9 replies to this topic

[The_Gold_Miner]

Hello everyone.. I am new here so I thought I would post my current position to start things off.

I went long on gold stocks Friday based on my trading system for the XAU.
I only expect a short wave 5 trend before hitting a sell signal.



It's still possible that wave 4 has not yet completed and this trend could end even sooner.
I try not to speculate, just play what the chart is already showing me.


Hello to all,

The Gold Miner

[The_Gold_Miner]

Gold prices are slightly lower this morning. It's possible we retest the lower channel line again. If it breaks I would have to say that wave 4 down has not yet completed and slightly more downside is in the cards before another move higher.

[geosing]

Hello Gold_Miner, Thanks for the charts. And the promotional link to vA. May I ask what the vA Gold Miner Mountain Range indicator depicts? Is this indicator and other indicators available from vA or from yourself? I am a long time user of AB.

[MercatusVeteris]

Nice charts Gold Miner some believe that gold will pull back to the $360, $365 level before any major move up. Are you looking for this, or do you believe it will work higher from here? Thanx for your input.

[mss]

I am a long time user of AB.

What is it and how do you like it?

[The_Gold_Miner]

Hello gentlemen,

Thanks for the charts. And the promotional link to vA.

You like the promotional link? . My site is free, I just have some sponsors to help cover the costs. I enjoy spending as much time on other boards as I do my own.

May I ask what the vA Gold Miner Mountain Range indicator depicts?

Without going into a lot of detail the Mountain Range depicts demand, but does not determine trend. The indicator needs tuning based on trend and is only one consideration included in the buy and sell equation.

Is this indicator and other indicators available from vA or from yourself?

Right now they are proprietary, but I update "The Gold Miner" page on my site daily and it is available for free. It's easier than posting the stuff on various message boards daily.

I am new to AB, but so far it's been a fantastic experience seeing my trading system actually working on a chart. I love it so far.. it just takes time to figure out all the coding.

some believe that gold will pull back to the $360, $365 level before any major move up. Are you looking for this, or do you believe it will work higher from here?

Anything is possible, I love to speculate for the fun of it but have never been able to make money trading off of it. I have been to this board a number of times and I very much enjoy reading everyone's views. Most everyone seems to make a good case for their argument but even after your done reading it there is no way to tell what's going to happen next. I find it valuable to consider all of the opinions people express and then compare it to the charts. So to answer your question I would say that based on both the economic situation and the technical analysis we could see those levels again. One idea I keep in the back of my mind is the Naz breaking 2000. If this mental road block is taken out it could draw money out of the gold market and back into mainstream equities. This could drop gold prices temporally, but it still does not change the longer term economic picture. I think gold prices could hit those levels again without changing the long term uptrend the gold market is in. I like to refer to my XAU chart in the previous post to illustrate what I am talking about. I show two channels, a longer term grey channel and the current blue channel. As you can see, the top of the longer term channel is converging with the bottom of the blue short term channel. It's short term decision time in my mind. If we break and hold above the longer term channel chances are we won't see those low gold prices you mentioned. The converse is also true, the shorter term channel has less strength and could easily give way to the longer term channel and a break lower could occur. That's when the news will tell you why it happened.. hahahhaah. If the bottom falls out we could drop down to the 70's in the XAU and probably gold prices would be leading the way to the numbers you mentioned. If we go down I hope the Short Prospector picks up the short trade. It's real picky, but I like it that way.

[geosing]

What is it and how do you like it?

AB is Amibroker - a nifty little charting package written by Tomasz Janeczko (Poland). Visit http://www.amibroker.com - very inexpensive, but powerful charting package with an EOD and a Real Time version. Powerful language called AFL for building your own indicators as well as support for Microsoft scripting languages like VBSript and JScript and a very good system backtester. Great support from the developer.

It is somewhat short on fancy drawing tools, but has enough to suit my needs and the needs of most traders.

When I was learning to trade futures, I did not want to spend $150 a month for a feed and live charts etc. I used Interactive Brokers' datafeed (free), QuoteTracker quote server/charting package (free- if ad supported) and Amibroker taking the feed off of QuoteTracker. Worked very well for my type of trading!

[blustar]

Nice call, gold miner! My model went long Friday and sold longs Tuesday. I was expecting a low today and it came in late yesterday, so I missed it (at least I wasn't short). A move back to 90-91 XAU would not surprise me after hitting around 101 XAU tomorrow. I believe that 101 will be a high probablility short for about a 10% correction. blu

[The_Gold_Miner]

Thank Blu, I am right with you on a short lived move. Just hoping for a couple more % before the dive.

[The_Gold_Miner]

Looks like some strength in the final hour... I wonder if it will hold?