Would appreciate comments on the charts and/or the trade. Most indicators use moving averages in one way or another, and therefore are lagging. They are useful for showing where it has been, where it is, and sometimes where it is going. While we can not predict with certainty what the MARKET will do, we can predict what the CHART will do tomorrow ... IF the market follows a possible scenario determined today. It should be noted that while using the signals to take a position may have good results, because of the lagging factor, and the focus being on the short term, it is advisable for a reasonable objective to be placed as a target. I use $500 profit for the exit. ============================================== Reading the proprietary charts: Chart 1 uses daily price action to determine up (green) and down (red) trend direction, reflected in the candlestick colors. The blue bands are the 34 trading day high and lows, and price penetration will cause a band expansion. The light black bands are 21 trading day highs and lows, which is useful to visually aid in anticipating future changes in the 34 day bands. There is also a black line moving average used in chart 4. Chart 2 uses wave action to anticipate tops and bottoms. Usually green in a rising wave and red when falling. Exceptions are usually warnings of tops or bottoms, minor reactions or range bound pricing, and black dots when making new highs or lows. Chart 3 shows the 21 day ranking, from 10 to -10, of a proprietary indicator. This chart is useful in confirming and sometimes leading chart 2. Chart 4 shows the current average (black) from chart 1 and a projection of that average (red). If today's average is greater (or lesser) then the projection, then that is bullish (or bearish).
================= Gold /GLD sell?? Well most of long term gold + GLD trends are UP, all data ; 20 + 21 days price is up,, 50 days price is up. So ,no, its not a sell for me Wisdom is profitable to direct. 8-21 -2013 AD
The waves shown in the chart are clearly not long term ... and the chart was posted on Aug 7th.I don't know if your comments NOW would have been correct AT THAT TIME, but I did get a reversal signal the next day. The intent of my posting was not only to give a demonstration of a forcast (bad) call in Gold, but also of the two other short term (good) calls in the last three months.
I doubt you should buy yet, better wait to see how this unfolds the next two days. We are not far from possible support, if however this breaks we could have a long way to go down once more ... http://localsfoolsgold.blogspot.be