Lets not compare, the average with the mean Trade at the extreme, and avoid the mean Making money isn't tough, nor is it mean Deceptive are some words, and what they really mean Gringo
Long time without poetry. Was already missing it. I think we should compile a collection of market poems.
GLD has crossed above the swing high. This is a sign of strength, but whether it's permanent or not is yet to be determined. If there's a retracement and a rise then perhaps long will have to be initiated. We also keep in mind that price is in an overbought territory now yet it is not the time for taking a position. Those who were in before the move are at an advantage have to have this buffer of gains now. I simply wait an entry in either direction and have been sitting on my hands for some time. The cost of flinching earlier out of my long has been great. It was an incorrect decision now that I have looked at it in hindsight. Still, I have learned from it. Learned that a proper entry is essential to have that breathing space. The farther price gets from the danger point the greater the chance of a reversal leading to the position getting under. As the time progresses I hope not to make the same mistakes again. Yes, I know at times change is difficult. Trading is wonderful in that one gets many opportunities to test whether what one claimed to have changed actually did change. In real life there aren't that many opportunities to test one's resolve. GLD could give a long or a short signal here as the danger point is around the corner. So far the strength is evident. To get convinced of the short side a strong drop will have to come first, to show the onset of weakness. Gringo
Look at this beauty. From bottom to top without a hitch. Those who were looking at the hourly can see how multiple entries were available to go long. Of course due to my sheer genius I wasn't paying attention to it but here it is. A good support/resistance level in combination with the supply/demand dynamic (SL/DL lines) and retracements can give one an edge to become profitable. What I am going to do is try to trade a bit shorter term, meaning the hourly and see whether it cuts the waiting a bit as weeks of waiting idly is not working out of me. Trades of days to about a week or so might be more suitable. We must admit here there the up moves have been strong and persistent. Although, the ascent has become quite steep it's still demand that's in charge. Notice how there wasn't a retracement for EOD of day trader. The SL was breached and it's a V bottom more or less. Now, using AMT the support when it held around 84 could have been used but my plan has a retracement requirement so unless I was looking at the hourly this was not something I could catch. With every kind of trading there are pros and cons and yes, some styles at times miss certain entries. The whole idea is to just relax and take the next ride. QQQ Daily: QQQ Hourly: Gringo
Lets have a look at gold futures. The trend is up and there's a trend channel drawn using the hourly bar intervals. Gringo
I was hoping you'd notice this. If you combine it with your daily chart, you'll see that if you can reach 1300, you'll have yourself a trend change.
At times the simplicity is mind boggling. Here we have the drop from around 1434 to 1180 for 50% being around 1300. The trend is already looking strong but we might get another leg down. We don't know in advance whether it's going to happen or not. The price for now is moving up and we at least have a trend channel on the hourly and a line in the sand around 1300 and about. Based on this we'll be making decisions whether to subject our funds to the turmoil, or to just sit there and enjoy from afar the sensual dance of price. Based on the weekly, price has just cleared the supply line. There actually might be a retracement following this. The double bottom around 1180 does add some power to the up move, though price is its own master, and has humbled with ease, many a great traders and their perfect analyses. Lets not become a victim, to the whirling and the twirling, of this cypress cylinder minister of wine. Lets keep our wits and our plans about, but gently, ever so gently, let the rhythm become our guide, our salvation, our obsession, and our muse. Gringo