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Post by simonsays on May 7, 2014 7:39:11 GMT -5
Janet Yellen speaking this AM and gold predictably dropping. Still within the several week long range so we'll see if it breaks down this time or dips and then reverses higher. Nothing to do in this sector for now unless we see a large high volume move imho.
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Post by simonsays on May 7, 2014 7:42:09 GMT -5
US equity futures are green after a rough close yesterday. My framewrok still has me short the Nasdaq and looking for an opportunity to add to it. A breach of the recent high would have me long based on the weekly chart.
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Post by simonsays on May 7, 2014 7:48:14 GMT -5
Canadian equity futures are red but oil is up slightly. I'm still bullish on it until I see oil break down out of its' fledgling uptrend pattern on the daily. So I'm stalking individual companies today for safe entries.
Still watching uranium but the price does not suggest an imminent reversal.
Potash Corp is on my watch list again after a mini pullback.
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Post by simonsays on May 7, 2014 8:58:22 GMT -5
I'm not advocating any gold trades at the moment but BAR sure has a nice chart. Must be some favourable holes being drilled and I think a resource estimate is also due in the near future.
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Post by simonsays on May 7, 2014 9:42:48 GMT -5
Closed my Nasdaq short trade from Friday at a 4% profit. Will look to re-enter again soon.
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Post by Platy on May 7, 2014 9:56:11 GMT -5
Gold dropped to Neptune support, 1295.5.
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Post by simonsays on May 7, 2014 9:59:34 GMT -5
Gold dropped to Neptune support, 1295.5. You expecting further downside or is this just noise before it resumes up? Or inconclusive? |
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Post by Platy on May 7, 2014 10:18:21 GMT -5
Closed my Nasdaq short trade from Friday at a 4% profit. Will look to re-enter again soon. Nice!! |
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Post by Platy on May 7, 2014 10:21:25 GMT -5
Gold dropped to Neptune support, 1295.5. You expecting further downside or is this just noise before it resumes up? Or inconclusive? Expecting a rise to 1325. But 1295.5 needs to hold. |
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Post by simonsays on May 7, 2014 10:27:21 GMT -5
You expecting further downside or is this just noise before it resumes up? Or inconclusive? Expecting a rise to 1325. But 1295.5 needs to hold. That was a double bear ETF btw (HQD), which is why it was 4%. |
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Post by radar2 on May 7, 2014 11:05:00 GMT -5
Hi guys!
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Post by radar2 on May 7, 2014 11:07:06 GMT -5
Simon I registered as radar O'Reilly but I could not login and post because of the apostrophe.
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Post by simonsays on May 7, 2014 11:14:00 GMT -5
Hi Radar, thanks for stopping by! I'm not sure why it wouldn't let you use an apostrophe. I've played around with the settings a little but I still haven't got the place cased just yet. In any case, we know you are!
Edit: you might have to just put a space in instead of the apostrophe. But if I can find a way to make it accept apostrophe's I'll let you know.
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Post by radar2 on May 7, 2014 11:17:07 GMT -5
Thanks simon! Platy....what do you have for next level of support for gold? It spent some time around 1285....
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Post by Platy on May 7, 2014 11:29:05 GMT -5
Thanks simon! Platy....what do you have for next level of support for gold? It spent some time around 1285.... Yeah it should have support from the trendline it broke out of at 1280-1283ish. Next major planetary support not until 1273. |
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Post by simonsays on May 7, 2014 11:34:30 GMT -5
Great follow through from LRE.TO (posted yesterday). Right at resistance now.
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Post by Platy on May 7, 2014 12:10:19 GMT -5
Great follow through from LRE.TO (posted yesterday). Right at resistance now. Good call Simon! |
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Post by simonsays on May 7, 2014 12:14:07 GMT -5
Just looking at a few charts and stumbled across Yamana Gold. Balance sheet looks terrible too. Could this be the first biggie to get into serious trouble?  |
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Post by radar on May 7, 2014 12:49:26 GMT -5
There was a perfect set up for a short term trade (scalp or longer) in both gold and silver yesterday (for today). Both metals had "inside" days, also called and NR4 day, which means it was the narrowest trading range during the past four days. Traders would enter a buy stop a few ticks (maybe around 1315.50 in gold) above yesterday highs and another order to sell on a stop just below yesterday lows. Which ever way it goes, place your protective stop at the other end of the trade (yesterday lows for longs and yesterday highs for shorts) then trail your stop as the market moves. SOMETIMES you get stopped out and the market looks like it wants to reverse.....you can either take the loss or jump on board at your original protective stop and ride the new short term trend. I.e.: today you would have had a sell stop in gold at 1303.50 or so....you would now be short and have a trailing stop in place.
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Post by radar on May 7, 2014 12:50:53 GMT -5
p.s. I learned the above from Linda Raschke.....
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Post by simonsays on May 7, 2014 12:56:00 GMT -5
There was a perfect set up for a short term trade (scalp or longer) in both gold and silver yesterday (for today). Both metals had "inside" days, also called and NR4 day, which means it was the narrowest trading range during the past four days. Traders would enter a buy stop a few ticks (maybe around 1315.50 in gold) above yesterday highs and another order to sell on a stop just below yesterday lows. Which ever way it goes, place your protective stop at the other end of the trade (yesterday lows for longs and yesterday highs for shorts) then trail your stop as the market moves. SOMETIMES you get stopped out and the market looks like it wants to reverse.....you can either take the loss or jump on board at your original protective stop and ride the new short term trend. I.e.: today you would have had a sell stop in gold at 1303.50 or so....you would now be short and have a trailing stop in place. Nice. So you would be short at present? If so, nicely played! |
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Post by radar on May 7, 2014 13:00:47 GMT -5
I am not simon (crap!) Should have been short gold here, though. Silver would have been nice, but if you look at the chart, you have first gone LONG earlier, then had to reverse your trade positions when it dropped through yesterday's lows.
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Post by Platy on May 7, 2014 13:05:43 GMT -5
Thanks Radar for explaining that, I never knew the significance of inside/outside days before!
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Post by simonsays on May 7, 2014 13:35:04 GMT -5
I am not simon (crap!) Should have been short gold here, though. Silver would have been nice, but if you look at the chart, you have first gone LONG earlier, then had to reverse your trade positions when it dropped through yesterday's lows. Nothing wrong with watching something a few times before trying it for real! |
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Post by simonsays on May 7, 2014 15:00:05 GMT -5
Really nice action into close here on GDX on the 5 min. Big volume and price moving up. Usually means a bounce the following day but we'll see. I picked up some SMF because it has a decent chart and a stop nearby.
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Post by simonsays on May 7, 2014 15:08:32 GMT -5
Here's a look at GDX's close on the 5 minute chart. Note the volume in the final half hour and especially the final 5 mins. 7.6M shares is huge over that time frame. Click on the thumb to enlarge.
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Post by platy on May 7, 2014 18:23:39 GMT -5
Yeah that's a lot of volume! Next turn date is Friday.
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Post by simonsays on May 7, 2014 19:26:52 GMT -5
Yeah that's a lot of volume! Next turn date is Friday. Could be a low perhaps after a down/sideways move tomorrow? I notice quite a few have gone very bearish again. I'm leaning that way myself but we'll see what the dollar does. Here's likesmoney's thoughts: likesmoneycycletrading.wordpress.com |
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Post by platy on May 7, 2014 19:49:30 GMT -5
Yeah that's a lot of volume! Next turn date is Friday. Could be a low perhaps after a down/sideways move tomorrow? I notice quite a few have gone very bearish again. I'm leaning that way myself but we'll see what the dollar does. Here's likesmoney's thoughts: likesmoneycycletrading.wordpress.comDefinitely could be a low. I'm eyeing ~1280. Let's see if time meets price? I don't have a stake yet, was just hoping for a nice rise to go short. I'll kick myself if it doesn't go back up soon.  |
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Post by simonsays on May 7, 2014 20:20:50 GMT -5
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