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  • #18,901
  • Nov 8, 2014 12:48pm Nov 8, 2014 12:48pm
Quoting anton.olff
{quote} Agree. Looks like some profit taking and short covering.
Hi Anton sorry for the late reply, any idea about gold market's behaviour?
  • #18,902
  • Nov 8, 2014 1:25pm Nov 8, 2014 1:25pm
Just one paragraph from an article where the author was talking about the COT report.

"The big improvement was in gold---and I could hardly believe the numbers when I first saw them. The Commercial net short position in gold was almost cut in half, as it improved to the tune of 43,557 contracts, or 4.36 million troy ounces. Ted said that it was one of the biggest one-week improvements in COMEX history. The Commercial net short position is now down to 5.53 million troy ounces."
  • #18,903
  • Nov 8, 2014 2:57pm Nov 8, 2014 2:57pm
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  • #18,904
  • Nov 8, 2014 3:36pm Nov 8, 2014 3:36pm
I believe that Fridays pricing is little more than a "Dead Cat Bounce".
I may not be right...BUT, I am never wrong
  • #18,905
  • Nov 8, 2014 11:43pm Nov 8, 2014 11:43pm
Quoting hollowhead
{quote} I guess I lived up to my name . Yesterday ...Close out some legs at weekly demand, when you should have But, the account is still up, and I can start again. Have a great weekend. Steve EDIT: It was a daily demand zone, not weekly
I think the Millipede idea is solid in principle and if you can do it once it can be repeated... The way I see it this is now a true test and challenge of your method. You can do it - Goodluck !!!
  • #18,906
  • Nov 9, 2014 1:02am Nov 9, 2014 1:02am
The NFP kept my gold trading very very busy on Friday....multiple small trades feasting away!

Had a pending buy stop triggered above most of the NFP turmoil @ 1157.77 which is now about 188 pips in profit.

How many others have taken the long trade up?

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Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #18,907
  • Nov 9, 2014 1:14am Nov 9, 2014 1:14am
Quoting Masterrmind
The NFP kept my gold trading very very busy on Friday....multiple small trades feasting away! Had a pending buy stop triggered above most of the NFP turmoil @ 1157.77 which is now about 188 pips in profit. How many others have taken the long trade up? {image} Good trading, Masterrmind............
Well done Mastermind . Mixed bag of results when it comes to NFP etc,... but I was out beforehand (Griff's justa big chicken ... lol)
  • #18,908
  • Nov 9, 2014 1:16am Nov 9, 2014 1:16am
http://www.zerohedge.com/news/2014-1...-dollar-can-ma
  • #18,909
  • Nov 9, 2014 1:29am Nov 9, 2014 1:29am
Quoting Greenstar
http://www.zerohedge.com/news/2014-1...-dollar-can-ma
"...banks hold billions of dollars of an asset that pays no interest or dividends on their balance sheet for reasons of "tradition". nothing to do with anything else, just tradition. uh, yea. That must be it.", Ron Paul asks the [Ben] Bernanke if he thought gold was money (http ref. above, see Greenstar's post)

Many thanks Greenstar! LOL... I wish I had some Fiat money... it multiplies itself apparently...
  • #18,910
  • Nov 9, 2014 2:02am Nov 9, 2014 2:02am
Quoting Masterrmind
The NFP kept my gold trading very very busy on Friday....multiple small trades feasting away! Had a pending buy stop triggered above most of the NFP turmoil @ 1157.77 which is now about 188 pips in profit. How many others have taken the long trade up? {image} Good trading, Masterrmind............
I closed all my longs starting from 1134 til 1155 at profit waiting for next week action.

Its worth to mention that I opened a stupid short order @ 1145 with SL @ 1165 and Target @ 1100 as a bet between me and a (friend) who claimed to have inside information on better than expected NFP. Luckily I ran a way before stop at 1152.5.
No guts, no glory
  • #18,911
  • Nov 9, 2014 2:08am Nov 9, 2014 2:08am
Quoting abokwaik
{quote} I closed all my longs starting from 1134 til 1155 at profit waiting for next week action. Its worth to mention that I opened a stupid short order @ 1145 with SL @ 1165 and Target @ 1100 as a bet between me and a (friend) who claimed to have inside information on better than expected NFP. Luckily I ran a way before stop at 1152.5.
Its not stupid. Betting is for the rich. You're already living like the rich.
Congrats.
A trade should be based on an assumption based on facts
  • #18,912
  • Nov 9, 2014 2:26am Nov 9, 2014 2:26am
Quoting Mave
{quote} Its not stupid. Betting is for the rich. You're already living like the rich. Congrats.
The bet was that he'll pay me $500 on Monday if that order lose, I am sure I will not hear from him soon. It was a small order any way.
No guts, no glory
  • #18,913
  • Nov 9, 2014 2:49am Nov 9, 2014 2:49am
Quoting griffinssoul
{quote} Well done Mastermind . Mixed bag of results when it comes to NFP etc,... but I was out beforehand (Griff's justa big chicken ... lol)
The plan was to trade it long term at least up to where my TP currently sits @ 1224.98 but this might prove to be unlikely.

Moderate strikes at several TP levels might prove to be the best strategy as gold has a habit of falling like a rock from the sky!

I'll very interested to see how the next trading week pans out.

Good trading,

Masterrmind.........
Master your Mind then Master your Trades
  • #18,914
  • Nov 9, 2014 2:58am Nov 9, 2014 2:58am
Quoting abokwaik
{quote} I closed all my longs starting from 1134 til 1155 at profit waiting for next week action. Its worth to mention that I opened a stupid short order @ 1145 with SL @ 1165 and Target @ 1100 as a bet between me and a (friend) who claimed to have inside information on better than expected NFP. Luckily I ran a way before stop at 1152.5.
Never trust a friend might sound a bit harsh but in this case .... most likely would have been a really good idea.

NFP came out bad for the USD and boom up went gold.....great place to go long considering the lows that it had been trading at recently.

I can only hope that your risk on the trade was reasonable......hmmm!

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #18,915
  • Nov 9, 2014 3:11am Nov 9, 2014 3:11am
Quoting griffinssoul
{quote} I think the Millipede idea is solid in principle and if you can do it once it can be repeated... The way I see it this is now a true test and challenge of your method. You can do it - Goodluck !!!
Absolutley. I had a stack of 17 GU trades short earlier in the year, I closed them too early and ended settling for a good % profit, instead of a huge % profit - that error was due to a bias I held. This time, I closed early because I was doing too well. I didn't have as many positions (11 this time), but I had got the entries so tight that the lot size for each was very high. When it was going my way it was adding massively to my equity, when it started to go hard gainst me, that equity was decreasing so fast I felt I had to bail.

But as you say, it can be repeated... and it will.
  • #18,916
  • Nov 9, 2014 3:15am Nov 9, 2014 3:15am
Quoting hollowhead
{quote} Absolutley. I had a stack of 17 GU trades short earlier in the year, I closed them too early and ended settling for a good % profit, instead of a huge % profit - that error was due to a bias I held. This time, I closed early because I was doing too well. I didn't have as many positions (11 this time), but I had got the entries so tight that the lot size for each was very high. When it was going my way it was adding massively to my equity, when it started to go hard gainst me, that equity was decreasing so fast I felt I had to bail. But as...
Let's say a bit of tinkering under the hood and it will be running like a charm year in year out. Give me consistency and I can move the world who needs leverage... lol!
  • #18,917
  • Nov 9, 2014 3:28am Nov 9, 2014 3:28am
Quoting abokwaik
{quote} The bet was that he'll pay me $500 on Monday if that order lose, I am sure I will not hear from him soon. It was a small order any way.
Twisted pleasures.
All the best.
A trade should be based on an assumption based on facts
  • #18,918
  • Nov 9, 2014 3:33am Nov 9, 2014 3:33am
Quoting griffinssoul
{quote} Let's say a bit of tinkering under the hood and it will be running like a charm year in year out. Give me consistency and I can move the world who needs leverage... lol!
- abosultely.
  • #18,919
  • Nov 9, 2014 3:39am Nov 9, 2014 3:39am
Quoting griffinssoul
Could someone please cross check count and estimates, thank you. ... (price length) implies Wave-5 could be extension ] Wave-5 = 61.8 of Wave-1 = 96.1 implies target 1160 Wave-5 = Wave-1 implies target 1105 Wave-5= 161.8 of Wave-1 implies target 1025 ... please cross check {image}
Perhaps not the most popular view but I'm staying with previous analysis as nothing I've seen invalidates it, with the 1160 target reached this week (really should be a range as these estimates are crude). Will it be a Wave-5 extension, that's the question and again I drift back to the steep angle of decent? Who knows? "All that is gold does not glitter"
  • #18,920
  • Edited 8:45am Nov 9, 2014 5:20am | Edited 8:45am
hi - i had disaster friday with limit short order that i forgot about at 1155 = came back to find price at 165 but it went to 172 and i pullled a disaster trade down £3500 that day - my black friday - lesson learned never leave log out until you close out all including orders if no s/l

Hedge Idea Week Ahead: there seems some uncertainty about price direction next week - up to 195 area perhaps or back down to thursday avg of 146 perhaps - people on here were saying friday was the market cashing in end of month and end of week and easy profit taking
- given the uncertainty over dollar rises, oil maybe going lower, and gold no clear upward trend yet - would it be a wise move to do a hedge trade - eg long buy at 178 take profit say 190 [s/l 177] and put on a short limit order 175 hoping for drop back to 145 levels [s/l at say 177]/ then you can catch either an up or down

this is just an idea im new to trading - ideas most welcome eg is my stop loss to narrow ie likely to be hit on osilations up down around current price?
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