missed a good day trade about 15 mins ago. lets see if we now have an oppertunity at this level 1644. tight stop.. im not in
1646.20... gota hit the sac. raise stop loss to 1644.80 and let it ride as i will probably hit the sac
Seems like we did pick a nice bottom that is still holding. Ill try to keep track of these trades and see if they are as consistent as my daily chart trades. could of risked a few bucks to see if price woudl turn on a dime like it did instead of puting the stop at 1570 which i would never take part in. But a 10 $ risk would of been worth it . would now raise my stop on the last day trade to 1646.20. 1651 area would be the goal but exit would be done on a red bar only, if price keeps moving past that we hold. Also if we see a reversal around 1649 (last high) we may sell
Its been a nice move. But it was weaker then I was hoping, maybe it will pick up will it hit the 1730's or the 1740's? I do not know Will have to see how it plays out and have a better look. Right now I'm concentrating on opening an account to trade. any help would be appreciated. I'm looking at forex-metals.com and IBFX. Any thoughts on this would be appreciated. Or if you can tell me if they are at least OK that too would be appreciated. Thank you
the hourly chart is looking good but the daily still has a bit to go. Please advise on forex-metal and/or IBFX
i down loaded the demo for forex-metal.com it is meta trader 4. Interestingly, I do not see a way to trade gold. I know that there was a rule change but they are based out of Europe and I am from Canada. Can any one confirm if Forex-metal will allow me to trade gold? Or where is a good easy non bank way to trade gold
While I figure out why there is no gold trading option on meta 4 with metal-forex.com It dawns on me that I will need to organize my trades better. But while we are waiting, lets give an honest non biased look at GOLD FUNDAMENTALS and see what others have to say. Also, I'm not an economist so maybe we can decide what is bullish and not for gold. Lets start with the bearish view. BEARISH GOLD. 1 US economy is good. 2 Bernake has not said anything about QE3 3 Bernake has mentioned that if there was a QE3 it will be done a different way that does not cause inflation. 4 Maybe the government can actually come up with a way to create money that is not inflationary. 5 Golds chart looks very similar to netflix and has recently shot up indicating a change of some sorts. This new rate of change is too steep and will result in a failure which in turn will cause panic. 6. I saw a you tube article showing that a certain magazine (forgot which one) had 5 adds trying to sell gold. The adds were clearly geared to people that do not even know what "spot price" is. It is said that when your cab driver is buying something its time to get out ! These adds were targeting people to stupid to drive a cab. 7. It is said that when currencies fail we will revert to the gold standard. God knows how this will play out, lets remember that gold is priced in currency. If currency is no longer valid then what it the gold actually worth. I'm not to sure about this one. But is there any proof that even if we do revert to the gold standard gold prices will rise? Can we not just create a new currency like the Amero or something ? 8. Who said we will revert to the gold standard ? We can make a new currency, or we can all just default and say screw you we are not paying cause WE (those with debt) out number you adn we deem you to be terrorists with WMD. 9. Recently, the gold chart has been as slugish as.... well a slug ! what goes up must come down. Ill post another pro gold fundamental out look. But im curious what you guys think here. Does failure to pay debt automatically mean gold will go up?
Now for the bulls! I'm hoping some cab drivers come out of the wood works here. 1.Gold is not high, its buying power is the same as it was X years ago (basket of goods, oil, ect) 2. Golds rate of increase is correlated with inflation/money printing it has stayed steady its currency's that are devalued 3. Inflation numbers are wrong and eventually it will be clear and new numbers will become the standard 4. Currencies are failing, there is no way to pay off debt. Therefore we must revert to the gold standard 5. Gold has been used for a long long time 6. Recent chart damage is due to the fed's remarks on a good economy that is grossly in debt ! These numbers are all made up. 7. Governments have been buying gold recently as they know the gold standard is coming. 8. During Greece's bail out at least twice Greece was asked to give its gold and they refused. Greece went through a lot of crap, selling some gold could of created a nice cushion. But, instead, they hung on greedily. Cause they know that gold will be what money is. 9. Only way to pay off debt is to print. 10. Gold is still on trend, though damage has been done. Lets not forget that a lot of the decline was just a trace back from the recent high of 1900. This is normal. 11. China is buying gold and encouraging its citizens to buy gold. They have stopped mining gold which is a form of hoarding. 12. Gold may seem high. but 10 years ago if we zoom in, we could see the same chart and it looked high. but just kept going. 13 Gold is getting harder and harder to mine. (in comes my home province of Quebec ) 14. Regulations in the FX market have stopped the trading of gold with currency trading. This may seem insignificant. But, there was a reason for this move. The government is worried that People can too easily change dollars for gold. This rule makes it a bit harder in that money will have to be transferred from one account to the other. As people in the currency market would probably be the first to bail out when the government makes its announcement, this will lesson the blow and keep market changes delayed by a day or 2. 15. Many states are passing legislation to allow the use of gold coins as legal tender. Some are really pushing for this. I think there are about 10 states doing this. 16 The euro was a new currency, It was made to deal with the European debt problem as they all knew it was coming. The abolishment of many different currencies to one EURO shows that governments can do as they please without restriction. This shows an organized plan between countries to prepare for the debt crises. The Euro was made to bail out countries or for some reason like that 17. Talks about the Amero are all around. Canada and US are getting closer and closer. Just a few weeks ago I heard that our border officers will be some how connected or united. Iceland has expressed interests in our CAD dollar. Free trade, The CAD and USD have been equal for the longest time. the exchange rate used to be 1.6 ! All of a sudden its only off by 1%? All of this shows that countries are working together and joining hands to get out of this mess. Currencies will be made and debased just to pay off debt while gold is being used as the real currency. 18. Governments are printing money like there is no tomorrow because they already have a plan B and that is why they are buying and clinging on to gold 19 The cab driver may be buying gold, But he has been using dollars since he first graduated taxi school !!!! OK maybe not too unbiased lol I admit I had a long preference on gold. but now im neutral but most my learning is form the long side. The things I dont understand is that, being open minded.. 1 Is there a way to print without inflating ? 2. How can defaulting effect gold prices both ways. 3. How will gold be effected if there is a new currency 4. What happens if we just decide to forget the debt. 5. How will a new currency effect gold? 6. How will a reversion to the gold standard effect gold. My theory is that the above can effect gold positively as much as it can effect gold negatively. Governments will have a team of experts all working in conjunction to make things play out the way they wish. They may confenscate gold, totally change any rule and regulation they choose. The door has already been open to Governments having power to do as they please. And they will. No one will even understand what is going on, no one will object, just like they got the euro, the bail outs to the banks, the wars. no one can stop them.