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Gold Daytraders

Discussion in 'Commodities' started by Uncle Festivus, Oct 17, 2008.

  1. Uncle Festivus

    Uncle Festivus Well-Known Member

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    Thought I'd make a thread specifically for day traders of gold.

    Looking for a ascending wedge break out if it goes past 807.50?

    Edit - broken out, let's see how strong it is?
     

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  2. kransky

    kransky Well-Known Member

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    been meaning to trade gold futures.. but have not got around to doing much.

    trouble is that its scary going either direction.. cos it can get highly manipulated in either direction..

    unlike the dow where its very clear the medium term outlook is DOWN

    so UF, if it breaks above 807 it may jump much higher you say?
     
  3. explod

    explod explod

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    Your new thread is a great idea Uncle and I have a question.

    I used to buy my gold and silver bars over the counter from Johnson Matthey in Melbourne. Too far for me to the Perth Mint so does anyone know where I can do this in my home town?

    Cheers, explod
     
  4. Ageo

    Ageo Well-Known Member

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  5. Uncle Festivus

    Uncle Festivus Well-Known Member

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    I don't really know, just putting out some ideas of possible short timeframe trades for anyone interested. The current pattern of sharp sell offs followed by slow rebounds is tradeable, right down to the minute if you study the charts ie there are mostly certain times of the day that things happen. If these times line up with chart patterns like wedges ect, bollinger etc then there is a probability of a big move, either way.

    It's nothing fancy & I'm sure the established technicians might have a chukle
    but as it's a manipulated market you just have to know which way it's getting manipulated, long or short??

    I'll post some time points where things happen when I get time;), although you can do this if you have intraday timescale charts.
     
  6. Kauri

    Kauri E/W Learner

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    at your local corner deli soon by the looks of the chart.. :)

    Cheers
    ...........Kauri
     

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  7. Reealjrd

    Reealjrd Well-Known Member

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    Hello Uncle,
    This is good and will help gold traders.
     
  8. Uncle Festivus

    Uncle Festivus Well-Known Member

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    Another ascending wedgy breakup from $790. Arbitrage opportunity with some of the large goldies like NCM as they seem to lag the spot for a good 5 minutes.
     
  9. explod

    explod explod

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    Maybe. I think charts are being manipulated anyway. Corner deli only interested in big mark ups so probably not if what you indicate is correct.
     
  10. barrett

    barrett Well-Known Member

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    Good spotting.. and within that small wedge, by the looks, an inverse H&S.. at the bottom of a large falling wedge. It all looks rather bullish really, depending on what happens around the upper bound of the big wedge.
     

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  11. Uncle Festivus

    Uncle Festivus Well-Known Member

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    Yes, see how long before it get's capped :D

    Looks like $5 support/resistance zones now - having trouble keeping up with it!
     

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  12. barrett

    barrett Well-Known Member

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    Watching EURUSD for potential reversal or breakout here
     

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  13. BentRod

    BentRod ZZZZzzzzZZZZzzzzzzzz

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    Forming a right shoulder now??
     

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  14. amory

    amory Well-Known Member

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    Not friendly, Kauri! of all traders, goldbugs are the most egocentric. but to survive, they have to constantly boost each others optimism. for them, such a thing as a negative goldstock does not exist. physical gold ... that is the sacred cow! you want to never speak up against it, not even in jest.
     
  15. arco

    arco action-reaction

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    Day trading with 15m Ichimoku


    In this case it turned out it extended to leaving the order on overnight, .....and giving a maximum of +1885........took +1005.

    Looking now for the next opportunity

    rgds - arco
     

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  16. arco

    arco action-reaction

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    .
    Traded break from Kumo on 15 m chart

    First GOLD day trade of the day.

    Took +300 (highest was +405)

    anyone trading?

    arco
     

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  17. arco

    arco action-reaction

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    .
    After a slow start today there now appears to be a rejection and test off the Kumo on the 15M time-frame.

    rgds - arco
     

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  18. arco

    arco action-reaction

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    Update - rather a quick move

    Exited trade @ 764.45

    +630

    rgds - arco
     

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  19. Uncle Festivus

    Uncle Festivus Well-Known Member

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    Yes, getting interesting, approaching some support levels again. Nice little waterfall to$758, back long at $762. Similar to NCM to $2030 today.

    Always cognisant of the prevailing negative bias though.

    Arco, what charting/trading package are you using, thanks.
     
  20. explod

    explod explod

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    Both of you are a little off in my view. Have been away for a few days and rarely trade of late. Recently diagnosed with cancer and will shortly be under the knife.

    As for gold it has been a very good investment for our family. If you look at the 5 year chart it is very much holding the bottom line of the pennant, and the uptrend, as it has done since 2003. There is no fundamental reason to tell me that will change. My health dictates that I can no longer day trade so you have the upper hand, if that is what you enjoy, but for me gold is a safe place for my money.

    The US dollar is enjoying the Wall Street/Bloomberg ramp (and that can be backed up, but too much for this short post) and the further it goes up the more spectacular will be the fall and then the rise of gold.

    As I have said many times on the main gold thread thread, gold will be held down on the Comex untill the new US Administration have taken over full responsibilities to cop the demise of the world reserve currency, that's the niceties of politics.

    And there are indeed negative gold stocks in my view, (and that view is shared by other gold bugs) read the thread properly.
     
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