I would also love to have your feed back as well, as that is how we all learn in this biz. We learn mainly from two kinds of learning - 1. Wisdom, and 2. Experience, both are important. Wisdom - is learning from someone elses mistakes. We see the results of ones decissions and tell ourselves we will not take the same path as they did. Experience - is the one where we learn from our own mistakes and this one tends to beat us up the most as it puts us through the school of black and blue...but as we all know...we become stronger for it. You want to feel better about your life as traders? Just read the books - The Market Wizards and the The New Market Wizards by Jack D. Schwager - Probably the best books I have read in my trading carreer.
I am learning everyday in this biz and I know you all are, otherwise you would not be here.
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For a BIG PICTURE VIEW of the XAU please refer to the post below - Another look at the XAU
Well it seems we got a comformation candle of yesterdays potential - Bullish MORNING STAR candle - (course it is always best to wait till we get a closing candle to get a true comfirmation due to the fact that alot can happen these days in this market as we are all very aware of.)
[img]http://quote.prophet.net/JCPrintChart?href=http://HONOR.prophet.net/TemporaryFiles/JavaCharts/736.1116343050038.print.gif[/img]
However, something still doesn't seem right as yet to me as I believe we still have alittle more decline yet, though I don't believe to much more. I would like to see a bit more UMPH!!!! off this base before I am comfortable saying we truely are at a bottom. (again we shall see where we close today.) The market when basing often goes through a back and filling process as well as a retest of lows with usually good bullish divergence shown on certain indicators...We shall see if we get this.
One of the reasons I have for thinking we have more decline yet is the 15 min chart (and the other lower time frames) in the way it is consolidating- it just isn't looking like a market that wants to shoot to the moon as yet. I believe some more pennies need to be shaken loose before we get the horde of buyers we need to launch this thing. But I believe we are close...will keep you posted. And please... I welcome your views and thoughts...I am a learning machine...bring it on!!!!
[img]http://quote.prophet.net/JCPrintChart?href=http://COURAGE.prophet.net/TemporaryFiles/JavaCharts/804.1116343429826.print.gif[/img]
Sorry,... I forgot to add that if we can bust through 82 and then 86 area then we are under way for a good rally as that is short term resistance. I will be watching 82 closely for the short term cuz I believe that is where we will head back down to retest the recent lows. As I always say..."WE SHALL SEE!!!!!"
WC
Edited by Wallcrawler, 17 May 2005 - 10:40 AM.
