Reply to thread

Re: GOLD Where is it heading

Ah Stefan,

I am beginning to see where you are coming from.

>>I'm not after proofing that T/A is crap. I'm taking the view that there are too many T/A done on stocks who simply don't work that way. <<

I'm right with you here. I am very selective of with charts I trade. They have to have a history conforming to my particular brand of t/a. For instance NAB: A complete waste of time with my method! Never went near it when trading the ASX.

>>One of it is gold.<<

We wil just have to agree to disagree here

>>Now there is of course also the simple fact that things work because so many people believe in it.<<

Yes is can be a self fulfilling prophecy, particularly in the futures markets. I don't use what most people use, but, I still look for what most people use cause I want to be in the market *before* the rest of the world ;D

>>Wayne, this is not what I'm trying to say. Of course there is no form of analysis that can predict the future. However, if the US is on terror alert, then I as a human being with some sort of intelligence, can take that into consideration. I will therefore go and buy gold. Simply because gold is s save heaven and tends to rise in troubled times. Charts on the other hand won't see anything like that. So you may get a sell signal based on historical data when in fact the price is about to rise considerably. Regardles of any point of resistance or trading pattern. So if you're saying that we can only make educated guesses, then that's exactly my point. An educated guess for gold has nothing to do with a chart. It has to do with the current situation on this planet rather than historical figures and trend lines.<<

There are quite a few strong hands that discount this view. These people/institutions have relegated gold to just another bloody commodity. However there still are a lot of people who take the same view as yourself. I'm on the sidelines for an opinion atm....but I believe fiat money will be in for a hard time in the future, so leaning towards the "gold is currency" view I suppose.

I do maintain that technical signals will get me into the market at an appropriate point. However, in the case of a shock event and gold spike, I keep a permanent contingency order in the market to catch it if I am sleeping or otherwise engaged.

>>I'm not here to damn T/A or to proof that it doesn't work. I'm here to question it's method on certain stocks or commodities. Why? Because as far as I can see, this board is full of people who use charts. So it's time that somebody takes a different view. Not for the sake of it but to fire up a discussion just like the one we're having here right now.<<

Fair enough too. It is from robust discussion that we all can learn from each other