Gold Daytraders

[MRC & Co]

Surprising quick spike up to 859 (0830 GMT) just to see if you have moved your stop down Bentrod. The market knows where your stops are.

That's why I would have trailed the stop tigher. Time good entries, and it's easy to take small profits. If it runs your way quick enough and continues to look weak, you can loosen them up a bit more. Until then though, rather take small profits with small stops, as opposed to just moving to BE.

 

[BentRod]

Might be Setting up for a push down on the Hourlies:

 

[Whiskers]

Might be Setting up for a push down on the Hourlies:

I'm tending to agree rod.

My sometimes dubious EW suggests a target of 865 - 880 for 4 of minor wave 1 on the hourly (below) before going on to complete 5, for minor wave 1 of 3 up on the daily ... and what appears your reasonable H&S also supposts these targets.

 

[Whiskers]

Delete please mod. Double post.

 

[MRC & Co]

Good to see you still around and posting Whiskers, you seemed to disappear for a while there!

 

[Whiskers]

Good to see you still around and posting Whiskers, you seemed to disappear for a while there!

Yeah, spent a bit more time socialising etc over the break as well as putting a lot of work into getting ready to venture into forex. Thought I may as well trade it since I was watching it anyway for clues to gold and shares.

 

[BentRod]

My sometimes dubious EW suggests a target of 865 - 880 for 4 of minor wave 1 on the hourly (below) before going on to complete 5, for minor wave 1 of 3 up on the daily ... and what appears your reasonable H&S also supposts these targets.

Howdy Whiskers.

Yeah looks as though it may go lower, won't know until NY comes online though.

I'm looking to add a few, any excuse will do.....looks like a channel might me forming on the 5m chart


All the best.

 

[BentRod]

Plodding along......not the impulsing I was expecting

 

[arco]

.

Good day trading environment over the last few days.
Another blast overnight.

 

[arco]

Anyone still day trading gold?

Many good short term opportunities still to be found - 4 on this chart

There was a nice short last night from Evening Star on parallel channel line, followed by a long off a Bullish Engulf off lower channel line.

Earlier there were also trades from the Bear Engulf short followed by Morning Star long

arco

 

[arco]

.
Many golden opportunities for day-trading just in this one Ichimiku chart. All the elements including a Piercing Pattern on Kijun Sen support after Morning Star (which also doubled as/confirmed support zone).

GTA - arco

 

[arco]

Silver can be traded similarly (overnight trade)

GTA - arco

 

[arco]

.
For anyone interested here are the Ichimoku elements

 

[Whiskers]

.
For anyone interested here are the Ichimoku elements

Atm, I'm a bit divided as to whether gold has finished this correction or whether wave C is still underway.

I expect the next couple of days will give me a clearer picture... but I'm not sure how much weight to put on the USDCHF or what signal your chart is suggesting.

Could you eloberate a little, arco?

 

[ThingyMajiggy]

You guys still trading Gold?

Seems fairly similar to Crude to trade, some good opportunities for day traders imo, if you're prepared for the hours, hours leading up to US open can be good too.

Would be good to get some discussion going again, clean out the cobwebs

Here is a % relative strength chart of Gold vs Crude, its nothing too long term, goes back to mid February I think.

They seem to have about the same value in their daily ranges, Crude is about $1.50 average range, that's the whole day from 12 till 12. Whilst Gold is about $16.50, Gold moving in 0.10 increments whilst Crude moves in 0.01, so they are pretty similar.

Anyone had a look at the differences between the likes of the ES and Gold/Crude?

I've attached the same chart but its between Gold and the ES, pretty interesting, again this only goes back to mid-late February.

Might not be of much use, but something to look at

 

[Uncle Festivus]

I have a simple rule for day-trading gold - if the London close is higher than the open then short on close, then if NY close is lower than open then buy NY close? Anyone able to back test this?

The theory is that a more 'natural' market is present in the Euro time zone whereas there is some, ahem, 'price suppression' in the New York session, by the dastardly bullion banks , but over time it has a higher proportion of winning trades?

 

[Trembling Hand]

I can run it for you lata, or maybe tomorrow.

But the pattern you are thinking about is not anything unusual. Just about all commodities, FX & indexes display a day/overnight move back to fill prior session, even in strong trending periods.

Nothing new there. Of course conspiracy _______ [insert flattering or non flattering name here] will always see what they want to.

 

[Uncle Festivus]

I can run it for you lata, or maybe tomorrow.

But the pattern you are thinking about is not anything unusual. Just about all commodities, FX & indexes display a day/overnight move back to fill prior session, even in strong trending periods.

Nothing new there. Of course conspiracy _______ [insert flattering or non flattering name here] will always see what they want to.

Doesn't need to be a 'conspiracy' - all within the rules apparently, just shows up more in some markets than others. It's common to see waterfall selloffs in the US market trading hours so go with those that know......

Silver investors have argued that a handful of U.S. banks have been controlling a large portion of silver's short positions -- or bets that prices will decline -- on Comex division of the New York Mercantile Exchange. Official data from the CFTC showed that two U.S. banks had increased short positions in the silver futures market between July and August by 450% and controlled 25% of the total open interest.

The squeaky wheel gets some oil........nearly....?

http://www.capitolconnection.net/capcon/cftc/032510/cftc-archive-wmv.htm

Below not checked for accuracy, but the 2 banks mentioned are the culprits?

According to data recently released by the Office of the Comptroller of the Currency, a division of the US Treasury, of the $135 billion of gold derivatives contracts (including futures and options) controlled by financial institutions, JP Morgan controls $96 billion (71.11%) of these contracts and HSBC Bank USA controls $34.4 billion (25.48%) of these contracts. In other words, just two players control almost all gold derivatives contracts in the entire United States.

 

[Trembling Hand]

Doesn't need to be a 'conspiracy' - all within the rules apparently, just shows up more in some markets than others. It's common to see waterfall selloffs in the US market trading hours so go with those that know......



The squeaky wheel gets some oil........nearly....?

http://www.capitolconnection.net/capcon/cftc/032510/cftc-archive-wmv.htm

Below not checked for accuracy, but the 2 banks mentioned are the culprits?

The data doesn't show that at all. Top 4 holders are net long 15% of OI while the top 4 shorts are 35% of OI. Boring nothing in it.

And just a lesson on futures 101. If your "two players control almost all gold derivatives contracts " their total OI must add up to 200%.

But never mind don't let a fact get in the way of a bugs conspiracy.

 

[>Apocalypto<]

Doesn't need to be a 'conspiracy'

I thought just about everything was a conspiracy for you UF! It's actually a shock to see you post about trading!