152 replies to this topic

[senorBS]

 

 

 

........there are divergences galore, possibly completing downside wave patterns and puke level bearish sentiment. and with one more new high above 1193 we could trace out a 5-wave advance off that 1170 low basis near term charts, could be an interesting, shortened holiday session.

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Also that 1170 area is 62% retrace of the up move from Dec.

 

Nice catch, I had 1171 as the .618 so pretty much a bulls eye, I'd like to see a move above 1200 in the next 2-3 trading days, we see

 

Senor

 

Yeah. I worry that higher US interest rates will suck money out of neg. rate countries and the flood of money into the US will drive the USD up and gold into a bear market. Currently I'm sticking to my bullish guns.

 

yeah, we have to be very flexible here and married to NO scenario. I think gold has a fairly decent chance to bottom here and I am willing to bet "small" positions only on bottom fishing chances. I will await some solid upside confirmation before I commit a larger percentage of assets to this sector. Currently less than 10% exposure.

 

BSing away

 

Senor

[senorBS]

I exited my trading longs for basically a flat trade. so far rallies look corrective and have faded, just don't want to be long in this environment over a weekend when I have nothing significant and I am bottom fishing. 100% cash feels bueno. We are extremely oversold and could see a big bounce at ant time, however when we are this oversold and we don't rally in any significant way that bothers me a bit. Rather wait for more info and I do not mind buying strength later on.

 

BSing away

 

Senor

[dougie]

Wish I could learn to trade like Senor. In and out in a flash

[senorBS]

Wish I could learn to trade like Senor. In and out in a flash

Some times the market does not give one much of a chance as it moves very quickly, this week has allowed one to buy and give it a shot with little penalty - its often not that way. It could still be very bullish and a mistake to be out here, but one has to do what makes them comfortable.

 

Senor

[dougie]

Can't see how it could be a mistake to be out here imo

[Russ]

Interesting Armstrong article on Gold.... 

 

" I wrote on February 11th, 2016: “The Monthly Bullish stands up at 1362. That is what we need to elect to suggest that a change in trend is possible. Otherwise, be cautious. We are looking at all markets pushing to their extremes. This is the prelude to the chaos coming in 2017.”

If you are going to change trend, that takes place ONLY at the Monthly level. This is why I have stated countless times you must define where you are right and and where you are wrong. I did that – 1362. You cannot get more black and white than that. I warned that the Quarterly Bullish Reversal was 1347. On August 2nd, I wrote on the Private Blog:

“We still need to get a monthly closing above 1362 to suggest that the 2015 low would potentially hold. We would also need to close September above 1347 and year-end above the 2015 high technically. These targets must be met to imply gold will hold.”

 

 

https://www.armstron...ure-of-trading/

[senorBS]

Can't see how it could be a mistake to be out here imo

its only a "mistake" if GDX rallies 5% on Monday! Nah IMO it is never a mistake to be careful in a market that has declined like this one and bottom fishing as we all know is often very dangerous

[senorBS]

LOL, OK I am a tradeaholic, could not resist so I bot the GDXJ at 33.67 - it's half the position I had just sold so I am 5% long and 95% cash! just gotta have a little  somethin long here..lol

 

SenoraholicBS

[Russ]

Good money flow divergence Senor...

 

Edited by Russ, 25 November 2016 - 01:43 PM.

[senorBS]

Good money flow divergence Senor...

 

 

Bueno, we got divergences everywhere in the miners so could be coiled like a spring, now need to see some bueno "uncoiling" if bullsih

 

Senor