6, 2014 3:53am
Quoting abokwaik
{quote} Well, with these win rates on both directions You are doing very well griffinssoul.
Thanks AB! Yesterday seemed like a very easy day to trade, I started small and scaled in as CT advises. But if I tried that against the trend (as I have on numerous occasions) I would have been in trouble. I did see some obvious pull-backs that begged to be traded.
  • #18,748
  • Nov 6, 2014 3:56am Nov 6, 2014 3:56am
I believe we should wait Dollar Index to reach 88 and see if it breaks it or not...before deciding to buy GOLD

http://www.imagesup.net/?di=1514152677352
always draw trendlines
  • #18,749
  • Nov 6, 2014 4:02am Nov 6, 2014 4:02am
Quoting tk5
I believe we should wait Dollar Index to reach 88 and see if it breaks it or not...before deciding to buy GOLD {image}
What happens once the Dollar Index is breeched?
Respect the inescapable certainity of Math
  • #18,750
  • Nov 6, 2014 4:19am Nov 6, 2014 4:19am
Quoting Agent Orange
{quote} What happens once the Dollar Index is breeched?
you should know what may happen...to gold
always draw trendlines
  • #18,751
  • Nov 6, 2014 4:33am Nov 6, 2014 4:33am
Quoting tk5
{quote} you should know what may happen...to gold
Respect the inescapable certainity of Math
  • #18,752
  • Nov 6, 2014 5:01am Nov 6, 2014 5:01am
Quoting Agent Orange
{quote} My info on this.........Large Gold producers cost to get Gold out of Ground is around $1050 per oz IMHO this will be the floor price on Gold......if it gets that low. Im currently looking for a retracement to $1180 but with good NFP figures this is looking more and more unlikely.
IMHO, its lower than 1050.

Do you think Forex cares what it costs them?
Hello World!
  • #18,753
  • Nov 6, 2014 5:02am Nov 6, 2014 5:02am
Quoting abokwaik
I know that most traders now prefer the short side. I feel this will be a good time to check the long side. Yesterday I was surfing against the tide and still made good money. I know good traders can make money in both directions. H4 Chart {image} A trend will reverse sometime and its difficult to know when so I start with small volumes based on shorter time frame technicals (H4 in this case) . The advantage is the low risk if I was wrong, and High rewards if I caught the trend reversal. So my plan is to BUY gold whenever it gets cheaper, and then...
It can climb mate, no big deal.. BUT how far? Its gonna peak out sooner than later IMHO.
Hello World!
  • #18,754
  • Nov 6, 2014 5:07am Nov 6, 2014 5:07am
Quoting tk5
{quote} you should know what may happen...to gold
Hi tk5, could you please tell us cause I also have no idea.... but would like to know...Thanks!
  • #18,755
  • Nov 6, 2014 5:09am Nov 6, 2014 5:09am
Quoting abokwaik
I know that most traders now prefer the short side. I feel this will be a good time to check the long side. Yesterday I was surfing against the tide and still made good money. I know good traders can make money in both directions. H4 Chart {image} A trend will reverse sometime and its difficult to know when so I start with small volumes based on shorter time frame technicals (H4 in this case) . The advantage is the low risk if I was wrong, and High rewards if I caught the trend reversal. So my plan is to BUY gold whenever it gets cheaper, and then...
I feel it too. i'll take the long side.
  • #18,756
  • Nov 6, 2014 5:18am Nov 6, 2014 5:18am
Quoting ewandudes
{quote} I feel it too. i'll take the long side.
Dear All,

I am not suggesting any thing here. Its only my way of thinking which might be wrong.
And for anyone who might go long on these levels, please trade very light with tight stop loss as bottom is not confirmed yet.

And DON'T Forget tomorrow is NFP Day, so be careful.

Have a profitable trading.
No guts, no glory
  • #18,757
  • Nov 6, 2014 5:45am Nov 6, 2014 5:45am
Quoting griffinssoul
{quote} Hi tk5, could you please tell us cause I also have no idea.... but would like to know...Thanks!
well then dollar strengthens, which in turn affects gold negatively..underlying reason for eur, aud and jpy weakening was stronger USD anyways.
always draw trendlines
  • #18,758
  • Nov 6, 2014 5:46am Nov 6, 2014 5:46am
Quoting tk5
{quote} well then dollar strengthens, which in turn affects gold negatively..underlying reason for eur, aud and jpy weakening was stronger USD anyways.
Many thanks tk5! is there a special reason for 88 or just break of resistence? What if it fell short?
  • #18,759
  • Nov 6, 2014 5:52am Nov 6, 2014 5:52am
It's all done and dusted now, the 2-day trend is almost over...as the dust settles, time to take stock and prepare for the northern lights. Whether it's gonna be a minor retracement, a major one or the real deal only time will tell.
Less is more...
  • #18,760
  • Nov 6, 2014 6:24am Nov 6, 2014 6:24am
Quoting Landline
Hi all, The pin bar developing on the h4 looks promising enough to me, Im now long, s/l 1130....I'll add to that if the daily can form into one as well
I'm out for small profit. It was given a chance, now we'll see how tomorrow develops....it will be volatile I've no doubt
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