Muy Malo reversal from highs is telling Senor something importante may have ended. Back to 163-167 in XAU?
PURE BS
Senor
XAU, B or Cinco wave top?
Started by
senorBS
, Oct 11 2007 02:29 PM
17 replies to this topic
#2
johngeorge
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Posted 11 October 2007 - 02:53 PM
Muy Malo reversal from highs is telling Senor something importante may have ended. Back to 163-167 in XAU?
PURE BS
Senor
Senor
165 looks like very good support to me, if not, maybe we see 159 (38.2% fib retracement from high to August low). Either way I will be adding on any upcoming pullback. Perhaps the dollar is in for a short term bounce up and big gold traders sense that and are selling now. Just a guess.
Best to you.
Peace
johngeorge
johngeorge
#3
Specul8
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Posted 11 October 2007 - 03:28 PM
Put entire retirement account in PM Mutual Funds at today's close. 
#4
Tor
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Posted 11 October 2007 - 04:14 PM
si senor, I think so. I have a stop invoked alert to a possible reversal. if its taken out then so be it. lots of reversals around.
good trading.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#5
Jnavin
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#6
gvc
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Posted 11 October 2007 - 05:10 PM
mis dos centavos : another "shake the trees" type event to see how many toros fall to the ground. Not likely to last long.
#7
senorBS
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Posted 11 October 2007 - 05:17 PM
Put entire retirement account in PM Mutual Funds at today's close.
I guess some hombres like excitement and high blood pressure.
To each his or her ownBSing away
Senor
mis dos centavos : another "shake the trees" type event to see how many toros fall to the ground. Not likely to last long.
Si amigo, is it a little shake or a more grande one?
BS all the way
Senor
#8
dougie
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Posted 11 October 2007 - 05:35 PM
well, that recent consolidation looks to be of a higher degree than a 4rth wave
using rules of proportionality, but otherwise i quite agree. however, this kind of action could well pull in a lot more fast money before the sell-off begins
as dharma has well argued, the risk here is of being out , not in
#9
diogenes227
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Posted 11 October 2007 - 05:38 PM
Did I sell too soon again yesterday? 
Felt like it today when the metal stocks and the HUI continued screaming up the rollercoaster. 
I see the HUI held some of its gain (although not as much as it lost intraday), but my stock basket finished flat after being up a lot (a reversal caused mostly by FCX).
Congrats to anyone who dumped out intraday today. 
I agree this sector appears to be short-term dangerous for anyone on the long side. It's at the top of its range again, it's got the possiblity of downward overall market pressure weighing on it, and because the stock basket I trade was flat, the stocks in the basket are still as overbought as they were yesterday.
And then there's FCX...if they cut off the head, will the body fall? 
And as usual, the US Dollar has to be reckoned with. 
If the sector pulls back decently, I will look to buy. If, after this shock, it tries to rally more from here I will look for a chance on a big fat short.
Good trading to all. Here's to being in the right car on the rollercoaster! 
Felt like it today when the metal stocks and the HUI continued screaming up the rollercoaster.
I see the HUI held some of its gain (although not as much as it lost intraday), but my stock basket finished flat after being up a lot (a reversal caused mostly by FCX).
Congrats to anyone who dumped out intraday today.
I agree this sector appears to be short-term dangerous for anyone on the long side. It's at the top of its range again, it's got the possiblity of downward overall market pressure weighing on it, and because the stock basket I trade was flat, the stocks in the basket are still as overbought as they were yesterday.
And then there's FCX...if they cut off the head, will the body fall?
And as usual, the US Dollar has to be reckoned with.
If the sector pulls back decently, I will look to buy. If, after this shock, it tries to rally more from here I will look for a chance on a big fat short.
Good trading to all. Here's to being in the right car on the rollercoaster!
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).
“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”
"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."
#10
senorBS
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Posted 11 October 2007 - 05:39 PM
well, that recent consolidation looks to be of a higher degree than a 4rth wave
using rules of proportionality, but otherwise i quite agree. however, this kind of action could well pull in a lot more fast money before the sell-off begins
as dharma has well argued, the risk here is of being out , not in
No argument, Senor remains long, just some just in case thinking. But a big shakeout here would not surprise me either.
NO BS
Senor
