all fairly obvious bud. you seem to not mention what oil is doing and what the dollar is doing and this is why your preminitions this morning were way out.if u notice the graph, u will find a number of supports lying thr.822 $ held it. good.bounce back most likely,, but u can see that , gold is sittig upon this support for some time now.this is eating up the energy held by the support of 822 $.in short,support is getting weaker-i expect it to break.
below 822 , u witness a support at 817.5 $.if this is surpassed, then gold can retset 799 $ (its a fibonacci support). let me add, whenever u find a cluster of supports of resistances in chart....the only reliable one is the fibonacci levels.u can see i extended the fall below 805 $ till 799 $ (another reason is, sentiments say 805 $ is strong support n traders are likely to buy thr.so it falls more and triggers stops of alot who kept stoploss just below 800 $- thats a mind game )
there after the bullish senario over takes n stuff...lets leave it to the time to prove.
hope u got the story :smart:
i did give a oil chart. USD is really very bullish and going to hit 80 soon.Oil is just pumping itself inorder to break below 110 $.all fairly obvious bud. you seem to not mention what oil is doing and what the dollar is doing and this is why your preminitions this morning were way out.
but its too high, today has been choppy but if you check the charts each day monitor the $ from close to 6am GMT you can see the play from 6am GMT - 12pm GMT.reason for todays loss was a very old rule !. Never compromise with stoploss. If we had kept the same stop of 827 $ we would not have got hurt so badly.Now price is 818 $. Below 817 $ can do the sell call.
i always advocate to watch curriencies at an interval of 8-10 hours only , if u intend to trade on gold or oil with respect to currencies.They do get decoupled at times.I don't give much importance to its hourly to 4 hourly rallies.(it came down below 76 inorder to fill up gap felt earlier)but its too high, today has been choppy but if you check the charts each day monitor the $ from close to 6am GMT you can see the play from 6am GMT - 12pm GMT.
the $ fell, gold rose.
the $ fell oil rose.
weve changed tack around 13.48 and now we are selling off oil and gold.
the dollar stabilised @ 13.48
wow , great champ . Happy to help u out.Well, a quite day - but this newbie made his first ever trade today -
and clipped $3.50 profit on your advice to sell on the rise. Caught it just right!
Best regards SRock - Great thread, great calls - thanks for your hard work.
The odd one that misses? Hey, we all have to take responsibility for our own trades.
Onwards and upwards, or downwards...
9 out of 10 is excellent.wow , great champ . Happy to help u out.
And am not at all bothered about the losses,as those who follow this thread since start can see that out of 10 , we get 9 going our way. .
trading range is between 750 -872 $ for near term. It can go anywhere.Am 'at the moment bearish' . But would get bullish lately.No one can predict future.Its all may or may not . Trade session by session.9 out of 10 is excellent.
Do you still see mid 7's in the near future? .