Actually Gold was pretty text book. Failed monthly A up. Today made a pretty clean intra-day A down. I had no number line confirmation in Gold so there was no reason to be long. I'm not sure what different it makes if someone dumps 1 billion in Gold or a hundred dollars in Gold.
I didn't know if it was close enough to the A to call it a failure. I know it doesn't have to actually touch the level to fail it, but still it's always personal judgement as to how close is close enough. I don't have a confirm on futures, but GLD is confirmed for me, so for that reason I was bullish on it Thanks for the advice!
Mav, I am intereted in the GLD/GC conundrum. I have GLD confirmed, but GC with a -2 (all on 30NL). Both are up against the Monthly ADown. I could take GLD with a stop below the ADn. I could take GC with a stop below the Monthly ADown. Failed Monthly ADown is a accepted entry point, but I like to take it with a decent NL supporting it. So in this case would you consider an entry on GC a decent entry (with just a failed ADown but without a confirmed 30NL)
Since GLD was confirmed and I didn't consider the monthly to have failed yet, I was looking to get in on failed A downs. Going into the week I figured it was too late to put on a swing trade. The monthly A down would be the stop for a swing trade and that was too far away given how close the monthly A up was. So basically all I could look for with my bullish bias was an intraday trade off a failed daily A down. My stop would be rather tight in that scenario and target would be the daily A up.
I usually go with the futures over the ETF since the futures have a 24 hour day and therefore wider ranges and wider A levels. I like to err on the side of wider A levels. Also, there is a lot of economic data that comes out pre-market that GLD doesn't capture unless you have the extended hours checked. Regarding entry on Gold, no. Why would I buy Gold when I can buy Copper? Confirmed monthly A up and confirmed number line. FYI, the gold miners confirmed awhile back and have been on fire. Much stronger then Gold. I would favor them over the metal at the current time. On a pullback of course.
Thanks. Yes Copper is confirmed for me. Have a weekly ADown test in progess (my lines)- maybe a failed weekly ADown is good enough for an entry ?
Mav, Thanks for a most interesting education this week (in addition to all that has come before). Gold didnt hold that ADown - but Copper - is showing a failed ADown on the weekly. The NLs sure correlated with today's price action.