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Gold Daytraders

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

  1. Joules MM1

    Joules MM1 ....everything has an art

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    triangles are typically continuation signals, lots of bullish convo around, PM stocks on the lift,
    traders need stick to levels rather than chat, using silver as a lead, if the low of the tri goes then the momo sells will allow little time to exit longs as tri thrusts are usually swift and gold will go along
     
  2. Joules MM1

    Joules MM1 ....everything has an art

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    gold n silver need rectum rocket north
    the construction is utterly naff for an uptrend
    again, any break of the low on both will bring momo get-outs and i'll be STO
     
  3. kid hustlr

    kid hustlr

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    J,

    Any views why asx gold stocks are rallying given gold price action
     
  4. Joules MM1

    Joules MM1 ....everything has an art

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    this is never straight forward, based on the idea someone is selling what the other account is buying you have to ask are prices being bid up or marked up (maybe case by case money flows are an indicator for this)
    the hui and xau charts are both a mess and look to me like still basing and in general there's a lot of bullish tone in conversations for PM's, not conducive to a major upleg as theyre rarely seen until theyre well underway and most international equities market have not rolled and gone to hell so

    since both metals have hit these low zones neither have made clear constructive signals that theyre now bid so we may get an uh-oh moment next few days

    the retails are bidding xgd stocks and there's a lot of traders playing them locally and i guess that the recent daily upleg in the xjo maybe a little less invested and more chased meaning people are getting trapped ......metals can move divergently to metal stocks for very whacky psycho reasons


    http://bigcharts.marketwatch.com/ad...sToggle=false&chartStyleToggle=false&state=11
     
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  5. Joules MM1

    Joules MM1 ....everything has an art

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    playin the zone
    2 goes and sellers sold into strength
    gold news sell 050518.png
     
  6. Joules MM1

    Joules MM1 ....everything has an art

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    sitting on a sell in this chop, if price goes to revisit the lows in both silver/gold then it is unlikely that the lows are going to hold simply due to the lack of impulsivity, lack of longside commitment todate since those lows, persistant bid in USD is a big key currently, i thought gold and the dollar would climb together for a while but just no support for metals....silver has a key signal trapped inside this focused triangle thing so if the bottom breaks on that then all the desks focused on technical triggers will bang the f' out it same goes pretty much for the side channel/flag thing on gold
    but beware fake breaks if the momo lacks
     
  7. Joules MM1

    Joules MM1 ....everything has an art

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    two things are alluded to here
    first that the double ratio of equality suggests a low swing is in place so price can restart an ascention within the confines of the larger sideways channel
    and two, that, if the low presented fails it'll be a good fail, in other words, i think it'll provide directional clarity yet still require a clean structure to prove a sell is underway and that the larger upside is done for now

    gold stop sell set-up 080518.png

    the two yellow lines represent the 1:1 ratio where both (A)=(C) and A=C
    simple 3's, down-up-down
    the square below the yellow line is my pending STO w stop at 12's

    current 2 STO's are scaled out
     
  8. kid hustlr

    kid hustlr

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    I could be reading too much into tings J but interesting to see some of the market leading XJO gold stocks turn around today on a bit of volume also
     
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  9. Joules MM1

    Joules MM1 ....everything has an art

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    yeah, the 'interesting' part is we have no way of clearly knowing what money went into xgd's and which money went out...pretty sure theyre not the same accounts.....
     
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  10. Joules MM1

    Joules MM1 ....everything has an art

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    and we may get some idea by inspection of (Twiggs) money flows over next few days
     
  11. InsvestoBoy

    InsvestoBoy

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    Stop looking at the price of gold in USD, start looking at the price of gold in AUD, which is the currency that ASX gold stocks transact in.
     
  12. Joules MM1

    Joules MM1 ....everything has an art

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    that's a good point

    what may also be a good point is: that everyone else is looking at gold the same way, not dollar or exchange-rate adjusted and not the smartest way, but, still, how they look en masse is how they look

    its what makes a market from an auction activity point of view
     
  13. InsvestoBoy

    InsvestoBoy

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    and you can see from the auction of ASX gold stocks that the bids and offers are from people who "en masse" look at the gold price in AUD because they know that buying a gold stock is buying it's future stream of cashflows, which are AUD denominated.
     
  14. Joules MM1

    Joules MM1 ....everything has an art

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    reverse swing
    gold support holds 080518.png
     
  15. Joules MM1

    Joules MM1 ....everything has an art

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    scratched effort ......rat wheel requiring a lot of oil
     
  16. Joules MM1

    Joules MM1 ....everything has an art

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    watching silver for a follow-thru on a break of the lower side of the tri

    gold ratio fails 080518.png
     
  17. Joules MM1

    Joules MM1 ....everything has an art

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    what's another word for momentum ?

    slippage
     
  18. peter2

    peter2

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    "momentum slippage" must be the latest thing.
    I got slugged 17 pips of slippage last night on one of my exit orders on EURNZD. The overnight data didn't get anywhere near my exit price. I wanted to keep the trade on overnight to see how much swap I was going to get paid. Closed me out at 22:00:00 right on EOD broker time, so no swap paid. Very smelly.

    Sorry, looks like Gold is going back to 1300. I'll be waiting for another bullish setup. One of them will get me into the next huge gold rush.
     
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  19. Joules MM1

    Joules MM1 ....everything has an art

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    back with the xau sell today after getting pummelled easily last night :cautious:

    USD got the mighty funk on at only 42% retail longs in cfd

    "Everybody's got plans... until they get hit." - Mike Tyson
     
  20. Joules MM1

    Joules MM1 ....everything has an art

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    plenty of longside bias for xau and little attraction to USD basket ....contrarian picks have been good

    even so the simple abc's have offered strong small time-frame rotations and none of this has offered a clear absolute direction.....not yet anyways......the levels remain clear on trend for mine

    gold makes ratio supp 090518.png
     
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