High velocity trading

Update on GU H3. Now awaiting PA to build base at 6340-60 area and once 6420-30 is tested and broken looking to enter long for the weekly high @ 6660.

Sorry gangsters, can't post updates on H/L in timely fashion, I'm travelling and don't have access to computing powers unfortunately.

Also trying a short on GJ the dragon, as it appears in good shape.

The PA on GU also went according to this scenario, one can now look to reload long once PA build a base @ BUY zone.

good luck and good trading guys!

http://img717.imageshack.us/img717/9...pdate31aug.png

GU H4 update. Prefer shorts over longs now. However, once green box is reached, if short is activated upon break of 6200 (TP 6100) I'd look for PA to build base in demand zone and look to enter long.

Also it's wise to note that month of August is closing today, and new monthly S/R will be activated. They are:


1.7063R3
1.684 R2
1.6555R1
1.6332month pivot
1.6047S1
1.5824S2
1.5539S3

Looking at preliminary Sept S/Rs we can see that PA is below Sept pivot right now, so next target is S1 @ 6050, which just also happens to be the green box I highlighted on the chart.

Lets see how it goes. I'd look to short sell and then once PA builds base around 6050-6100 I'd look for PA to at least test monthly pivot @ 6330-6350 area.

My take on XAU USD (spot gold).

http://img69.imageshack.us/img69/312...a31aug2011.png

http://img62.imageshack.us/img62/994/eu31staug2011.png

EU action plan

GU and EU scenarios worked out according to the projected PA on the charts, good day overall.

Looking at EU, big question is will 4130-4160 hold, or will PA slide through this price area? If PA build base for reversal in this area, Id look to go long for TP @ 4280 and 4360. However is PA slides through, TP on shorts will be 4060 and 3840, which is kinda close to monthly S2 (september 2011).

Let's see how it goes, next week will have more time to post high/low projections and charts, this week was very tight on time.

http://img831.imageshack.us/img831/7836/xauusdpanew.png

XAU USD update. I'd be looking at scenario, where PA gets rejected according to the chart, and look for a clean break of 1870-1880 to go short with a TP in strong support zone, which is 1740-1760 area.

GU quick update. Zooming out to H4, I'd like to see PA to test 6000-6040, before we can reverse and probably print 6400-6500 towards mid-september.

GU generally is pretty strong during autumn period, for seasonal reasons.
Let's see if a significant low can be printed @ or near 6000 area, look for PA to build base and reverse and then enter long for 6400.

That's the game plan on GU.

GU quick update: 6040 and 5940 is up next, once 6040 is reached we can do a retest of 6180, however H4 clearly indicates more downside. I revise downside projection to 5860-5920 for this week, once we reach that area, I'd look for PA to build a strong base and look to enter long.

Meanwhile GU I'd look for shorts only.

EU I maintain my view, with downside targets @ 4060 initially and 3840.

Here's GU H4.

http://img196.imageshack.us/img196/4073/guh4targets.png

I know it's a little late, however (still) here's the High/Low forecast EU/GU for today. I will update tomrw before London open.

GU 1.6216 1.6049


EU 1.4251 1.3946

short sell EU @ 4166 TP 3800 SL 4250

short sell GU @ 6017 TP 5827 SL 6107

EU moved SL to BE waiting for a strong down move to pick pace now.

GU next stop is 5900, just watch it take 6000 out

Caching, both targets met, however still I do keep some shorts open, looking @ 5800.

Caching, good spot on move, went according to the plan, I sold @ 1887 and took profits @ 1827. Now waiting for the next leg down, after the retrace is complete. We might reach 1750 soon

XAU USD (gold) is doing a rejection of weekly pivot on hourly timeframe, once rejected (WP is 1850) and below 1835, I'd take a chance to load up more shorts.