Gold flagging BO

[The Baptist]

Great help, Thank you will refer to link before next post.

Still in Gold but Yen weakness Vs $ and £ is my current BO trade may post a chart over 'egg hunting' Weekend.

Tried another sourcefor chart pics, I fancy myself as a bit of a candles man as well as BO hitman - This chart more to do with BO's than Gold so may have to start BO thread or place in currencies, apologise for now if required.

 

[The Baptist]

Gold is winding up again (small triangle well supported around $593 level) imho Post your stop at $592.69 I think we are experiencing another small set up which may see an upside move beyond $604 over the next day to a week.

I always take in/add to positions prior to a holiday weekend it is counterintuitive to the conventional risk management which sais go into a long break square and try get in Tuesday. A lot of the City Jobbers do this, then chase the market Monday. Personal view with obvious risks but feel sudden moves may primarily be in direction of trend.

Good Easter to you all.

 

[belgiumbrit]

Baptist .. Thanks for your comments ... always informative ....I'm looking at the chart now ... it's a tricky decision today .. waiting for the US retail sales data .. strength in the dollar ? I agree we're going to 604 but theres a bit of downside first i believe ... i'm staying out till the markets signal direction !

May the bourse be with you !

 

[The Baptist]

Baptist .. Thanks for your comments ... always informative ....I'm looking at the chart now ... it's a tricky decision today .. waiting for the US retail sales data .. strength in the dollar ? I agree we're going to 604 but theres a bit of downside first i believe ... i'm staying out till the markets signal direction !

May the bourse be with you !

Belgiumbrit you are right to find your level of comfort and hold back, I am not throwing the kitchen sink at this minor continuation pattern, if thats what it turns out. My biggest interest is in set ups yet to have the primary move (BO1), so I consider this a lower probability situation but still interesting.

I can see you becoming GermanBrit in 60 days or so... what with a certain lil' tourny coming to town.

I will post the latest Goldy chart once I have an end of day download.

Incidentally Sterling continues to pop against the weakening Yen. This was also Counterintuitive to a recent post on the 'Carry trade' unwinding following announcements BoJ was to start tightening in another thread.

I noted at the time IMHO that I felt GBP would strengthen judging by the charts

I will post the latest Goldy chart once I have an end of day download.

Incidentally Sterling continues to pop against the weakening Yen. This was also Counterintuitive to a recent post on the 'Carry trade' unwinding following announcements BoJ was to start tightening in another thread.

I noted at the time that I felt GBP would strengthen against the Yen judging by the charts.


http://www.trade2win.com/boards/showthread.php?t=19068

I have attached it below.

 

[belgiumbrit]

Hey Baptist

look at it go ! You were correct in your forecast my friend ..well done ! Dollars down .. I've closed out my positions now ... Some profit taking tomorrow a.m i think , when all the city slickers turn on their screens - and see the week end gains ! Could be time for short selling tomorrow !

Enjoy

 

[The Baptist]

Yup passed 605, normally I take that kind of short term triangle pattern as continuation on original trend and buy in on the minor pullbacks, Hope you managed to get some. I topped up slightly, but as usual never enough!

 

[The Baptist]

On the hourly chart Another short term base has formed around the 614 level, this has set up for a further run up, being Intraday their is no saying how far but the next major move looks to be further up. As mentioned before there was a clustering of P&F targets around the $630/35 level.

This is not to say we will get there in one go, but if any missed the initial major BO at $550, there are a few smaller opps for jumping in for short surges and I think tomorrow may take us further. Good Luck

 

[The Baptist]

USD weakness part of Gold strength?

Interesting on Golds recent spurt, it has also coincided in a downard spike in the Dollar (against Euro,GBP, Yen and swissy - Charts attached) not to the same degree however, but significant nonetheless, possibly leading to a rebalancing of absolute pricing of Gold in its upside move today .

Who would have thought we would be at the gates of $620, having got in and commenced this thread at $550, I had bottled it and ran on the bulk of my initial position just pre $600, anyway glad still to have minor involvement any one else have a view to share how far and how fast.

Big Picture had a chart saying at current levels (pre 600) that we were only just at the $250 adjusted levels with 1996 as a base level.

 

[The Baptist]

Interesting to see the P&F level of $630 was just about touched intraday, next major P&F Cluster $685 -$700

 

[The Baptist]

What a last two weeks! Probably one of my best trading periods, trading these BO's. Gold is currently at 638,5, also had a fantastica last few days on Crude and Sugar, still in Crude, even caught GBP strength for 2 weeks on the break against the yen (despite the end of the 'Carry over' trade being mooted).

It does seem metals and energies have been a good place to hide today, Blitzed a well out of the range Gold Binary with IG as well to day with $7or $8 to spare by 1830.

I need to post this personally it is not always the case for me, so forgive me, those gritting there teeth at my Gloating, but the thread will serve as a reminder to me on those down days. When everything turns to dust days. May need the current profits to put juice in the motors if crude keeps on as it is.

To the silent lurkers among you I hope you too are purring at the equity in your accounts, the markets are a lovely place when the wind is in your sails! Here endeth the evangelical Baptist (for tonight anyways!)

Good Luck

 

[peto]

To the silent lurkers among you I hope you too are purring at the equity in your accounts, the markets are a lovely place when the wind is in your sails! Here endeth the evangelical Baptist (for tonight anyways!)

Good Luck

Amen to that!

Certainly interesting and happy times.