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  • #4,761
  • Sep 8, 2014 6:26am Sep 8, 2014 6:26am
Quoting Olu
Commodity Currencies {image} {image} {image}
This idea is not working out the $ is still gaining...

Olu
If you think you can or cannot do it you are correct
  • #4,762
  • Sep 8, 2014 8:29am Sep 8, 2014 8:29am
Quoting Olu
{quote} Hi A Copper is heading back up as you said. Chart attached. This is despite all other commodities falling like a stone and the $ gaining strength. Good call Olu {image}
Seems like this is because of USDJPY breaking upside. There is a bearish divergence and overbought indication for it and bullish and oversold for Gold and silver. Breaking 1240 is more or less free fall. Shall upload my chart when I am home
A 1 pip gain is better than a 1 pip loss.
  • #4,763
  • Sep 8, 2014 9:24am Sep 8, 2014 9:24am
Quoting aeternum
{quote} Seems like this is because of USDJPY breaking upside. There is a bearish divergence and overbought indication for it and bullish and oversold for Gold and silver. Breaking 1240 is more or less free fall. Shall upload my chart when I am home
Here is my chart. My chart shows that we are currently in the CD wave of a Bearish Cypher. There is also an AB=CD at 1344 to 1279 and 1322 to 1257. There is also a Bullish Gartley with X at 123x, A at 1344, B at 1279, C at 1320, D at where we are now. This is the current PRZ. Breaking 1230 will invalidate this.
Attached Image (click to enlarge)
Click to Enlarge Name: Gold 8 September 2014 CD Bearish Cypher.png Size: 51 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,764
  • Edited 6:40am Sep 9, 2014 6:39am | Edited 6:40am
Quoting aeternum
{quote} Here is my chart. My chart shows that we are currently in the CD wave of a Bearish Cypher. There is also an AB=CD at 1344 to 1279 and 1322 to 1257. There is also a Bullish Gartley with X at 123x, A at 1344, B at 1279, C at 1320, D at where we are now. This is the current PRZ. Breaking 1230 will invalidate this. {image}

Hi A

Thanks for your chart. I understand the power of gartleys but never took time out sharpen my use of them. So well done on that. The chart I posted has been the one chart that has guided me concerning gold for a long time. However I departed from the thinking on the chart was that I was expecting a move to 1350 area before a massive fall to below the recent lows. That can still happen if my triangle hasnt completed like I drew on the chart and there is one more 3 wave leg up to be done. So I will get involved in bullish action if we see one. For me breaking 1240 area confirms my current triangle idea and we could be heading to new lows - even below 1000

Thanks for your excellent post. more please

Olu
Attached Image (click to enlarge)
Click to Enlarge Name: Gold0weekly-09092014-1425uk.JPG Size: 76 KB
If you think you can or cannot do it you are correct
  • #4,765
  • Sep 9, 2014 9:45am Sep 9, 2014 9:45am
Quoting Olu
{quote} Hi A Thanks for your chart. I understand the power of gartleys but never took time out sharpen my use of them. So well done on that. The chart I posted has been the one chart that has guided me concerning gold for a long time. However I departed from the thinking on the chart was that I was expecting a move to 1350 area before a massive fall to below the recent lows. That can still happen if my triangle hasnt completed like I drew on the chart and there is one more 3 wave leg up to be done. So I will get involved in bullish action if we...
Hi I share your views that breaking 1230-1240 would bring us lower but probably not below 1000. Maybe 1200 for a bounce. Expecting 1200 to have some good support. Still hoping we get a last push higher first before we crash.
A 1 pip gain is better than a 1 pip loss.
  • #4,766
  • Sep 9, 2014 10:41am Sep 9, 2014 10:41am
Quoting aeternum
{quote} Hi I share your views that breaking 1230-1240 would bring us lower but probably not below 1000. Maybe 1200 for a bounce. Expecting 1200 to have some good support. Still hoping we get a last push higher first before we crash.
Hi Olu, do take note that USDJPY has a big bullish daily close above past resistance level made in 2013. We are currently making new yearly highs. Yes indicators show bullish, but such a bullish close across resistance may have significant meaning. I am waiting for some retracement before deciding if I should take this trade. Next highs for USDJPY comes in around 108-110.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY 9 September 2014 Bullish Breakout.png Size: 44 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,767
  • Sep 9, 2014 12:56pm Sep 9, 2014 12:56pm
Quoting aeternum
{quote} Hi Olu, do take note that USDJPY has a big bullish daily close above past resistance level made in 2013. We are currently making new yearly highs. Yes indicators show bullish, but such a bullish close across resistance may have significant meaning. I am waiting for some retracement before deciding if I should take this trade. Next highs for USDJPY comes in around 108-110. {image}
Gold just shot up in a couple of hours. This is looking like solid rejection off the floor.
A 1 pip gain is better than a 1 pip loss.
  • #4,768
  • Sep 9, 2014 1:29pm Sep 9, 2014 1:29pm
Quoting aeternum
{quote} Gold just shot up in a couple of hours. This is looking like solid rejection off the floor.

I will take a look. By the way check out copper. You remember I was takling about a sizeable move down? It happened today

Olu
If you think you can or cannot do it you are correct
  • #4,769
  • Sep 9, 2014 1:34pm Sep 9, 2014 1:34pm
Quoting aeternum
{quote} Hi Olu, do take note that USDJPY has a big bullish daily close above past resistance level made in 2013. We are currently making new yearly highs. Yes indicators show bullish, but such a bullish close across resistance may have significant meaning. I am waiting for some retracement before deciding if I should take this trade. Next highs for USDJPY comes in around 108-110. {image}

Perhaps the best we will get is down to the breakout area. It looks so bullish

Olu
If you think you can or cannot do it you are correct
  • #4,770
  • Sep 9, 2014 1:35pm Sep 9, 2014 1:35pm
Quoting Olu
{quote} I will take a look. By the way check out copper. You remember I was takling about a sizeable move down? It happened today Olu
Sorry I don't actually have Gold on my platform as far as I am aware but I did see the moves on Gold and Silver although a retracement has happened so far.
A 1 pip gain is better than a 1 pip loss.
  • #4,771
  • Sep 9, 2014 1:36pm Sep 9, 2014 1:36pm
Quoting Olu
{quote} Perhaps the best we will get is down to the breakout area. It looks so bullish Olu
Perhaps. I shall see what it does at 105.x. Some pin bar rejections would be good for buying into. Pretty good risk reward.
A 1 pip gain is better than a 1 pip loss.
  • #4,772
  • Sep 9, 2014 2:16pm Sep 9, 2014 2:16pm
Quoting aeternum
{quote} Sorry I don't actually have Gold on my platform as far as I am aware but I did see the moves on Gold and Silver although a retracement has happened so far.

A.,

Copper not gold
If you think you can or cannot do it you are correct
  • #4,773
  • Sep 9, 2014 2:19pm Sep 9, 2014 2:19pm
AudUsd

By the way there is one thing I note. wave 3 is about 120 pips and wave 5 so far is about 90. The EW rule is wave 3 cant be the shortest wave so if this is not the bottom then the bottom should be not more that 25 pips away. Sorry for the technicals guys I am just thinking aloud. Zooming in to that 'bottom' it looks like a triangle is forming so I am checking it out closely
Attached Image (click to enlarge)
Click to Enlarge Name: audusd-2h-09092014-2155uk.jpg Size: 84 KB
If you think you can or cannot do it you are correct
  • #4,774
  • Sep 9, 2014 10:35pm Sep 9, 2014 10:35pm
Quoting Olu
{quote} A., Copper not gold
Yes sorry, it was almost 4 am when I posted that, sleepy
A 1 pip gain is better than a 1 pip loss.
  • #4,775
  • Sep 9, 2014 10:41pm Sep 9, 2014 10:41pm
Quoting Olu
AudUsd By the way there is one thing I note. wave 3 is about 120 pips and wave 5 so far is about 90. The EW rule is wave 3 cant be the shortest wave so if this is not the bottom then the bottom should be not more that 25 pips away. Sorry for the technicals guys I am just thinking aloud. Zooming in to that 'bottom' it looks like a triangle is forming so I am checking it out closely {image}
Hi Olu, AUDUSD broke lower from the little box it was ranging inside of. Could expect it to retest the bottom of the box though, looks oversold.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 10 September 2014 Breakout.png Size: 42 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,776
  • Sep 9, 2014 10:46pm Sep 9, 2014 10:46pm
Hey Olu, I am back...just sent you a message nice charts, we need to compare!!
  • #4,777
  • Sep 9, 2014 11:05pm Sep 9, 2014 11:05pm
Also for EURUSD, RSI is rather oversold at these levels on a Weekly basis. May be a good time for a retracement.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 10 September 2014 Oversold.png Size: 36 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,778
  • Sep 9, 2014 11:09pm Sep 9, 2014 11:09pm
Quoting Olu
{quote} Hi A Thanks for your chart. I understand the power of gartleys but never took time out sharpen my use of them. So well done on that. The chart I posted has been the one chart that has guided me concerning gold for a long time. However I departed from the thinking on the chart was that I was expecting a move to 1350 area before a massive fall to below the recent lows. That can still happen if my triangle hasnt completed like I drew on the chart and there is one more 3 wave leg up to be done. So I will get involved in bullish action if we...
Hi, for your down move, this is a bigger term chart that I had. Still not expecting a 1181.x break but if we do break it, it's going to be really awful.
Attached Image (click to enlarge)
Click to Enlarge Name: Gold 10 September 2014 Big Bullish Gartley Update.png Size: 50 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,779
  • Sep 9, 2014 11:50pm Sep 9, 2014 11:50pm
Quoting aeternum
{quote} Hi Olu, AUDUSD broke lower from the little box it was ranging inside of. Could expect it to retest the bottom of the box though, looks oversold. {image}

Thanks for the update A. Things are looking good for Aud
Price has taken out the 9180 bottom which was a risk to this idea i.e the 5th wave was not done. Will have to re-assess later. Perhaps a better trade is to wait for that 3 wave upmove to complete and then try to sell it looking for a stronger move down.

Olu
If you think you can or cannot do it you are correct
  • #4,780
  • Sep 10, 2014 12:08am Sep 10, 2014 12:08am
Quoting Olu
{quote} Thanks for the update A. Things are looking good for Aud Price has taken out the 9180 bottom which was a risk to this idea i.e the 5th wave was not done. Will have to re-assess later. Perhaps a better trade is to wait for that 3 wave upmove to complete and then try to sell it looking for a stronger move down. Olu
I'm actually starting on a new form of trading involving dollar cost averaging. So I will just buy small units of AUD or NZD and gain interest on it whether it rises or falls. I will buy it every hundred or so pips. If it hits my target, good for me. Otherwise at least I gain on the interest. I think this is a good way for me to trade for now until it gets to strong support levels.
A 1 pip gain is better than a 1 pip loss.
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