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  • #4,441
  • Oct 21, 2012 12:48pm Oct 21, 2012 12:48pm
[quote=9047;6076777]From the Financial Times....

“A lot of people outside the market are saying this is too big a story, you’ve just got to be in gold,” said Jon Spall, head of precious metals sales at Barclays. “One of the things you really could see propel gold is if those people who have been sceptical say, OK, I’ve just got to be in this market.”

Link to article: http://www.ft.com/cms/s/0/5456b1f6-0...#axzz28f7bSPqu


Interesting, look where the price went. The ringed candle is the date the article was published (5 Oct.)

Jim

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  • #4,442
  • Oct 21, 2012 3:57pm Oct 21, 2012 3:57pm
some double ups e.g. pound-yen and euro-yen.
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  • #4,443
  • Oct 21, 2012 4:12pm Oct 21, 2012 4:12pm
S&P500 bit wearing of, because:

  1. Haven't followed it through an earnings season (or back tested), and
  2. need to check what earnings are out this week.

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  • #4,444
  • Oct 21, 2012 4:20pm Oct 21, 2012 4:20pm
[quote=JimN;6119255]
Quoting 9047
From the Financial Times....

“A lot of people outside the market are saying this is too big a story, you’ve just got to be in gold,” said Jon Spall, head of precious metals sales at Barclays. “One of the things you really could see propel gold is if those people who have been sceptical say, OK, I’ve just got to be in this market.”

Link to article: http://www.ft.com/cms/s/0/5456b1f6-0...#axzz28f7bSPqu


Interesting, look where the price went. The ringed candle is...
Hi Jim,

Great chart. These kind of headlines indicate (in my opinion) an at least short-term bullish extreme has been hit. Last time gold was forging new highs the fund manager for the GOLD ETF (traded on the ASX) was in the papers selling the benefits of buy the ETF to retail investors. I only noted down the headline but do recall it used words to the effect of "... a great way for all investors to get exposure to this great bull run in gold..."!

When Time or The Economist run articles with the a picture of the USD being minted in gold or something crazy like that .. I'll be looking for a short entry

ninety47
  • #4,445
  • Oct 21, 2012 6:37pm Oct 21, 2012 6:37pm
Jumping in front of a level at a round number. I am afraid I will miss out if I wait for the level.

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  • #4,446
  • Oct 22, 2012 12:19am Oct 22, 2012 12:19am
Really nice levels 9047, definitely adding a couple to my call alerts.
  • #4,447
  • Oct 22, 2012 12:24am Oct 22, 2012 12:24am
My charts going into the week...
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  • #4,448
  • Oct 22, 2012 12:29am Oct 22, 2012 12:29am
Missed my call alert on this one. Picture perfect example of what I really like to see.

First chart is my pre-trade Sunday outlook, followed by the end result.
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  • #4,449
  • Oct 22, 2012 12:49am Oct 22, 2012 12:49am
Someone asked for orders to be posted so I'll share this one....

Been filled short in GBPJPY... chose it over EURJPY and AUDJPY as it has the most clear levels.

I chose the high of the right eye of the pin bar/sfp setup for entry but with Japanese trade balance data sitting in the back of my mind - to quote Han Solo,
Quote
I have a really bad feeling about this....

But also remembering recently the AUD rose against the USD with bad employment figures so the market isn't (always) rational.

The rationale for the higher entry (e.g. above where I drew the support line) was that, of the last 7 Yen pairs trades I've made with similar setups 1 was just a dumb misread of the chart (own goal), 3 didn't work and 3 stopped me out and then laughed in my face and went to target (e.g. 50% worked with good R). Note if I'd played it the same way as before I would have been stopped out.

If anyone else got short manage the trade well and share your outcomes.
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  • #4,450
  • Oct 22, 2012 1:18am Oct 22, 2012 1:18am
I try to learn something from every trade. No matter how small the lesson, It will help me make money for the rest of my life. If we look at it this way, it's impossible for us to lose.

Lesson: Stop getting out of trades early. Allow them to run to the FTA.
Especially Gaps!


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  • #4,451
  • Oct 22, 2012 2:07am Oct 22, 2012 2:07am
Another one to add to the call list, still a ways out but will be nice when it comes along.
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  • #4,452
  • Edited 3:35am Oct 22, 2012 3:22am | Edited 3:35am
Quoting sam0182
Another one to add to the call list, still a ways out but will be nice when it comes along.
I assume you will wait for a break there and a rounded retest for a long ?

I thought wizzard prefers to short into previous support, rather than resistance, and buy into a previous resistance rather than support. And your level was resistance last time.

This is what i see imo:

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GL
I don't need easy. I just need possible.
  • #4,453
  • Oct 22, 2012 3:32am Oct 22, 2012 3:32am
Quoting DaGrizlyBull
I assume you will wait for a break there and a rounded retest for a long ?

I thought wizzard prefers to short into previous support, rather than resistance, and buy into a previous resistance rather than support. And your level was resistance last time.

GL
Two ways you could play this.

Firstly, as you pointed out, wait for the break, retest, and long it.

Secondly, given the significance of the level, look at this as a SPF type play and wait for price to indicate a false break and sell the level.

Yes, shorting into previous support and vice vs. is always preferred and really my bread and butter of trading. I would never put on a short at this level just because I didn't think price would break the previous high. It's either a breakout and retest setup or price action giving indication of a SPF.
  • #4,454
  • Oct 22, 2012 3:39am Oct 22, 2012 3:39am
Quoting sam0182
Two ways you could play this.

Firstly, as you pointed out, wait for the break, retest, and long it.

Secondly, given the significance of the level, look at this as a SPF type play and wait for price to indicate a false break and sell the level.

Yes, shorting into previous support and vice vs. is always preferred and really my bread and butter of trading. I would never put on a short at this level just because I didn't think price would break the previous high. It's either a breakout and retest setup or price action giving indication of a SPF....

Cool man. So for bounces we wait for some kind of confirmation that the level may hold as resistance? A SFP, a big BEOB right on the level, etc?
I don't need easy. I just need possible.
  • #4,455
  • Oct 22, 2012 3:47am Oct 22, 2012 3:47am
Quoting DaGrizlyBull
Cool man. So for bounces we wait for some kind of confirmation that the level may hold as resistance? A SFP, a big BEOB right on the level, etc?
Re: bounces, yes. So in theory, a break and retest (long) on the E/CAD level I posted probably wouldn't occur for a few months, giving price time to run up, get rejected, try again, get rejected, and then eventually make a clean break.

Re: SPF, yes. I'm still new to these but essentially yes. I'd look for PA to be similar to all of the other SPF posted in this thread. And the fact that this level is a big one on the daily/weekly charts gives me a lot more confidence that there will be some hesitation at this level.

I'm a huge fan of the levels we post in this thread for the reasons above. If the level is solid and price isn't impacted by absurd fundamental/news releases, you'll usually get a trade via either a rounded retest or SPF (fake breakout).

Hope this helps.
  • #4,456
  • Oct 22, 2012 4:00am Oct 22, 2012 4:00am
If EJ breaks out here, I will be watching for an SFP type play @ the 105.5 zone
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  • #4,457
  • Oct 22, 2012 4:02am Oct 22, 2012 4:02am
Quoting sam0182
Re: bounces, yes. So in theory, a break and retest (long) on the E/CAD level I posted probably wouldn't occur for a few months, giving price time to run up, get rejected, try again, get rejected, and then eventually make a clean break.

Re: SPF, yes. I'm still new to these but essentially yes. I'd look for PA to be similar to all of the other SPF posted in this thread. And the fact that this level is a big one on the daily/weekly charts gives me a lot more confidence that there will be some hesitation at this level.

I'm a huge fan of the levels...
Yup. Thanks for your responses. I wonder where wizard is (maybe making billions for a prop firm)... Curious if he agrees with our little chat
I don't need easy. I just need possible.
  • #4,458
  • Oct 22, 2012 4:06am Oct 22, 2012 4:06am
I think Tom would...lets ping him on twitter.
  • #4,459
  • Oct 22, 2012 4:24am Oct 22, 2012 4:24am
Quoting sam0182
I think Tom would...lets ping him on twitter.
Yes I concur with what you said, Sam.

I would add more but I am trading the method on the short term TF at the moment in addition to the H1 and it's very intensive.

-Tom
  • #4,460
  • Oct 22, 2012 6:28am Oct 22, 2012 6:28am
Quoting 9047
Someone asked for orders to be posted so I'll share this one....

Been filled short in GBPJPY... chose it over EURJPY and AUDJPY as it has the most clear levels.

I chose the high of the right eye of the pin bar/sfp setup for entry but with Japanese trade balance data sitting in the back of my mind - to quote Han Solo,

But also remembering recently the AUD rose against the USD with bad employment figures so the market isn't (always) rational.

The rationale for the higher entry (e.g. above where I drew the support line) was that, of the...
Thanks for kudos Sam but I just burnt them -0.89 R (-66 pips)
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