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  • #10,561
  • Dec 1, 2009 10:06pm Dec 1, 2009 10:06pm
Here is what distribution tends to look like if anyone is having trouble understanding my post above...this is my brokers Hang Seng tracker from a month or two ago. I saved this chart as the perfect example.

I took a few ticks out of this one, but in the end the market rallied way above this level.

Hourly chart showing about 3 days of distribution
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  • #10,562
  • Dec 1, 2009 10:10pm Dec 1, 2009 10:10pm
Quoting Mckal41
Thanks for all the insight
your knowledge base is amazing
Mate, you are the one trading 40 lot size for 50 pips, what do you need knowledge base or insight for if you can take 2000 pips a day? I'll trade half my knowledge base for 10% of your daily pips
  • #10,563
  • Dec 1, 2009 10:13pm Dec 1, 2009 10:13pm
if this trend breaks the 9330 level then i say that it has high probability to hit for new year highs
i have some charts here and analysis but it wont add anything to what i posted before and i m waiting to re analysis my charts if the 9335 is broken
  • #10,564
  • Dec 1, 2009 10:19pm Dec 1, 2009 10:19pm
and sometimes trading 40 can bite you in the back
every angle helps
  • #10,565
  • Dec 1, 2009 10:23pm Dec 1, 2009 10:23pm
I took a short at $10 per pip for a TP of 15 pips SL 7pips
  • #10,566
  • Dec 1, 2009 10:25pm Dec 1, 2009 10:25pm
I am still short basis .9252, heck its only $ right???
lol
  • #10,567
  • Dec 1, 2009 10:27pm Dec 1, 2009 10:27pm
Quoting Mckal41
I am still short basis .9252, heck its only $ right???
lol
Well I guess if you have so much money then $'s dont matter to you lol , for me I take every trade with a SL in place now I learned my lesson!
  • #10,568
  • Dec 1, 2009 10:34pm Dec 1, 2009 10:34pm
I started this one a few months back with $10k
I was aggressive in the trades got lucky a few times and made some legitimate decisions, made some poor choices too....
my speculating skills are terrible Sinner is the one who has the expert knowledge base he must have years of experience
I am sort of new I have been in for a few years but never had any profitablity until this last account
I have found its a whole lot easier to make 10 pips then to range for 100+
  • #10,569
  • Dec 1, 2009 10:35pm Dec 1, 2009 10:35pm
Quoting Mckal41
I started this one a few months back with $10k
I was aggressive in the trades got lucky a few times and made some legitimate decisions, made some poor choices too....
my speculating skills are terrible Sinner is the one who has the expert knowledge base he must have years of experience
I am sort of new I have been in for a few years but never had any profitablity until this last account
I have found its a whole lot easier to make 10 pips then to range for 100+
Yeah slow and steady wins the race
  • #10,570
  • Dec 1, 2009 10:36pm Dec 1, 2009 10:36pm
When I look at Gold, on monthly, it looks like it's going straight up , that just seems like a recipe for disaster and that bubble could easily burst, sending it on a downtrend. So, I'm really interested in buying dollars at this point, even if the downtrend hasn't been confirmed. I'll buy dollars at any type of usd support.
  • #10,571
  • Dec 1, 2009 10:40pm Dec 1, 2009 10:40pm
Quoting Clouds
When I look at Gold, on monthly, it looks like it's going straight up , that just seems like a recipe for disaster and that bubble could easily burst, sending it on a downtrend. So, I'm really interested in buying dollars at this point, even if the downtrend hasn't been confirmed. I'll buy dollars at any type of usd support.
This is a terrible rationale I believe. People keep spouting junk about a gold "bubble" ..what is a bubble? What is the % of gold as total investment in the world? Here is an article by Jordan Roy-Byrne disputing your thoughts.

http://www.safehaven.com/article-15078.htm

I will include just one snippet from the entire article which you should read:

Just because sentiment is bullish, doesn't mean a reversal is coming.

Try and pick the top by all means. I do it too, but usually with safely established longs below!
  • #10,572
  • Dec 1, 2009 10:49pm Dec 1, 2009 10:49pm
Here is another downside move, jusr shorting for a few pips. I dont think it will last too long though
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Find a job that you love and you dont have to work again in your life.
  • #10,573
  • Dec 1, 2009 10:53pm Dec 1, 2009 10:53pm
Quoting sinner-
This is a terrible rationale I believe. People keep spouting junk about a gold "bubble" ..what is a bubble? What is the % of gold as total investment in the world? Here is an article by Jordan Roy-Byrne disputing your thoughts.

http://www.safehaven.com/article-15078.htm

I will include just one snippet from the entire article which you should read:

Just because sentiment is bullish, doesn't mean a reversal is coming.

Try and pick the top by all means. I do it too, but usually with safely established longs below!
Good article. I don't disagree it could reach $2500 by year 2020. I'm just more inclined to think it will settle around $500 for 5-7 years. Also it's possible it may go down $300 or so. My rational may not be completely accurate, but I just don't like commodities!

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  • #10,574
  • Dec 1, 2009 11:01pm Dec 1, 2009 11:01pm
Quoting Clouds
Good article. I don't disagree it could reach $2500 by year 2020. I'm just more inclined to think it will settle around $500 for 5-7 years. Also it's possible it may go down $300 or so. My rational may not be completely accurate, but I just don't like commodities!

Attachment
Another thing about Gold, is it's hard to judge it relative to currencies, it's all time high for USD, but not even close for AUD, - I don't trade gold, but I look at it sometimes as a helper to currency trading. But thanks for your input.
  • #10,575
  • Dec 1, 2009 11:04pm Dec 1, 2009 11:04pm
Quoting Clouds
Good article. I don't disagree it could reach $2500 by year 2020. I'm just more inclined to think it will settle around $500 for 5-7 years. Also it's possible it may go down $300 or so. My rational may not be completely accurate, but I just don't like commodities!

Attachment
I agree with your point of view. We saw yesterday that when push comes to shove, everybody goes for cover. The slightest bad news ( Dubai) sent all investors to safety heavens. Even gold was sold off. If you look at the chart of US Dow you will see that a major correction is literally over due. If yolu take the BARR theory, we are looking at 9800's by early jan. That would be the real test for gold. Many are predicting the same..... But we as traders can make the money both ways, so lets work on getting the entry's right.
Find a job that you love and you dont have to work again in your life.
  • #10,576
  • Dec 1, 2009 11:07pm Dec 1, 2009 11:07pm
[quote=sinner-;3274923] People keep spouting junk about a gold "bubble" ..what is a bubble? What is the % of gold as total investment in the world? Here is an article by Jordan Roy-Byrne disputing your thoughts.

http://www.safehaven.com/article-15078.htm

Thanks Sinner

Very interesting article
Price is what you pay. Value is what you get
  • #10,577
  • Dec 1, 2009 11:12pm Dec 1, 2009 11:12pm
But we as traders can make the money both ways, so lets work on getting the entry's right.[/quote]

Good thinking !!!!
Price is what you pay. Value is what you get
  • #10,578
  • Dec 1, 2009 11:13pm Dec 1, 2009 11:13pm
Looking like a clear short right now,....anyone feel me,.....???
  • #10,579
  • Dec 1, 2009 11:14pm Dec 1, 2009 11:14pm
Quoting Clouds
Another thing about Gold, is it's hard to judge it relative to currencies, it's all time high for USD, but not even close for AUD, - I don't trade gold, but I look at it sometimes as a helper to currency trading. But thanks for your input.
Pretty little channel you got going there. This is the one I've been using on gold for years.

Don't mean to be rude but not going to bother discussing this issue further, on my local stock forum I have to deal with both irrational gold bugs and gold bears, can't be bothered bringing the same discussion here.
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  • #10,580
  • Dec 1, 2009 11:43pm Dec 1, 2009 11:43pm
Quoting WallStBully
Looking like a clear short right now,....anyone feel me,.....???
Rising wedge on M30 which I posted earlier is still being respected. I am waiting for the formation to play out before testing anymore supply today. Daily R1 looks to be on the cards for London.

If this is the yearly top as Tex is hoping, then it will be easy shorts for a long time to come anyway, so I am in no hurry to test supply yet.

See you London lunch.
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