man i hope it does to get a low risk short in there :clap:
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man i hope it does to get a low risk short in there :clap:
advfntrader
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went long on gold but not looking good now...
Gold
If you want to follow gold long-term, and understand what drives it, use Jim Sinclair's website Welcome To Jim Sinclair’s MineSet. Gold is a safe-haven refuge, but when the stock market tanks, sometimes people sell off gold and lots of other stuff to meet margin calls and cover losses. That may be what happened with the rise to $960 then plunge to $920 yesterday, it is also what happened last October. Also last year for a while the dollar seemed to be the safe-haven refuge to the disadvantage of gold. Gold often - but not always - correlates inversely to the dollar and thus correlates with the Euro. But when gold tried at $1000 recently the Euro was NOT consistently rising. Gold has sometimes correlated to some extent with oil, sometimes not.
Jim says that compared to Forex and many other markets, gold is small, so it can be shifted quite a lot in a short time by big players entering and leaving. If hedge funds get back in in a big way the price will therefore rocket. Jim's view long-term is that the measures taken by central banks and governments around the world are too little too late, or even the wrong measures, and that hyperinflation will be the result. In this context he sees gold going a long way up in dollar terms, medium and long-term.
So buying physical gold could still be a good bet even at these prices....trading the damn stuff on a day-to-day basis is another matter.
If you want to follow gold long-term, and understand what drives it, use Jim Sinclair's website Welcome To Jim Sinclair’s MineSet. Gold is a safe-haven refuge, but when the stock market tanks, sometimes people sell off gold and lots of other stuff to meet margin calls and cover losses. That may be what happened with the rise to $960 then plunge to $920 yesterday, it is also what happened last October. Also last year for a while the dollar seemed to be the safe-haven refuge to the disadvantage of gold. Gold often - but not always - correlates inversely to the dollar and thus correlates with the Euro. But when gold tried at $1000 recently the Euro was NOT consistently rising. Gold has sometimes correlated to some extent with oil, sometimes not.
Jim says that compared to Forex and many other markets, gold is small, so it can be shifted quite a lot in a short time by big players entering and leaving. If hedge funds get back in in a big way the price will therefore rocket. Jim's view long-term is that the measures taken by central banks and governments around the world are too little too late, or even the wrong measures, and that hyperinflation will be the result. In this context he sees gold going a long way up in dollar terms, medium and long-term.
So buying physical gold could still be a good bet even at these prices....trading the damn stuff on a day-to-day basis is another matter.
grimweasel
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Looks like that H&S came into play on gold. Would imagine it seeing at least 903 (daily 50 sma) or 890 now.
Seems the pairs are all over the place today. Up and down. Scalpers dream if you are that way inclined?!
Seems the pairs are all over the place today. Up and down. Scalpers dream if you are that way inclined?!
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Technically Fundamental
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Yeh I bought in at 91895 and it's looking like a bit of a nightmare now.
Jim seems like a bit of a razzle-dazzler. The reason for the relative strength for the size of the gold market is because it is a physical asset. The Forex is a bunch of b*ll**** numbers on a screen. Numbers that dont exist. Numbers that can never be cashed in. Thats what got us into this mess in the first place.
I do agree with that statement about big players influencing the market though. I thought they'd go bearish at extreme lows, buy up intermitently through various subsidiaries, offload huge volumes somewhere else that would kill gold which they will have shorted. Then repeat. It could be done if you have enough influence.
Then again im not a trader and I'm only 23 so i am probably completely wrong.
Jim seems like a bit of a razzle-dazzler. The reason for the relative strength for the size of the gold market is because it is a physical asset. The Forex is a bunch of b*ll**** numbers on a screen. Numbers that dont exist. Numbers that can never be cashed in. Thats what got us into this mess in the first place.
I do agree with that statement about big players influencing the market though. I thought they'd go bearish at extreme lows, buy up intermitently through various subsidiaries, offload huge volumes somewhere else that would kill gold which they will have shorted. Then repeat. It could be done if you have enough influence.
Then again im not a trader and I'm only 23 so i am probably completely wrong.
Technically Fundamental
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KillPhil08
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I really want a massive BS rally into it to make it easier to fade.
grimweasel
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Double top on 1hr and 4hr usdyen
trader_dante
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I think USD/CAD will be 1,000 pips higher in a few weeks.
I see 1.4000 as next target on the breakout.
KillPhil08
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Yeah, If there is a short opportunity I really don't think it's going to be as good as the 3rd one. Last time it rallied hundreds of points into it in a few hours, that was a fun day.
There will still be a lot of sell orders around 1.2970 -1.2990 I got short at 1.2955 for an easy 40 pips but I would not like to call it,if oil price picks up it would give more momentum to the shorts,but if it breaks out I will be on board,I just trade what I see
rawrschach
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Same here.
trader_dante
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Yeah I think it will too.
But its a choppy one.
I'll have a go if we get beneath 1.3980 again. Stops would need to be fairly wide for me. Probably up above 1.4030 area.
trader_dante
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Right, I think today could well be the start of the relief rally in Stocks.
Not sure I am willing to go long yet but I certainly think we are about to start a leg up.
Best way to play it would be to sell the sh*t out of the Bunds.
I think they will break quite hard. Looks like the start of the move down I have been waiting for.
Pray for a retracement now to 12490. Stops above 12525 (or above 12560 if you really want to be safe - and can afford it
)
Not sure I am willing to go long yet but I certainly think we are about to start a leg up.
Best way to play it would be to sell the sh*t out of the Bunds.
I think they will break quite hard. Looks like the start of the move down I have been waiting for.
Pray for a retracement now to 12490. Stops above 12525 (or above 12560 if you really want to be safe - and can afford it
)
elitejets
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I wish it would go down!
But I have noticed lately that the correlation between stocks/indices and yen pairs is back. Everytime Dow or S&P falls the yen pairs stall. Everytime the indices rally the yen pairs soar (like this morning). And everytime GJ does that cable gets yanked around.
Nicola
Maybe yen is back in favour as a safe haven currency. It seemed to lose some of its appeal after the big gdp contraction and other bad figures.
KillPhil08
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Cable innit.
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