Eat, Pray, Trade

That was a crazy spike down. If it bounces from here, we can look for $21 in a couple of weeks.

And we bounced off resistance.

Those dojis have got to be telling us something. They are closing around 61.8 fib levels as well. Just go up and be done with it already.

EURUSD Short at 1.38615 TP 1.3826 (4H 5/8 Murrey, because of rejection from 4H 7/8) SL.. What's that? I don't use them.

Silver touched previous resistance at 19.2x. Does it go higher or lower from here?

Gold may get back to 1292.

+39 pips easy. Could have gone lower. It tapped the 200SMA and came straight back up in the blink of an eye.

Also got a nice 5% profit from scalping gold. If only I didn't buy Silver back then, I would be seeing lots of greens today and closing my computer and trades early.

Bright side, Silver maintaining the $19 mark. Seems bullish if it holds.

Shorted Gold. TP 1272. May look lower.

Silver on the other hand, I will hedge.

I don't normally post links and stuff but this is interesting.

"The sell-off from October 2012 to June 2013 was fairly relentless with prices dropping to $18.21/oz
from $35.39, a fall of 48.5 percent. The rebound that started in August took prices back up to
$25.12/oz, but it was relatively short-lived and prices are now working their way lower again. The pull-back has now unwound the whole of the stellar rally that started in August 2010 that went from around
$20/oz to $49.81/oz. This means that prices are now back around the highs seen before the financial
crisis got underway. In early 2008, the peak had been $21.36/oz. Although the down trend has been
formidable, prices have now pulled back into a region where we would expect support. The dotted line
on the chart is where prices are at the time of writing and this level matches the top of the range seen
in late 2009 and the first half of 2010. Between here and the lower horizontal line, which lines up the
support area from that period, seems a likely area for prices to now find support. The bottom
horizontal line is around the $17/oz level. With the stochastics still falling at a fast pace and with the
blue line of the indicator still not as low as it has been during previous sell-offs, there may well be
further weakness, so a test of support down towards $17/oz would not be too surprising. That said,
the stochastics tend not to stay down in the weak zone for too long and when the stochastics
rebound, the moves in the price can be significant. For now we would be on the lookout for support at
$19.15/oz, $18.70/oz, $18.20/oz and the $17/oz. A rebound that gets going before prices reach
$18.20/oz that then clear $23.10/oz would start to look constructive. On the upside we would expect
resistance between the down trend line and the August peak at $25.12/oz and then at the upper
horizontal line around $26/oz." - Scotiabank

http://www.scotiamocatta.com/scpt/sc...recast2014.pdf

This move looks bad now. Should have stayed flat on gold.

Actually should have gone long

Got 30% for this week which is great considering I target 5% a day. Closed my small losing trades. My bad gold trade is still running. I was thinking I was able to hedge it and be able to earn something but it was way too overleveraged compared to the silver trades. So one thing to note, leverage is important.

Gold is not exactly bullish yet.

Gold just kissed the 200SMA line.

I am now working on a new chart which is based solely on Support and Resistance levels, current pivot levels as well as CCI for divergences and Overbought, Oversold instances. I may add Stochastic soon depending on what results I get from this pure system.

According to the new charts, Gold and Silver are poised to drop on 4H. We have not gone bullish just yet.

AUDUSD Weekly wants lower. Daily may bounce. Lower gives us 61.8 big fib @ 0.92174 and then 38.2 small fib @ 0.91544.

EURJPY Daily wants lower but 1H and 4H are almost burnt out. Could see it get back up to Daily Pivot.

NZDUSD also looks like a good short down to 0.85x

"From a technical standpoint, gold now looks poised for a near-term recovery higher after posting a key outside day reversal ahead of a critical support at $1260/70. This level is defined by the March opening range low, the 23.6% Fibonacci extension taken from the advance off the December 31st low and the 61.8% retracement of the advance of the December low. The rally also took prices through trendline resistance dating back to the 2014 high set on March 17th (interesting to note- that was also a key outside day reversal). As such, or immediate focus is on interim resistance at the 61.8% retracement of the decline off the April highs at $1307. We will use this level as our near-term bearish invalidation point with a breach above targeting more critical topside resistance targets at $1327/34. A breach surpassing this threshold would suggest that a more significant low was put in last month with such a scenario targeting levels back towards the $1400 threshold. Note that a break and close below $1260 is required to put the broader down-trend back into focus targeting the 2013 lows at $1178"

-DailyFX

http://www.dailyfx.com/forex/fundame...esistance.html

Seems like gold did a triangle
http://www.babypips.com/school/middl...triangles.html

Edit: If Gold really reverses here, we may see 139x again.