Of course I value your opinion. I'm reading your post and giving it the attention it deserves. All good points. As for the breakdown of the triangle, yes, that seems to be the consensus, but I am resisting it. My own folly? Perhaps. Feel free to post your thoughts anytime - fresh perspectives are a trader's blessings
Fellas when you get to your computer desks this morning and see Gold dropping like a stone on 1H I want you to know 2 things besides the $1268.05 1. I'm still in, no change in positions 2. Getting screwed is an occupational hazard
Hi LOS, I'm a very tired this morning so please excuse me if my questions are a bit slow. 1. We completed the monthly? My conclusions = tough to call and not worth the effort - lower level support 1080 is the stronger one but that won't matter if bulls can push up through 1400. Better to remove any bias long or short and just trade and buy gold coins on dips. Yours = 1227 is a support but the lower is stronger and 50%=GS 's numbers but the trendline and 1227 is the best we've got to support the bull case. (?) you want me to look a the weekly chart on a log scale - but you haven't posted one correct? - and look at divergences and trendline and a fib level concurrence. (I should mention that a trendline on a log chart is a curved line if plotted on a linear chart - I think this is important to note. Would you be drawing a curve on a linear chart for support? I haven't done this and perhaps it works but I have no experience as to whether it has practical validity. )
9:42 AM 9/2/2014 the aggressive trader chart said breaking 1284 gives 1276 this happened (that would be $800 - though I didn't take this trade) The triangle chart top one said sell < 1270 for targets 1240 and 1180 The bottom chart is the current chart 1270 is broken so I am short two at 1270 with the targets given. -->> all sim - I don't trade gold I have a lot of experience with charts and I use simple charts as the first two are. (the lower is just an older chart template kicking around). I hope it helps -- lets see how the Sell of 1270 works out I'm giving myself $20,000 sim dollars
aquarian1, weekly as promised, but forgot, sorry Curved lines on arith from log, yes seen but don't use them. Gold weekly is attached. The arrows on Macd are placed to show divergence magnitude in this case as there was not a lower low in price. Macd trendine shown and also the bumping up against the 0-line which is strong resistance. Macd trendline vs price trendline shows breakout bigtime in Macd Fib grid is from 2001 low to 2011 high - shows the 38.2% retracement level support Log scale trendline from Nov 2001 passes nicely right under current price. Failure of support and tendline here = going to 50% Fib @ 1086 Support @ 1227 peak shown in yellow - 200 sma in green
aquarian1 here is my Gold daily with the white arrow showing where I considered a TREND Reversal (March 12, 2014) also 8-15-2013 was a close short go long = BUY Yeah yeah I know, what am I smoking?
Hi LOS I would like to apologize for making yesterday's post. Somehow I didn't see your post about gold falling in the o/n and if I had I wouldn't have posted. Sorry. The thing is is that it is easy to weekend arm-chair quarter-back and tougher when you are in the trade. Certainly your chart above gives a good argument for a change in trend. It is important to have confidence in one's trade and not have others picking at it. Also, has I've mentioned I don't trade gold and I'm coming in cold to the markets - so my charting is not liable to be in tune until I've followed it a bit. I definitely think we are in for a major, huge crash. How it will unfold I really don't know and wish I had money for an escape plan. In any case, for the longer perspective which is yours, the charts aren't bearish or bullish as I read them .
If you wait for a huge market crash, wait for the leaders to go south first. It means Nasdaq MUST make a first correction, try to rebound and boom you got your krach. We still do not have a first correction ! Apple, Amazon, Tesla, Google and friends must go south first. Without them, no hope.
Not to worry, as you should be able to tell by now, nobody has ever lost money at ET, I be the exception. Its a major accomplishment to be the first loser at ET. If you zoom out from my stupidity for a moment you will easily see what I'm trying to do re: daily - Gold is in a sideways mode = bend in the trend = AfterLOS is trying to catch the northbound train, so many entries = all losses if the bend in the trend is just a temporary resting point before continuing south. This is the cost of trend riding - just one move by Gold to 1300 wipes out all my losses. But I'm not putting in time and energy to just wipe out losses. I want the big juice. That's what I'm doing. So if wrong, I wait for the next bend and repeat the stupidity.