I don't quiet get it.
Moved through resistance (which becomes support). Hence, I am long, and this is where my stop is placed...........
?
Moving through resistance does not always at that point become support. It usually requires a couple of retracements to bounce off that point/level before one can regard it as support.
Anyway the break out of the flag/pennant looks like it could be a goer, as we speak. Glad I loaded up on some more of them SBM. Me glass of red tastes goodo.
I would say it does become support, further tests, confirm and strengthen that level.
Anyways, oil has hit all-time highs! Gold broken out of it's trading range. Volume looks good for this time. Interesting night ahead.
Yes agreed on the gold position t/a wise. My example was the technical side of support and resistance per se. for I thought your benefit.
Thanks mate, but don't agree on the support/resistance re-test requirement.
No support or resistance is ever a sure thing, only a level I use to trade from and place parameters.
A break below support will become resistance for me, if it retaces back there, many will sell so they can attempt to break even, this is why you will see a bounce off resistance, only confirming what I already assume. But I guess you already know this well, so not sure why you require a re-test.....it only offers probably a safer entry point into a trade......
Now this is way off topic. I do not require anything. The market move itself tells me the behaviour and I can only follow that lead. I have in the past observed that a bounce off a certain point a few times has become good support and the opposing for resistance is equally valid.
However I see gold now rising well and a hold tonight at this level will set em going next week.
Urgh what a mistake - very drunken nights and internet forums shouldn't mix... they did last night though.. I apologise to anyone I offended, I actually didn't mean it. Please ignore the post.
And now I'll attempt a more serious look at the markets!...
Urgh what a mistake - very drunken nights and internet forums shouldn't mix... they did last night though.. I apologise to anyone I offended, I actually didn't mean it.
TH I'm a bit concerned that my volume data look different to yours. Who is your data provider? In my chart it is Norths/Alpari
COMEX (CG) is the bigger (in terms of volume) contract, and the one that should be followed for the big money's footprints. IMO
That data is the CBOT 100oz Gold futures contract. What instrument is yours?
COMEX (CG) is the bigger (in terms of volume) contract, and the one that should be followed for the big money's footprints. IMO
GCQ8 (COMEX) open interest is ~ 250,000
ZGQ8 (CBOT) open interest is ~ 10,000
BTW - To all those championing Gold as HAVING to increase in value -
I completely agree with you, but, what makes you think the monetary collapse is close as opposed to 20 - 30 - 100 years away?
If you're wrong, you loose, bigtime. Especially those holding physicals. If anyone has read Buzzy Schwartz's book do you recall whenever he suddenly brings home suitcases of gold pending the financial collapse?
Here check out this chart:
I used to have a historical chart of Gold vs US dollar going back to late 1800's but unfortunately I just couldn't find it. In the long-term a fiat currency has to loose its value to a commodity such as gold (or short-term if your like Zimbabwe) but what if this is just another "spike", how will you know? when will you get out?
You could say this is "long-term", but what you are 100 years old and Gold has lost its value since you last bought it? and then you discover the fiat currency collapse is at least 30 years away?
I'm not attacking here, I just would like to know the thinking behind those buying actual gold bullion or gold coins?
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