Trading Gold 2009

[N Rothschild]

im holding to altho it got with in 30c of my stop..nice sell of just now tho which made me breathe a sigh of relief..altho we are retesting the 1hr TL it broke out of..resitance could become support

 

[2be]

I am holding short position still and have added another short for 80points down with 30points SL as an intra day trade.(sold :906.10)

Coverred intraday short with 60 + pips taken
The short position still opened.
I would have kept it a bit longer but just got to the comp and there it was

 

[2be]

Coverred intraday short with 60 + pips taken
The short position still opened.
I would have kept it a bit longer but just got to the comp and there it was

Got home a bit late, and seen a short apportunity at 906. for a quick one. SL at 909 PT 898 lets see what will come out ot it.

 

[2be]

Got home a bit late, and seen a short apportunity at 906. for a quick one. SL at 909 PT 898 lets see what will come out ot it.

Got stopped out on this trade, -30pips,still holding a short position trade, if nothing happens before the close on Fri I shall exit it with profit, not too certain to hold the trade over the weekend.

 

[N Rothschild]

i got stopped out and bent over, ****ing gold!

 

[2be]

i got stopped out and bent over, ****ing gold!

Sorry to hear it, I have also covered the short positions. I am flat on Gold atm.
Shall wait until Monday before getting any trade.

 

[JER08]

"a retracement to around 875 or 840 but can not rule out a stab above 930 first"

Seems to me it's gunning above 930.

 

[2be]

"a retracement to around 875 or 840 but can not rule out a stab above 930 first"

Seems to me it's gunning above 930.

It could well be,snap back once the price goes over the resistance,or there also might be a RBS scenario. One has to be ready for either. I shall wait till Mon to see what will happen.

 

[N Rothschild]

thing that has always grinded my gears about futures in comodities is the movement you can get overnight on very little volume, pisses me off no end

 

[N Rothschild]

Sorry to hear it, I have also covered the short positions. I am flat on Gold atm.
Shall wait until Monday before getting any trade.

to be fair i did take a profit from gold just more miffed at the drawndown on the PnL from the lows at 890$

 

[JER08]

"It could well be,snap back once the price goes over the resistance,or there also might be a RBS scenario."

What's a RBS scenario?

By the way, I've changed my mind: once it gets over 930 it's unlikely to reverse from there, the next resistance could be 980 region. But as always I could be very wrong!

 

[2be]

"It could well be,snap back once the price goes over the resistance,or there also might be a RBS scenario."

What's a RBS scenario?

By the way, I've changed my mind: once it gets over 930 it's unlikely to reverse from there, the next resistance could be 980 region. But as always I could be very wrong!

Post No:5 page No1 on daily the resistance is in the region of 930. It has aleady been tested once, and the next test migt give rise to the rally. It would be nice if the retracement has been larger, it seems the pressure is pushing the Gold highier and faster, not allowing for a deeper retracement.
RBS = Resistance Becomes Support
SBR = Support Becomes Resistance
That is likely to happen once the 930 level is breached from to the upside.
On The other hand one has always to be on alert as failed attemped of the change of polarity between the Support and Resistence also might provide for a sizable move of a contrarian nature.

 

[JER08]

RBS - I thought you meant Royal Bank of Scotland.
Never mind.

 

[N Rothschild]

still heavy short positions in gold, could be worth a punt next week again

 

[2be]

still heavy short positions in gold, could be worth a punt next week again

In terms of the time ratio for this Low turning point, the time has arrived, and it looks that it might have come in earlier on today. I have established Long positions. On shorter TF I got a few trades as well, with smaller profits (40 pps).

 

[JER08]

I am long since 9am this morning, first gold trade since........ a long time ago.

Covered long at 917, will reload long later if it still look bullish.

 

[2be]

In terms of the time ratio for this Low turning point, the time has arrived, and it looks that it might have come in earlier on today. I have established Long positions. On shorter TF I got a few trades as well, with smaller profits (40 pps).

Gold might have completed retracement with a failed C wave, if so there migh follow impulsive 5 wave structure. The important level is 930, and once the price goes through it, without snapping back, thid should confirm that the impulsieve structure is in place.
On the other hand one should always remember that nothig is more peofitable to trade that failed patterns. Taking this into account, the price action around the 930 level shall provide either of this scenarios. I would like the retracement to be deeper, but here we are. Wish the dailies were a bit more clear atm. I shall therefore jump in an out with long positions taking 34 to 50 points profit until the 930 level is reached.

 

[JER08]

Looks like the 9:30 to Profitland is delayed today, long reinstalled on 920.

 

[JER08]

"By the way, I've changed my mind: once it gets over 930 it's unlikely to reverse from there, the next resistance could be 980 region. But as always I could be very wrong!"

Well well well.........

 

[2be]

"By the way, I've changed my mind: once it gets over 930 it's unlikely to reverse from there, the next resistance could be 980 region. But as always I could be very wrong!"

Well well well.........

I try not to waste any energy on being too opinionated, though sometimes I have a greater sentiment attached to a possible price action in the future. I try to react with the market in a way that assist me in trading in the direction of the price action.
The important level to watch is 930 and I shall be buying pullbacks in the direction of this level. Trades on a shorter TFs are profitable atm, and on retest I shall start establishing a position, especially on detection od the 3rd EW in not too distant future.
I shall post the EW on the H4 later on, so far I think gold is in the 1st impulsive (usually subdivided into a 5ew, visible on a shorter TF). 1sts are usually more difficult to trade, 2nd is a retacement, and the 3rd are usually the BEST. We shall se how it plays. ATM my appetite is for long position, trading retacements using multi TFs gearing on a shortes TFs. Gold has played nicely for the last several days and using this approach has been profitable. Next COT shall provide some insigths too.
Happy trading to all, get the pips in.
2be