Gold calls.Long term -medium term and intraday calls in gold is here !.

This is a discussion on Gold calls.Long term -medium term and intraday calls in gold is here !. within the Commodities & Money Markets forums, part of the Markets category; I've had 2 successes with spot gold recently, the last one on 8th May, going short. (I'll try post all ...

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Old May 9, 2017, 10:01pm   #11609
Joined Apr 2017
I've had 2 successes with spot gold recently, the last one on 8th May, going short. (I'll try post all my spot gold activity)

- Overall daily chart showed short trend

- 1hr chart I noticed 3 times where price action had gone short (bears had come in and sold), so I set my level to go short

- I used 5 min entry, waited for price action on 5 min entry to tell me to short (notice the red candle with long wick at the top just under the red arrow)

NOTE: I don't go in on price alone, I set a level, then use 5 min chart for entry and wait for price action to tell me to get in

NOTE: some people don't use the indicators for 5 min entry, I use it just to back up my entry, some traders say they are lagging etc, I've found for 5 min entry it works

My trade and level worked, with no offside!!

I got in at 1235.37

But I got out too early....I got out at 1233.93

Gold kept dropping and looks to still be dropping (which I am cringing about!!)

I got out early because I got influenced by some outside news that made think gold was going up, but trend and price action showed me short , I was in the money so should have just stayed in with a stop to take profit (instead I got out)

Oh well I will look at the positives of it and keep going and keep posting about my spot gold tech analysis and trades
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spot-gold-daily.png   spot-gold-1hr-short.png   spot-gold-5-min-entry.png  

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Old May 9, 2017, 10:10pm   #11610
Joined Apr 2017
Quote:
Originally Posted by dentist007 View Post
gold in supp now
1224-1226 area
support for quick day trade profit or long term support and hold with the view of it going back up?
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Old May 9, 2017, 10:11pm   #11611
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Originally Posted by sujithsstorock View Post
Update on 8 may 2017
Current price is 1230$
you still holding shorts with target of 1050?

can you post your analysis to show why that target?
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Old May 10, 2017, 5:22am   #11612
 
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Originally Posted by tablemountain View Post
you still holding shorts with target of 1050?

can you post your analysis to show why that target?
Yes I am still holding the shorts .

I studied financial engineering and risk management recently.
There is this sentiment analysis of retail participants that trigger the reversal of prices. It does help a lot with identifying over bought or under bought areas.

Garch (1,1) analysis helps alot in such mathematical calculations.

In simple terms I have put up a technical analysis chart few posts back. This crash was predicted back in march 8Th
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Old May 10, 2017, 10:19pm   #11613
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Quote:
Originally Posted by sujithsstorock View Post
Yes I am still holding the shorts .

I studied financial engineering and risk management recently.
There is this sentiment analysis of retail participants that trigger the reversal of prices. It does help a lot with identifying over bought or under bought areas.

Garch (1,1) analysis helps alot in such mathematical calculations.

In simple terms I have put up a technical analysis chart few posts back. This crash was predicted back in march 8Th
ok, i also saw it as a short trend, was short 1235 got out around 1233 (waaay too early!!)

I'm going to see if price action shows me a short at 1225, daily still looks like its going lower.

surprised gold didnt jump with oil today, read an article once which showed the correlation between gold and oil, of course it wasn't absolute but very close which surprised me

anyhow, lets see how tomorrow goes....
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Old May 14, 2017, 9:38pm   #11614
Joined Apr 2017
Daily: showed me gold was still short trend, especially price action at 1234 area, 2 daily sessions showed when it hit that area it went right back down.

1hr chart:
I had 1228 has a level for resistance, it broke this and i switched to 5 min chart for entry.

5 min chart: I didnt get my ideal entry until 14.05, red candle bar on extreme of bollinger, RSI and Stoch both on their extremes (note: unless they are over their extremes, even if its just slightly, i dont enter, being just under the extreme is not good enough for me)

I got in at 1230.89

Unfortunately I got out by accident at 1230.09, (I was on the mobile app) I meant to put a stop in to lock in some profit and put in a limit order which stopped me out right away.

If you held this until 5pm you could have seen it go into profit as low as 1226, if you held overnight/weekend, looks like would still be in the money

Still short trend for me Gold, ill try improve my entry and hold for nice profit and show if my strategy works again
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Old May 15, 2017, 10:45pm   #11615
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Daily- showed last 2 sessions, positive, going up, bullish. So I was weary if short trend had reversed, however my strategy is on daily look back at last 3 sessions to establish trend so 2 positive bullish candles were not enough for me to say go long.

1 hour chart: I had a previous level of 1234 which I went short at successfully before. 1 hour candle bar broke this level. I switched to 5 min for entry

5 min entry- I got entry at 1234.95 and it went onside, then went quite offside to 1237 but came back onside to a low of 1229. 5 min entry has candle bar on extreme of bollinger and rsi and stoch on their extremes.

Hard to say if short trend has reversed, but interestingly look at the daily chart for the level of 1234, could have made money shorting this 3 times (i only managed twice!)

Gold is treating me well these days....

5 min entry seems to work well also
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Old May 17, 2017, 9:11pm   #11616
Joined Apr 2017
on 16th May at 7.40am GMT went short spot gold at a res level I had, 1234.

In hindsight , daily had showed short trend had reversed, and was now bullish so was very silly and risky of me to go short.

But I wanted to show how my 5 min entry works, it has worked on this price level for me 3 times and other parts of the chart show opportunity where this 5 min entry works.

Notice that candle bar is on extreme of bollinger and RSI and Stoch are on their extremes.

This entry works well for me on oil also.

BUT always use it with the overall trend and at significant levels (of res or sup whichever the trend maybe)


NOW- where to go long? I'm waiting for a retracement but which level will it go down to? 1245 price is on fib level, much closer is 1257 price on fib level.

But for me, to justify going long as high as 1257, Id have to see some serious fundamental factors to show gold is a long bet.

I prefer waiting for 1245 and going long round that area. either that or wait for what I call intra day support on 1hr chart and go long there
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