73 replies to this topic

[SemiBizz]

The weekly on the contract presents a similar picture, but note it's not the steady decline we see on spot.  We see "ground swells" as volume climaxes then deteriorates only to push lower on stronger volume again... we see the sideways triangle present here and look at the volume there, and we can see that MORE VOLUME DID NOT RESULT IN HIGHER PRICES... that's BEARISH and then of course we took another leg down off that sideways move... The present move is also sideways at best... There is zero evidence that the "bottom is IN".

 

 

 

[dougie]

thanks for the continuing freebies

[SemiBizz]

Well, if the decline continues, we have it pretty well mapped out to and including under $1000.

 

And if it doesn't there's always the chance we get a quick runup to test that double top...

 

Sort of disgusting as it is anyway...

 

But what the hey...

 

I remember single-digit NUGT. 

 

If there's a trade there... I take it.

[SemiBizz]

So I'm looking at stuff like HL here...

 

I traded HL for a looong time at this price here 2.62-2.70 in and out, up and down... it just got there a couple days ago, and it's just like those miner ETFs... just puky sideways like that chart I showed you on the weekly gold contract... except in a daily context, not weekly.

 

I know the risks and the rewards of HL... it's a great little trading stock from the 2 buck range up to 3.15, I use industrial strength.

Gotta use protection, remember Wall Street is a Ho-House at the end of the day...

 

I'm not convinced the bottom is IN... and since I don't opt for bloody hands myself... I will wait until I confirm one.

Edited by SemiBizz, 20 August 2018 - 12:20 PM.

[SemiBizz]

Overnight High in Gold... 1203.0000 - our target was tested and we have a short term rejection.

 

From Today's Gold Forecast:

 

so we did tell you earlier now that gold would need to climb and maintain 1202... we'll probably see that test soon.  So nothing wrong with this bounce and we'll see how this 1200 level gets tested and the market reaction to it. 

 

 

Our 30 day Free Trial Offer is still open...PM me for details.

[CLK]

It's too bad these turns only happen during globex, the futures traders do alright, the cash traders are trapped

or face having to turn and use a big stop.

[SemiBizz]

Gold trading just under 1198 here... close enough for some people... I'm waiting to see retest attempt at 1202...

[SemiBizz]

It's not just light overnight volume in the futures... it's all day long...

 

So don't forget about those 4 fire hoses of cash emptying in here every day, floating this cesspool.

 

Stuff can get tested over and over in this environment, so time to be picky about entries.

 

Overall it's dissonance trading on light volume, be prepared for perverse !

[CLK]

Entries are not too tough to figure out in my hourly SPX system, but I need to be better able to know when to take profits like at the end of a day or on a gap. I mean if I don't know I don't want to risk a 20 point counter the next day, on my system if I wait for the turn then I give back 20-30 points, I don't mind missing some on a turn if I'm flat but just can't take the drawdown if I could have booked a 50% gain. I trade the hourly but the runs can last 5-15 days.

Edited by CLK, 21 August 2018 - 08:38 AM.

[SemiBizz]

Time to keep a very close eye on this USD/TRY...

 

They are out this week for holidays...

 

Looking at the daily chart it is wedging here with an upward bias...

 

just off hand I would say it's going to make another run for 7 before this is over.