Gold Daytraders

Uncle Festivus · 17 October 2008

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?

kransky · 17 October 2008

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?

explod · 17 October 2008

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

Ageo · 17 October 2008

There should be many gold refineries (bullion houses) in Melb if you do a search. Im not aware of any personally but i did find a number to 1

http://www.dlook.com.au/business/150672/A-B-C-Australian-Bullion-Company

Ring around thow as the spreads will vary and atm because volatility is high the spreads have increased a fair amount.

Uncle Festivus · 17 October 2008

kransky said:
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?

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.

Kauri · 17 October 2008

explod said:
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

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

Cheers
...........Kauri

Reealjrd · 18 October 2008

Uncle Festivus said:
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?

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

Uncle Festivus · 20 October 2008

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.

explod · 20 October 2008

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

Cheers
...........Kauri

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.

barrett · 20 October 2008

Uncle Festivus said:
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.

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.

Uncle Festivus · 20 October 2008

Yes, see how long before it get's capped

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

barrett · 20 October 2008

Watching EURUSD for potential reversal or breakout here

BentRod · 21 October 2008

Forming a right shoulder now??

amory · 21 October 2008

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

Cheers
...........Kauri

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.

arco · 21 October 2008

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

arco · 21 October 2008

.
Traded break from Kumo on 15 m chart

First GOLD day trade of the day.

Took +300 (highest was +405)

anyone trading?

arco

arco · 22 October 2008

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

rgds - arco

arco · 22 October 2008

Update - rather a quick move

Exited trade @ 764.45

+630

rgds - arco

Uncle Festivus · 22 October 2008

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.

explod · 22 October 2008

amory said:
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.

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.

Gold Daytraders

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