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  • #19,141
  • Nov 16, 2014 2:33pm Nov 16, 2014 2:33pm
everybody is on their own when it comes to trading ... never forget that one ...
you got to find your own strategy with your own tactics ...
never rely on anything too much you read in any form on the net about almost everything ...
when it comes to money and investing at least check all the stuff at least three times back and forth ...
be a sceptic ...
  • #19,142
  • Nov 16, 2014 2:50pm Nov 16, 2014 2:50pm
Quoting cvds16
everybody is on their own when it comes to trading ... never forget that one ... you got to find your own strategy with your own tactics ... never rely on anything too much you read in any form on the net about almost everything ... when it comes to money and investing at least check all the stuff at least three times back and forth ... be a sceptic ...
I hear you .... I enjoyed griffinssouls analysis. My position is based on my own charts but I was interested as to what his take was on the candle formation.
I may not be right...BUT, I am never wrong
  • #19,143
  • Nov 16, 2014 4:44pm Nov 16, 2014 4:44pm
I think next session it will retrace to 1179-1180 before the possibility of it heading up to test 1200..

Reasons:

The hourly seems like it needs to cool off a little after the $45 move north from 1147 low on Friday.

A backtest of 1179-1180 is likely to see if the bulls really mean business with this up-move, as that was around area of 123-low breakout.

The price has already hit the 50% Fib level (1193.28) from October 1255 high to recent 1131 low... The 38.2& fib is at 1179.

Let's see...Good luck.
Trade with what you see, not what you feel.
  • #19,144
  • Nov 16, 2014 4:49pm Nov 16, 2014 4:49pm
Quoting pedro319
GOLD Reaction to strong support very logical as suggested in previous research and now target for retracement could be 1208, .618 D1 last swing, on the 4 hrs there is an 1732 extension for confluence at WR2. Can't ignore the area between 1193 and 1196 that is .618 last 2 swings but not the whole swing as in D1 + 1.414 ext and MPP + WR1. The only reason I am more inclined for first target is strong PA from support that suggest larger retracement and of course daily Morning star pattern for which target stands in the same area. Note that next target...
GOLD
Same trading plan and waiting for resistance at specified levels.
We watch the charts from every angle so you don't have to!!
  • #19,145
  • Nov 16, 2014 5:56pm Nov 16, 2014 5:56pm
Bears are back in town!
Trade with what you see, not what you feel.
  • #19,146
  • Nov 16, 2014 7:08pm Nov 16, 2014 7:08pm
Gold is doing good, let's hope I can close my long around 1198. And short this pair around 120X.
  • #19,147
  • Nov 16, 2014 7:11pm Nov 16, 2014 7:11pm
Quoting Basement
Bears are back in town!
Maybe...but it looks like PA could push through resistance at 1200 before any reversal.
"The market can remain irrational longer than you can remain solvent"
  • #19,148
  • Nov 16, 2014 9:57pm Nov 16, 2014 9:57pm
Quoting Spartanholds
{quote} This is a VERY thorough analysis. I have a a question and would appreciate your opinion....does the candle formation resemble a "shooting star" and would that be a bearish sign? BTW.. .... I entered short at the 1188 price on Friday...
Hi Spartanholds, sorry about the delay in responding... What I'm seeing now could be interpreted as a shooting start on the 1H - its actually a short-trap (a natural phenomena that happens before PA takes for southern waters... lol). Notice all the wicks point up. But this is hidden on higher TF's... I hope that helps?
  • #19,149
  • Nov 16, 2014 9:59pm Nov 16, 2014 9:59pm
Quoting cvds16
everybody is on their own when it comes to trading ... never forget that one ... you got to find your own strategy with your own tactics ... never rely on anything too much you read in any form on the net about almost everything ... when it comes to money and investing at least check all the stuff at least three times back and forth ... be a sceptic ...
Absolutely correct !!! But its always nice to chat with fellow traders...

Green trades everyone!
  • #19,150
  • Nov 16, 2014 10:14pm Nov 16, 2014 10:14pm
Quoting griffinssoul
{quote} Hi Spartanholds, sorry about the delay in responding... What I'm seeing now could be interpreted as a shooting start on the 1H - its actually a short-trap (a natural phenomena that happens before PA takes for southern waters... lol). Notice all the wicks point up. But this is hidden on higher TF's... I hope that helps?
Thank you friend for the reply ...delays are no problem, I was already short when I read your post/analysis. I do hope you re wrong about the "short trap"
I may not be right...BUT, I am never wrong
  • #19,151
  • Nov 16, 2014 10:35pm Nov 16, 2014 10:35pm
Quoting Spartanholds
{quote} Thank you friend for the reply ...delays are no problem, I was already short when I read your post/analysis. I do hope you re wrong about the "short trap"
If you are above the 1188 you would have avoided the trap with a generous SL (...let the trade breath and all that...). On the 1H it may well retrace to 1179/7 (either to the Kumo or previous pivot high) so you should have a good trade. It is risky, but I would have dropped in some limit orders above the 1188 - aggressive but would have paid-off - 8pt move no problem. Good luck!!!
  • #19,152
  • Nov 16, 2014 11:16pm Nov 16, 2014 11:16pm
Expecting sideways movement for the rest of the year ?
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  • #19,153
  • Nov 16, 2014 11:21pm Nov 16, 2014 11:21pm
Quoting skyhok
Expecting sideways movement for the rest of the year ? {image}
ok , expanding triangle ? at bottom for the big reverse if not decide crush continue till end to do so, will look 1222 & 55 if break or cush below for last leg down .
anyway like your chart.just monday open or so next 2 days play for correction or ranging mostly & rest of week to see movement in the direction it may stand.
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #19,154
  • Nov 17, 2014 12:22am Nov 17, 2014 12:22am
I still gotta correction on my mind from this level towards 1178-ish ... then it's up t anyone's guess according to me ...
  • #19,155
  • Nov 17, 2014 2:49am Nov 17, 2014 2:49am
Quoting elbert3
{quote} locked on 83
86 now add 1192 target 1203
  • #19,156
  • Nov 17, 2014 6:20am Nov 17, 2014 6:20am
Where are you guys?

Any way, I've Initiated a set of new longs with avg price of 1190 targeting 1200.
No guts, no glory
  • #19,157
  • Nov 17, 2014 6:26am Nov 17, 2014 6:26am
Quoting abokwaik
Where are you guys? Any way, I've Initiated a set of new longs with avg price of 1190 targeting 1200.
Hi abokwaik, classic bull-flag (acceding triangle) on 1H TF - but lots of wicks topside pushing/keeping(?) PA down... ?
  • #19,158
  • Nov 17, 2014 6:32am Nov 17, 2014 6:32am
Short small position here will add bigger short on the way down.
All posts are my personal opinion
  • #19,159
  • Nov 17, 2014 6:58am Nov 17, 2014 6:58am
Quoting griffinssoul
{quote} Hi abokwaik, classic bull-flag (acceding triangle) on 1H TF - but lots of wicks topside pushing/keeping(?) PA down... ?
...lots of wicks, I agree, but couldn't stand still.
No guts, no glory
  • #19,160
  • Nov 17, 2014 7:15am Nov 17, 2014 7:15am
Quoting abokwaik
{quote} ...lots of wicks, I agree, but couldn't stand still.
...actually, bulls look exhausted from trying the 1190, but its still the same possible pattern until it breaks-out... ?
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