Jump to content



Photo

pressure is off


  • Please log in to reply
50 replies to this topic

#21 Lysis

Lysis

    Member

  • Traders-Talk User
  • 458 posts

Posted 24 August 2009 - 10:50 PM

looking for a short correction. this is all part of it. looking for higher #s over the next few weeks
dharma


Dharma...Any expectations for how deep a correction?

Two areas I am watching closely now are 91.83 (7/31 low) & 90.53 (6/30 low). Notice today we tested that 7/31 low on 40% less volume and sprung off. Also happens to coincide with recent trendline. Those are areas I'd be looking for a low-risk trade opportunity...


A lot of people are looking at that big triangle in gold that has formed with the failure of the inverse hns. If we break 95 hard on GLD, we're off to the races. Otherwise it could be a few days of futzing around 91.5 - 93 to form a pronounced apex or a hard break back into the mid 80s.

#22 SilentOne

SilentOne

    Member

  • Traders-Talk User
  • 3,452 posts

Posted 25 August 2009 - 09:01 AM

This market has me confused. It should be going down here as we are late (ie. 45 weeks off the 2008 lows) in the current 56 week cycle. I'm flat and watching. If gold turns bullish and breaks out, it means that we did see the 9 year low for gold and that the cycles are bullish for gold (higher highs and higher lows). But it is the gold stocks that have to tell me that.

http://www.traders-t...?...10&start=10

cheers,

john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain

#23 dharma

dharma

    Member

  • Traders-Talk User
  • 9,595 posts

Posted 25 August 2009 - 09:12 AM

i am trading, taking a little off the table here. new highs for this move in the issues i am trading in. all juniors. dharma

#24 wxman

wxman

    Member

  • Traders-Talk User
  • 139 posts

Posted 25 August 2009 - 11:53 AM

I'm sticking with this 8 year cycle
http://stockcharts.com/h-sc/ui?s=$GOL...0&listNum=1
http://stockcharts.com/h-sc/ui?s=$HUI...amp;a=114733746

and this count
http://stockcharts.com/h-sc/ui?s=$XAU...amp;a=150423074


This market has me confused. It should be going down here as we are late (ie. 45 weeks off the 2008 lows) in the current 56 week cycle. I'm flat and watching. If gold turns bullish and breaks out, it means that we did see the 9 year low for gold and that the cycles are bullish for gold (higher highs and higher lows). But it is the gold stocks that have to tell me that.

http://www.traders-t...?...10&start=10

cheers,

john



#25 dharma

dharma

    Member

  • Traders-Talk User
  • 9,595 posts

Posted 25 August 2009 - 12:30 PM

fwiw, the smallest cycles are up until mid sept. then i see a correction until late oct/nov . i tend to agree w/waxman the 9year cycle low was last year and w/elliott it appears to be a wave 2. in these situations, the currency is what gets jettisoned and the dollar is fiat and will meet the same fate as all fiat. in my long term account i am content to sit and wait until well into the parabolic. this trading is just to keep me in the game and my mind and skills sharp. the big money will be made just holding dharma

#26 dharma

dharma

    Member

  • Traders-Talk User
  • 9,595 posts

Posted 25 August 2009 - 03:17 PM

wound up taking 50%off this am. sat and watched the rest of the day. if the broads have made some kind of top or are topping here, they will bring the metals down w/them, i have seen this too many times to think otherwise. 87 i was very short sp futures and lightly long the miners. comes to mind dharma

Edited by dharma, 25 August 2009 - 03:22 PM.


#27 gvc

gvc

    Member

  • Traders-Talk User
  • 409 posts

Posted 25 August 2009 - 06:39 PM

wound up taking 50%off this am. sat and watched the rest of the day.
if the broads have made some kind of top or are topping here, they will bring the metals
down w/them, i have seen this too many times to think otherwise.
87 i was very short sp futures and lightly long the miners.
comes to mind
dharma



didnt the general market top out in 1987 on this day august 25?

#28 dharma

dharma

    Member

  • Traders-Talk User
  • 9,595 posts

Posted 26 August 2009 - 09:21 AM

wound up taking 50%off this am. sat and watched the rest of the day.
if the broads have made some kind of top or are topping here, they will bring the metals
down w/them, i have seen this too many times to think otherwise.
87 i was very short sp futures and lightly long the miners.
comes to mind
dharma



didnt the general market top out in 1987 on this day august 25?

yes, i believe it top today, then it rallied and made a lower high in sept.87 and that was your signal. i shorted it w/futures contracts.

i am looking to get back to 100% long in the trading account over the next couple of days. providing that certain points are not violated.i am still looking @mid sept for the highs. seems market vane has reported fewer bulls, which is a bullish thing for a trader in this sector
as an aside putting bernake in for 4more years insures the demise of the dollar for longer term investors in this sector. obama having anounced higher deficits than expected, must make the chinese feel uncomfortable w/their dollar investments. so diversifying out of dollars and into raw materials is more of a long term play for them. doesnt seem that they are concerned w/the next quarter, but they seem to think in terms of years. and so do i. i am in this sector knowing full well the history of fiat currencies. and the dollar will not be the lone exception, putting bernake in there pretty much insures that. dharma.

Edited by dharma, 26 August 2009 - 09:21 AM.


#29 dharma

dharma

    Member

  • Traders-Talk User
  • 9,595 posts

Posted 26 August 2009 - 10:20 AM

actually the top of 87 was 8/25/87 i double checked dharma

#30 dharma

dharma

    Member

  • Traders-Talk User
  • 9,595 posts

Posted 26 August 2009 - 01:48 PM

buying some back! sticking w/hot juniors dharma