Gold at support

Discussion in 'Strategy Development' started by traitor786, Mar 8, 2013.

  1. As gold comes to its support once again fear that it will break this level arises.

    Not being a typical trade, I wonder what to look for. The only thing that comes to mind is to compare the previous hits of support.

    I am going to try to compare previous hits of the support line to this hit that is coming.

    Typical Indicators seem to show areas of support but this is known, anything can change last minute.

    I need some thing the reflects what people are actually doing.
    something to do with volume or futures price. Maybe comparing the change in rate of volume change?

    Is there a way to look at the kinds of orders that went and are going through. Like looking for the presence of a "big player" in previous support levels?

    This is attachment is what I refer to as fractals, it is an actual repeat of a formation within it self and also repeating on the same level.I had to skew parts of each hit of support. In no way is it a signal, but just good to see that price is behaving similar, maybe a bit slower though. but according to this we have already hit our low.
  2. There is potential for an interesting day here.
  3. Re: gold

    Hey buddy,

    Thought about you when I saw a little spike a couple hrs ago...

    There's been some buying in the bonds this morning too.

    What are you holding? You still holding gold?

    I'd love to see the dx fall more. Im holding Euro.
  4. Truthfully it is not my cup of tea of trade. But the numbers push me there.

    So I have no historical experience in such a trade except one.

    This is the support and resistance game here.

    I ask my self what is the benefit to get in here. how can i avoid the multiple hesitations and strategies of traders.

    I am not used to these time frames. I keep going to to the 5 min chart and see power lol

    Either way getting the low has its cost.

    All I got is intuition.

    Again its not my cup of tea yet so its a game its one trade of 2.

    Your post is helpfull and gives me ideas of what to look for next time. I hope you keep them coming.

    I am more worried about a fall. Then I need to get in short. for some reason I know that I will mess it up cause of the word need. Also size will should be more real. Truthfully I dont even trust my broker with that, thank god they give leverage so i can feed them slowly.

    But a break means that I am sick to my stomach. not that it will effect net worth as long as it don't start playing the game.

    Keep me posted.
  5. I hate to say it, I but the picture above shows a spike due.

    not to offer any credibility to the picture. I am not even 100% sure which price line is which.

    I am though a bit shocked. I spent alot of time years back squishing every single hour and comparing it, even the minutes. I remember it not being as clear.

    I used to have to flip and skew and even mirror to get the fits. but they may have been in different time frames.

    Also the angel would change so much that and up trend on one would be flat on the other. This is very clean stuff compared to what I used to have to do. some times the whole thing would just flip on me.

    Then agian I always compared one time period directly to the one after it .
    Here we are comparing 3 time periods in similar situations but they are spread out .

    any ways , what was it you saw exactly? was it a rare event. I read a post about the vix and the dow and maybe some thing comparing price move to volume today. It implied money moving. (a rare event) Or was it just a random bar you saw ? As you can tell I am sort of isolated from other markets.
  6. There are definitely some shifts taking place. For one the AUD has been stronger against the dollar lately. Also, 6E has been trading sideways within range. Personally, I don't think todays retail announcement will take us out of this. Tomorrows employment announcement will likely be the big move. Oh, and bond buying has continued higher this morning (on weak volume thus far).

    The main reason I left you a message was because I wanted you to notice that you did something "right". I believe people spend too much time on what they are doing "wrong". You found a level of support. Will it hold.. maybe, maybe not.

    Anyways, I'll finish this post later. Gotta run for now.

    I'm holding no position yet this morning.
  7. Gold in RANGE BOUND now.It is yet to meet the 1450 mark,soon.
  8. Rare event? I've not seen anything "rare". I think I might have glanced over the article that you are talking about. I believe it came to my inbox. I don't pay much attention to many of those articles. Most of them are written by journalists, not traders. Instead I use them to strike up interest in my own market studies.

    Because you asked I will explain what I "saw"..

    As you noted the other day.. Gold is at support. I saw AUD move against the dollar. I saw that crude has been going up again. I saw Gold volume down and that selling slowed.. despite the massive short interest. To me this was all saying that we could see a spike in gold. But, I have a hard time buying gold. As I mentioned to you in PM, I have many more reasons that I am bearish on gold though. So, I just stay out of gold's way.

    Today: Euro broke out lower, Dollar higher. Bonds sold off to test lows.

    Don't think that any one thing works all the time or even most of the time. What's more important (I believe) is how you structure your trades. I try to approach each trade as a hypothesis to be tested. I ask myself "At what level will this hypothesis be false? At what level true? Is this a risk that I'm willing to take?" But, when all said and done, you have to find what works for you. There are different ways to an outcome.

    The reason that I like to look at different markets is because I believe money flows through markets. And, it helps me feel more confident in a trade, if money flow seems likely to flow in my direction.
  9. Thanks, Ill re read the post and check my PMs,

    I did try an entry late last night, It is taking me for a ride, and stop is far from the action for once so I can see what happens, It may be a costly lesson but like you I guess Im testing an hypotheses, This ine may cost more.

    As for the picture above. It seems like crap. but I just noticed that this art may actually be better drawn by other means. I thin My pc can draw the squeezing and stretching better then me. more on that later though.

    I wonder then what your day trading strategy is, Seems like the more long term ideas are the theories. The hope of money flowing in implies there in lies your edge.

    so why not just buy what you want? why and how intra day trade it ? In this case could one not use the simplest of strategies? The edge may be more in the long term approach.

    The post I refer to is on ET. Ill try to look it up if you like. But I just noticed that the stock market seems ti be diverging from gold.
  10. I am still working on tools to see what you see. My current set of tools are still around but now for different reason that are unknown.

    The if intra day trading gold is coin toss. i finally beat it ! I just wish I was betting on tails instead of heads.

    I try to reason with this.

    I remember years ago when I was too busy to learn from any where but my own head I started trading the news. I did not know what TA was.

    The beauty of testing the market for a hypotheses is that if you are right you are rewarded. if you are wrong you are experience a coin toss. As many coin tosses tend to even you out all you have is you wins and your fees.

    BPO properties gave me my first dividend I had to call in to confirm the dates.

    Getting the knowledge and knowing the best way to train myself seemed so logical.

    what is it that triggered your first reply what tool told you what you saw
    #10     Mar 13, 2013