18 replies to this topic

[teki]

TS, I am back in the gold camp. Added new postions. I think we are close enough to some kind of bottom in xau and hui and price of gold based on wave counts and momentum indicators, and as you say close to the 200 ema. I don't expect this to be a long term position but just a week or two play as the dollar heads back down to retest its lows. We'll see if I can be nimble enough to get out with a better exit than I had last time. I think I can, I think I can....

[TechSkeptic]

Thanks, Teki. Good luck playing these short-term moves. I can't do it, so I'm waiting for a better intermediate/long term entry point. I may have to buy some if this strength persists though. I'll see how things look next week after the jobs report and the G-7 meeting, both of which could impact POG.

[stockbucks_coffee]

interest rates contiune to drop...in most cases, not good for gold/silver stocks. locking in friday's profit by placing sell stops above friday's closing price. so I'll lock in my profit and some from today, in case this is just a strong s/t rally and not the m/t bottom rally i been hoping for. m/t trend still down, with just a s/t bounce so far?

[teki]

Sounds like a good move sb. I am looking at the hourly charts and debating taking profits on my basket of gold stocks (or locking in with stops) if I see clear sell signals on the hourly. Daily charts for hui and xau still look strong though. But I agree that its still not clear that a real significant bottom was put in recently.

[stockbucks_coffee]

hui is below the 50dma (around 234), will see if it can take it out or not. was surprised last friday that my s/t indicators did not turn up, all did except for the interest rate indicator... so some caution here...as 80% of the time they move today for my trade system. either rates catch up or stocks catches down. it'll be resolved soon. good luck on your trade...yeah good idea on placing stops...can't rely on 'hope' which is foolish when trading stocks.

[stockbucks_coffee]

typo... should be... as 80% of the time they move [together] for my trade system. either rates catch up or stocks catches down. it'll be resolved soon. not... as 80% of the time they move [today] for my trade system. either rates catch up or stocks catches down. it'll be resolved soon.

[teki]

stockbucks, I'm out. Taking my profits and standing aside for now. Too many momentum divergences at this last high, and hitting resistance, so I'll wait for the next hourly buy sign.

[stockbucks_coffee]

okay good... i moved my stop orders up a bit... the Nasdaq is also stalling at its 9dma around 2064. both have been moving in tandem since March 2003, except when xau/hui dropped from their double tops in Dec/Jan. but they could be back in sync for now?

[teki]

That's certainly part of my fears here. ndx and spx stalling at resistance, and possibly taking the miners down with them. But if not, I'll jump back in.