Gold Daytraders

MRC & Co · 25 January 2009

peter2 said:
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 · 28 January 2009

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

Whiskers · 28 January 2009

BentRod said:
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 · 28 January 2009

Delete please mod. Double post.

MRC & Co · 28 January 2009

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

Whiskers · 29 January 2009

MRC & Co said:
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 · 29 January 2009

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 · 29 January 2009

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

arco · 29 May 2009

.

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

arco · 13 August 2009

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 · 20 October 2009

.
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 · 21 October 2009

Silver can be traded similarly (overnight trade)

GTA - arco

arco · 30 January 2010

.
For anyone interested here are the Ichimoku elements

Whiskers · 31 January 2010

arco said:
.
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 · 25 March 2010

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 · 27 March 2010

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 · 27 March 2010

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 · 28 March 2010

Trembling Hand said:
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 · 28 March 2010

Uncle Festivus said:
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< · 28 March 2010

Uncle Festivus said:
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!

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