Yep..
It's good for an early entry.
But the main one comes on the daily chart.
And above the top of the hammer can be classed as a 123 low breakout.
That will be similar to the 4 hourly level.

Remo

Can we 123 low this on the 4 hourly?

clip2net.com/s/2GHhC



Cheers RMc

gold played out nicely today

im long on gold with stop below hammer.
Ive gone long due to the price moving halfway down the hammer and its also where the trend line is.
Good risk to reward doing it this way.



dyor

Hi Nev,

Interesting possibility. On that count you've got wave 2 retracing to the 78.6% Fib of wave 1 and wave 4 retracing slightly beyond the 61.8% Fib of the wave 3 which goes against the guideline of alternation.

I know it's only a guideline, not a rule, of EWT but it seems a little harsh to me. Plus the 1795 recent high came with a bearish RSI divergence on the daily which, in my experience, tends to suggest a wave 5 top. The following 61.8% retrace would then make sense as a larger degree wave 2 down.

All IMHO and could be wrong!

Jackozy wrote:
I was thinking more along the lines of this.

Jackozy wrote:
Was just coming onto this jackozys. I suppose it's a half retrace of the hammer for the boys on here? The risk reward for this will be a good one. I would have preferred a green hammer breaking into the previous days close.

RMc

I'm really surprised that nobody followed up on this after the close on Friday night. A whopping great hammer right at multiple supports with possible bullish RSI and MACD divergences forming:



dl.dropbox.com/u/20815047/Golddaily06_01_13.gif

If this does follow through then a bounce off a 61.8% Fib is strongly suggestive of a wave 3 to come. Resistances at 1695, 1723, 1754, 1767 (trendline) and 1796 initially.

Back to the 4 hr

clip2net.com/s/2FLY9





Look were first resistance
RMc

Could this be the end of the correction and resumption of upward trend.

dl.dropbox.com/u/43650856/Gold%20-%204th%20January.htm

I didnt get to go long at the 1625 low but got a couple of positions in the 1630s..

Gold potential long

clip2net.com/s/2FIgU




I will await price action on this
But could be in a wave 5?

Regards RMc

Hi RG2,

Personally I'm sidelined on this now and waiting for a test of the main downtrend which is at 1767.75 today:



dl.dropbox.com/u/20815047/Golddaily03_01_13.gif

That level will fall daily of course and there's a minor resistance at 1754.4 too so I'm going to short it at that trendline on a first attempt only basis. In fact, if you look at the post $1921 move there's a clear sideways trading range between 1522 and 1800 too as shown here:



dl.dropbox.com/u/20815047/Golddailyrange03_01_13.gif

H Jackozy, Is Gold going to touch 1650's area again.
Trying to see a buy order around 1655 or below. Thanks. RG2

I've been stopped out of this now. Should have kept it simple and stuck with my long from the short term trendline. I'm sidelined now...

I've closed my long on this now and gone short on a backtest of the main uptrend at 1659.

It'll be a good shout. Mind you the 61fib, and 1629 would probably be better but who's splitting hairs eh

I've gone for a risky long at the shorter term trendline at 1636:



dl.dropbox.com/u/20815047/Golddaily20_12_12.gif

It's clearly a counter-trend play so I'll look to bank ASAP.

Dropping into the buy zone now,

dl.dropbox.com/u/43650856/Gold%20Daily%2...020th%20December.htm

This has now broken below the main trend line signalling an end to the bull run.
Theres 2 options now,down or sideways. So going long will be a risky trade from now on unless gold can go above the 1730 ish area.
This trend line has been in play since oct 2008 so gold has had a nice run.
Im short now on this and my stops are above todays high. Obviously theres risk involved in this trade as there still is a chance that it can finish above the trend line. End of day price counts.


dl.dropbox.com/u/4899609/gold20thdec.png


dyor

Hi jackozy
yep the main up trend line.


dl.dropbox.com/u/4899609/golddec19th.png

Remo, is that the trendline up from the Oct 2008 low? I'd missed that if so....thanks!

Im gonna go long on first attempt of the Main trend line at 1658 with a 12 point stop just incase.
The 200sma is at 1660 as well so 2 levels of support near together.
This is a first attempt basis trade. Yesterday it bounced of the 2oosma so there is risk attached to this trade.
Stops should be below the round number of 1650 as well.
Gold can get really volatile so bear that in mind when attempting to trade this. The last time gold dropped it moved about 20 points pass my stop loss.




DYOR

This is getting closer to some major supports now after todays $30 drop-off:



dl.dropbox.com/u/20815047/Golddaily18_12_12.gif

I wouldn't be surprised to see an intraday break below the uptrend support down to the 61.8% Fib and original breakout point at 1630 as previously discussed but it may bounce at the trendline at 1639 (today). Any thoughts? $1640 has been a resistance in the past so that adds another level of support there.

All together there are 4 levels of support within $11 as far as I can see.

a break n close below 1687 then lower to come..im watching these key pricesWaveSurfer wrote:

seeing some divergence on Gold...perhaps the lows maybe in and gold maybe ready to blast soon, still in sell mode but close to buy....

i want to see price close above 1704/5 and 1722 - 60min bar.

possible truncation....

dyor

ECB draghi press conference at 1:30 today, job claims today, non farm payrolls on friday...all can have impact on gold.

The levels most recent blogs have suggested are valid now that gold has broken down....

Is there any Greece news today at 12.30.
I am currently loosing from 1745, with no choice I will be closing my positions especially if it goes down to 1640 or more. I guess I have no other way out. Thanks. RG2

Hi
If wave A=C you get 1625 ish, so this area of 1630 and 1625 is a good target.
Need to look at silver charts and see what they are saying.
G

I've been short on this since 1720 and have added at today's backtest of the 1705 previous support, now resistance:



dl.dropbox.com/u/20815047/Golddaily05_12_12.gif

One thing about the target (assuming it does go that way); the blue Fibs on my chart show the extensions for a wave C down - the 100% level is at 1630. The 61.8% Fib of the move up from 1530 to 1795 is at 1630 and I have the main trendline support also at 1630. 1630 was also the original breakout point on the 1530 to 1795 move (top of a wave 1) so it's a really important level and I think it'll get tested. That's where I hope to close my shorts and go long.

I you must be short then? 1661.50 should be a realistic target.

Gold is looking weak now and i expect this to test the recent lows again.
Best level to go long now will be the main trend line at 1647 today.This level changes daily.




dyor

Scrub that, selling with a stop above 1755, I would like to see 1730-1740 for better entry.

dl.dropbox.com/u/43650856/Gold%20-%20daily%20-%202nd%20Dec.htm

Yes it looks like it could be a really good buying area, but not to short
down to that level just incase it dosent get there.

Buying below 1670 could work out very well.

Broad-rock, that's exactly what I think is happening. Should be a good place to go long...

Could Gold be heading back down to 1630-1640 area in a A B C correction?

dl.dropbox.com/u/43650856/Gold%20daily%20-%2029th%20Nov.htm

dl.dropbox.com/u/40497882/gold1hr.JPGWaveSurfer wrote:

RG2 - long term gold remains bullish in my view, however short term gold really needs to stay above 1713/1700 and if it can close abv 1727 then it will have a good shot at testing 1747/8 as an initial target.

If gold cracks below the lower numbers then i think it has a good chance to test 1680/90, failing that 1660/40 area.....

this is all in my opinion and does not constitutive as advice.

hope it all works out for you.

I have been betting only 1gbp per point which I really did not mind even if it was going down to 1680. But now my dear wife put in 10gbp per point so I am loosing more than I wished for. I have just transferred 10k to cover the equity but this is my final lot. Any chance to come back to 1745 from the current level.
Doomed. Many thanks. RG2

dl.dropbox.com/u/40497882/Gold28Nov.JPG

A brake of TL and 1700, gold will see 1680 very quickly so any longs must have stops below TL/1698 area....all depends on your risk of course...


rgds TB.

all due to opex.

1713 important level to hold on closing basis....

That's happened to me as well.
Normally guaranteed stops are a waste of time as this does not happen that often.
Gutted to have lost on a winning trade.due to missing my stop by 16 points.

I had 3 trades open and took profit on one at 1745 moving the stop to break even on the other 2 at 1727. I now see both got stopped out at 1711! How frustrating. Is this conman with Spread betting Gold and would it be worth me using Guaranteed stops in the future?

My 1 hour trading looking like it will get stopped out both ways too. Not the best of days

Any idea why is gold going down. I think its because of the greece news and stronger dollar. Any opinion please. I am waiting to cross 1745. Thanks.

Yes - try PHAU - it holds physical gold bullion in vaults. PHGP is the same thing but quoted in Stirling rather than Dollars.

is there a tradable Gold ETF ?

I don't trust myself and IG index to trade the spot

Just broke out .
This should head towards 1780 now

DYOR

Gold ‘s just had a hissy fit!!!

dl.dropbox.com/u/21384991/Spot%20Gold%20%28DFB%29.png

dl.dropbox.com/u/21384991/Spot%20Gold%202%28DFB%29.png

Will wait for re-test of 1740!!!

This is looking kinda nice in terms of the way the charts are playing out.
The key area to watch now is a break out past 1740. If this gets broken then this should head towards 1780 for a test of the trend line. Good on a risk reward basis.

Up above 1740

DYOR

Sorry, that should be 1724 not 1722

I've just gone long on this at 1722, just below the 38.2% Fib of the 1705 to 1735 move. Main reason is the breakout of the 1728-1735 hourly trading range giving a target of 1721.