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Daily Trading with ST indicators

  • #21
  • Sep 1, 2006 4:52pm Sep 1, 2006 4:52pm
i attached the charts why i thought silver would be breaking out to the upside.

currently, silver is much stronger than gold. near term target would be around 13.40 and it would test 15.00 level soon.

gt
Attached Images
  • #22
  • Sep 2, 2006 4:50pm Sep 2, 2006 4:50pm
Good stuff. What charting platform are you using? Are these indicators available for MT4?
  • #23
  • Sep 3, 2006 12:33am Sep 3, 2006 12:33am
i used it-finance.com. the indicators are my own proprietary indicators and it won't be available elsewhere.

gt
  • #24
  • Sep 3, 2006 11:29am Sep 3, 2006 11:29am
according to my own indicators, gold (spot) would be rallying in a few days.

below 620~618 will invalidate my view on bullish mode.

gt
  • #25
  • Sep 5, 2006 5:03am Sep 5, 2006 5:03am
Just wanted to chime in, gold had a second possible pin that just broke (627.5$ was the high of that) to the upside after the old target at 629$ got hit.

If the original trade is still on, just adjust stops to the bottom of the new pin around 618.8$, similiar to goldtraders logic and look what happens around 630-631$. Target I see would be around 637$ to take profit(has quite a bit of resistance i'd say) and move stop up or close out if you don't trust the rise

I don't want to hijack the thread, I just wanted to add my thoughts since I concur with the outlook and wanted to help it along with some second perspective on things!

I hope you don't mind!

Good Luck with your trading!
Attached Image
Trust price. Know yourself.
  • #26
  • Sep 5, 2006 5:51am Sep 5, 2006 5:51am
it is nice to have confirmation by other method.

i believe that gold would be rallying today.

good luck

gt
  • #27
  • Sep 5, 2006 11:04pm Sep 5, 2006 11:04pm
Gold actually did rally just before the NY session, Sep, 5th..It also continued it's rally during the NY session but was stalled by the $640 level & stood just below it...

However a strange thing happened yesterday during this gold rally..Silver sold off!!! Gold was rallying while silver was selling off...This was a little bit strange as they both tend to go hand in hand...

Any thoughts??


Thanks,

Nader
  • #28
  • Sep 7, 2006 8:31am Sep 7, 2006 8:31am
This is considering one would work with position thirds, see attached chart...

Also correlates well with the last 2 days of dollar strength and could have given FX traders a good clue/heads up


Would be happy to hear any thoughts!

(Have I mentioned I miss the chart factory yet?)
Attached Image
Trust price. Know yourself.
  • #29
  • Sep 10, 2006 1:25am Sep 10, 2006 1:25am
gold and silver are at the risk of reversal to downside.

currently, gold is testing 606 (strong support) and silver is testing at 12.00 (strong support). once those levels are violated, we can expect serious selling.

gt
  • #30
  • Sep 12, 2006 4:24pm Sep 12, 2006 4:24pm
Quoting Gold Trader
gold and silver are at the risk of reversal to downside.

currently, gold is testing 606 (strong support) and silver is testing at 12.00 (strong support). once those levels are violated, we can expect serious selling.

gt
We are already expecting serious selling man....Gold, Oil & Silver are all under fire & they are dropping like hell...

I really can't find a fundamental reason behind the sell off in Gold & Silver, but that's how things go, supply & demand...


Thanks,

Nader
  • #31
  • Sep 12, 2006 4:34pm Sep 12, 2006 4:34pm
There is an article on the 1st page of the Money section of today's issue of USA today with possible reasons for decline in commodity prices.
  • #32
  • Sep 12, 2006 4:39pm Sep 12, 2006 4:39pm
although there are no obvious fundamental facts about strong selling, by using technical analysis and some indicators, gold and silver have been signalling to go underwater about 2-3 days in advance. lack of buying power was also showing in silver while everybody was grabbing (or thinking to grab) with both hands.

i would post some charts to demonstrate how people react on rising silver before there was strong selling.

gt
  • #33
  • Sep 12, 2006 11:41pm Sep 12, 2006 11:41pm
Quoting Gold Trader
although there are no obvious fundamental facts about strong selling, by using technical analysis and some indicators, gold and silver have been signalling to go underwater about 2-3 days in advance. lack of buying power was also showing in silver while everybody was grabbing (or thinking to grab) with both hands.

i would post some charts to demonstrate how people react on rising silver before there was strong selling.

gt
I agree with you on that for sure...I myself was one of who went long silver when it broke $13 (Dec future contract I mean)...On the very next day silver rallied to $13.350 but failed to finish the day on a strong upside and closed at $13.150 or something like that....The next day, it once again tried to rally and reached $13.300 and then closed the day lower at $13.150 once again....By the end of this day I smelled serious selling pressure & lack of adequate buying....The next day it broke down like hell to $12.600 and I got out of my position at $12.7...It haven't stopped falling since then reaching $11.150 yesterday....

I agree with you, the chart told everything about it earlier...


Thanks,

Nader
  • #34
  • Sep 15, 2006 5:18pm Sep 15, 2006 5:18pm
I have been actively trading Gold early august but was sideswiped by forex and broker problem, I totally forgot the 640 peak a few weeks back.

Now its 580s.

Anyone agreeing to buy gold right now? or wait for it to go down to 570s the coming week?
  • #35
  • Sep 17, 2006 3:24pm Sep 17, 2006 3:24pm
Quoting BurgerKing
I have been actively trading Gold early august but was sideswiped by forex and broker problem, I totally forgot the 640 peak a few weeks back.

Now its 580s.

Anyone agreeing to buy gold right now? or wait for it to go down to 570s the coming week?
We just hit and bounced off the .786, making a pin bar on the daily as it happened. Around 570$ was the .786 and the sweet spot to buy gold. If the pin is confirmed/broken to the upside, 595$ or 607$ might be retested.
Keep in mind 600$ is a psychological figure for a lot of folks and things might get a life of their own back above that.
If the pin isn't confirmed and the downchannel on 4h holds and price is deflected at 580-582$ then we could see a continuation down.

Keep in mind oil just put in a pin bar on daily as well, so both could bounce higher for a bit.

First the 4h:
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Trust price. Know yourself.
  • #36
  • Sep 17, 2006 3:25pm Sep 17, 2006 3:25pm
And to illustrate the daily pin:
Attached Image
Trust price. Know yourself.
  • #37
  • Sep 17, 2006 4:04pm Sep 17, 2006 4:04pm
i agree with SL. my system is also showing that gold would rebound to 595~600 level in a few days. 570 has been a cluster of supports.

my recomm for short term is

current price 579
long @ 579
stop @ 574


good luck

gt
  • #38
  • Sep 19, 2006 3:35pm Sep 19, 2006 3:35pm
Gold moved back to near the top of it's descending equidistant tunnel and then dropped off a whopping 16$....it is now only 3$ away from breaking the bullish pin to the downside, returning bearish momentum.
Oil has already surpassed it's pin, so this may give a clue as to the near future of gold...

Just a heads up

Seeing 563-561$ as possible support, and 556$ - 550$...but as this is gold, anything can happen once panic hits the market

Once again, I hope I am not barging in on someone elses thread...just thought it might be of interest....if I should stop interrupting the flow just say a word
Attached Image
Trust price. Know yourself.
  • #39
  • Sep 19, 2006 10:17pm Sep 19, 2006 10:17pm
SL,

Is your chart suggesting that Gold could move down further?

Gold has been equated with Oil and Oil is going down for the moment. As of this writing, gold is at 573 bouncing up from 571.. Could it be testing it?

This could get messy! I wished I had the chance to short gold last 2 weeks ago! Shorting is more profitable (carry interest)...
  • #40
  • Sep 20, 2006 4:14am Sep 20, 2006 4:14am
Quoting BurgerKing
SL,

Is your chart suggesting that Gold could move down further?

Gold has been equated with Oil and Oil is going down for the moment. As of this writing, gold is at 573 bouncing up from 571.. Could it be testing it?

This could get messy! I wished I had the chance to short gold last 2 weeks ago! Shorting is more profitable (carry interest)...
Yea oil is getting massacred, already fell another 100 pips...it's insane...but oil is also seasonal and a lot of "smart" folks buy winter oil early because they think prices are cheaper in summer than winter...little do they realize if everyone props demand early, it's still high demand=high prices...

Gold hasn't broken the underside of the bullish pin it made YET, but if it does, and the bearish outside bar suggests this, it's a continuation to the downside with 560$ and then 550$ in sight. It could get worse, the outside of the former range I see is at 536$, and if that goes, then hooooo boy...
But people expect 550$ to hold....well, let's see
So far we're not there yet anyway...

Pic attached
Attached Image
Trust price. Know yourself.
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