DislikedHiya Mike and all, do you guys use a mt4 broker to trade gold or just trade the futures contract?
Are you guys watching this bounce on USD/CAD? The one hour / 4hour and now daily are now all turning down.
Best Wishes,
JasonIgnored
- #14,662
- Oct 23, 2008 3:53pm Oct 23, 2008 3:53pm
- | Joined Oct 2007 | Status: Nomad | 1,144 Posts
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly
- #14,664
- Oct 23, 2008 4:24pm Oct 23, 2008 4:24pm
- | Joined Oct 2007 | Status: Nomad | 1,144 Posts
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly
yes and what I really liked was that hard rally we just had after the initial shorts. Something is cooking out there, and it isn't my breakfast
On my gold weekly, it shows:
- Uptrend line is broken;
- EMA(150) is broken;
- A huge PIN from 930.50 area and it's working;
- Multiple lower lows and 2 lower highs already.
Would you think that the trend has changed?
Ken
- #14,671
- Oct 23, 2008 7:04pm Oct 23, 2008 7:04pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi Mike,
On my gold weekly, it shows:
- Uptrend line is broken;
- EMA(150) is broken;
- A huge PIN from 930.50 area and it's working;
- Multiple lower lows and 2 lower highs already.
Would you think that the trend has changed?
Ken
The overall main trend is still very much up(we could go as low as 600 and I would still say we are up.. Temporarily yes we are in a bull market, but we are at an extremely crucial "area" in gold. the 700-650 area is clearly a PPZ area. Everything you play has to be relative to how you are looking at things.
So gold, is in an uptrend for a long time(shorter term bear market). Now we are at a crucial area. I am not looking to buy and hold and hoping for 2000$ an oz
But there are going to be pips both waysPS for those that are more aggressive style traders( ala raczefx - ppz touches fib etc) if you put a buy limit at 700 you had a cool 28$ move with relatively small risk. Beauty of a trade(maybe Mark even caught this one wouldn't surprise me).
- #14,673
- Oct 23, 2008 9:42pm Oct 23, 2008 9:42pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
NU....spring extending,.. exteeeending...
.
.
- #14,674
- Oct 24, 2008 3:54am Oct 24, 2008 3:54am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
I haven't read up the last x hundred posts yet, so I don't know if these will be dupes or not, but I felt these were some okay examples of some market mechanics, so I'm going to post a mixed bag of PA examples and "predictable ideas"...the latter really only to annoy those that think it isn't possible to think ahead in the FX market 
Another EURCHF update, and the latest GBPCHF example:
Another EURCHF update, and the latest GBPCHF example:
Trust price. Know yourself.
- #14,675
- Oct 24, 2008 3:58am Oct 24, 2008 3:58am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.
- #14,676
- Oct 24, 2008 3:59am Oct 24, 2008 3:59am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
I haven't read up the last x hundred posts yet, so I don't know if these will be dupes or not, but I felt these were some okay examples of some market mechanics, so I'm going to post a mixed bag of PA examples and \"predictable ideas\"...the latter really only to annoy those that think it isn't possible to think ahead in the FX market
Another EURCHF update, and the latest GBPCHF example:
Was thinking about PMing you the past couple of days to see where you'd got lost.
Bundy's status today: "Waiting..."
- #14,677
- Oct 24, 2008 4:01am Oct 24, 2008 4:01am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.
- #14,678
- Oct 24, 2008 4:08am Oct 24, 2008 4:08am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Wow. Good to hear from ya man.
Was thinking about PMing you the past couple of days to see where you'd got lost.
---
On another note, this has got to be the crazyest environment around EVER. I wasn't around during any other major crisis yet, but even looking at various historical items and charts, this kind of moves magnitute seems pretty much near unprecedented except for maybe the 1980s stuff, which had 6000 pip monthly GJ bars..
As I just wrote to the journal - this should show everyone just how inflated all of this stuff was/is from 7-8 years of artificial one way bet pushing. IMHO this goes for commodities INCLUDING GOLD(nothing is a safe "only ever goes up" bet, PERIOD), too.
From the look of it GJ should go below 130 quite a bit(dunno yet when, but eventually, currently we're moving in thousands like it was nothing) and USDJPY finally move towards those low 90s / 80 areas I posted aaaaaaaaaages ago.
Trust price. Know yourself.
- #14,679
- Oct 24, 2008 4:10am Oct 24, 2008 4:10am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
This progression is that \"yea, one really never knows what's coming\" progression. IMHO this is pretty much what Mike does, just including a bit more safety with retests and stuff.
Breakouts / TL combos, with textbook outcomes each time. This is a great example(despite it having a ton of delay and struggle on the way) of how these corrective moves sometimes progress, so I'm posting it:
(None of these are edited and were posted to my journal \"along the way\")
Man...
...If I had to explain to someone step by step how I like to trade, you've just layed out my favourite methods of watching price progress. This is how I say "no" to many set-ups. ...I watch the charts step through these progressions. ...waiting for that last step that has the best chance of having a long run. The other stuff I do is like pushing s*** up hill compared to doing this. It's all about waiting. Doing this allows you to watch a trade go immediately into profit the majority of the time.
Awesome man.
Thanks for spending the time setting this up S.
I hope others here study it.
Bundy's status today: "Waiting..."
- #14,680
- Oct 24, 2008 4:14am Oct 24, 2008 4:14am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Bundy's status today: "Waiting..."