GOLD correcting as FF'd
Started by
senorBS
, Oct 02 2007 07:24 AM
18 replies to this topic
#12
Trend-Shifter
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Posted 02 October 2007 - 09:43 AM
Yes, not very easy.
It was just something to observe and nothing to trade on.
For short term trading I think you must always must get a feel for what is moving your market at the time. We all know that was the dollar. And then we need to look at what is moving the dollar.
Only in geometry can a line go into infinity.
#13
bayer2
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Posted 02 October 2007 - 09:52 AM
what is moving the dollar? the ECB chair's comment or the stock market rally?
Yes, not very easy.
It was just something to observe and nothing to trade on.
For short term trading I think you must always must get a feel for what is moving your market at the time. We all know that was the dollar. And then we need to look at what is moving the dollar.
#14
dharma
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Posted 02 October 2007 - 10:51 AM
xau/hui on the dailies yesterday made rsi divergences. the commercials had their biggest short position in over a year. the large specs were very very long. so the correction. i think we hold above 700. the xau/hui hourlies are oversold, but i look for this to last a few more days. raised some cash and will be looking to add. dharma
#15
Trend-Shifter
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Posted 02 October 2007 - 10:57 AM
what is moving the dollar? the ECB chair's comment or the stock market rally?
Yes, not very easy.
It was just something to observe and nothing to trade on.
For short term trading I think you must always must get a feel for what is moving your market at the time. We all know that was the dollar. And then we need to look at what is moving the dollar.
Short term is the "news" as you pointed out. However, the housing number should have confirmed a rate cut and pushed a weaker dollar and higher gold. That didn't happen, go figure.
The broad market & gold will be competing on flow of funds. Which one will win. I don't have the answers, that is why an exchange of information is good. Thanks for your comments.
Only in geometry can a line go into infinity.
#16
gvc
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Posted 02 October 2007 - 11:01 AM
Another thing that I have noticed is the headline factor, or lack there of, so to speak. I remember last year when gold first got above 700. there were news stories all around. This time, there is the occasional CNBC story, but , overall, not much general publicity for this latest $100 rally. That makes me think there is much more rally to come after this current short correction.
#17
beta
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lasergirl
Posted 02 October 2007 - 11:54 AM
"Daytrading -- An Extreme Sport !"
#18
senorBS
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Posted 02 October 2007 - 12:22 PM
Looking to re-enter GLD in the 66-68 range:
http://stockcharts.c...1767&r=7065.png
That is far too low in Senor's opinion, 70 level is about as far as Senor thinks it goes.
BSind away
Senor
#19
Tor
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Posted 02 October 2007 - 02:43 PM
Looking to re-enter GLD in the 66-68 range:
http://stockcharts.c...1767&r=7065.png
That is far too low in Senor's opinion, 70 level is about as far as Senor thinks it goes.
BSind away
Senor
Hi Senor, how do you get such a target, basis fib retracements?
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
