Gold, Silver, and Indexes Using Price Action

Discussion in 'Journals' started by Gringo, Oct 4, 2013.

  1. Gringo

    Gringo

    Closed the remaining position. Median's do need to be respected. That one touch from 4375 brought demand back and BE was an option. With price recovering most of the drop today and not giving it up I don't want to be betting down, especially when confusion is becoming more pronounced in my head. 4420 isn't budging and the close is near.
     
    Last edited: May 12, 2015
    #471     May 12, 2015
    fourtiwinks likes this.
  2. Gringo

    Gringo

    This would have given an earlier indication of strength coming back. I got a bit complacent after such easy profits and went into auto-mode instead of making decisions as the situation unfolded. The dance played out as thus:

    [​IMG]

    Gringo
     
    #472     May 12, 2015
    dbphoenix likes this.
  3. Gringo

    Gringo

    Mechanical SLA is calling for a short. I am not taking it as I prefer price to be closer to S/R or TC. 4420 area had shown some resilience in the recent past as well.

    [​IMG]

    Gringo
     
    #473     May 13, 2015
  4. dbphoenix

    dbphoenix

    OTOH, you have a DB, or the conditions for one. If price doesn't break, you have to be prepared for a continuation on the long side.
     
    #474     May 13, 2015
  5. Gringo

    Gringo

    Yes, if price fails to drop here then it might turn into a TDTDB (Those confused please refer to Db's document or read Sherlock Holmes).
     
    #475     May 13, 2015
  6. dbphoenix

    dbphoenix

    Exactly.
     
    #476     May 13, 2015
  7. Gringo

    Gringo

    At last the price has left the mess. Hopefully it gets to areas around 4550 or higher, perhaps closer to the TC top. BO and RET isn't something I am too comfortable with so I try to stick with reversals mainly. In time ... in time.

    Median again was solid and price has historically gone back closer to the upper TC. Once it's there the SLA magic shall be unleashed.

    [​IMG]
     
    #477     May 14, 2015
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  8. Gringo

    Gringo

    The 4500 area might have a bit of air. Lets see if demand can continue pushing up. It's not the finest of positions but demand has given up around here in the resent past.

    [​IMG]

    Gringo
     
    Last edited: May 15, 2015
    #478     May 15, 2015
    dbphoenix likes this.
  9. Gringo

    Gringo

    On the daily we can see NQ had a breakout above the trading range. Price is currently retracing and may resume its move up once the retracement is done. The other option is that the price fails to continue up. The failure drops it towards or inside the TR indicating demand to be weaker and potential for the price to go down.

    In general terms 4507 then about 4550 areas have potential to be failure points. If price does continue up then there's potential for price to reach 4600+. There are no certainties here and behaviour of price itself is the indicator for making decisions. Towards the downside so far 4475 and 4460 are to be paid attention to. Failure of each would increase the odds of demand showing a weaker hand.

    Today's a bit busy for me and availability is going to be less. Missing this move is quite a possibility.

    [​IMG]

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    Gringo
     
    #479     May 18, 2015
    dbphoenix likes this.
  10. Gringo

    Gringo

    Notice the new dotted pink line. Could it be that the strength of the upward momentum is waning? I'll keep an eye on that line just in case price starts to stall around it if it gets there.[​IMG]

    [​IMG]

    Gringo
     
    #480     May 20, 2015
    dbphoenix likes this.