The London Open - page 73
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Going back to the GOLD chart. The 4HR still shows we are clearly in a downtrend. I was really looking for a pullback to the Daily 20ma and wont look to go short unless it breaks the 4HR 20ma on the downside. The 4HR 21 CCI is the key to watch here... D
Wow earlier this morning you were talikng about a long for gold and then updated with this post....What an afternoon. I watched gold go from 780 to 802 and then hit 828.......All in about 30 mins..........If only, if only...But a great spectacle!
All the best,
Gawping Rockie
So pls tell me that someone else likes Gold bars under the bed!!! Its slowly making a play north. D
Hi Dan,
Quite an understatement!! Look where it went!! Wish I was in it, shoulda focussed more on it!!
Pardy
only just realised this thread is back! one for the shortcut toolbar then.
SF412
Can anyone please suggest why my CCI figures do not tally across timeframes on MT4?
Shouldn't my 1hr 84 CCI be at the same level as my 4hr 21 CCI? It never is (5m 252 never tallies with 1hr 21 either).
I can't see any exponential component in the formula.
Not urgent, I'm just curious.
Wow earlier this morning you were talikng about a long for gold and then updated with this post....What an afternoon. I watched gold go from 780 to 802 and then hit 828.......All in about 30 mins..........If only, if only...But a great spectacle! All the best, Gawping Rockie
Well i wasn't expecting that... Just checked and i got kicked in at 790.00.
Hi Rockdrive as you know the Gold is in a huge downtrend at the moment on the 4hour chart. This is what i call my elastic band theory back to the higher ma's. When u have a strong downtrend the market is short and today of all days i have been waiting for a kick back which has now happened.
I said only look to continue going short if it breaks the 4hr 20 ma. As u can see the thick red line never got touched and the trajectory of the 4hr 20ma is perfect in moving towards the 4hr 50ma. This is the squeeze and the result says it all on the 60min chart.
I was ready either way and the north side was the play... The fundamentals agree with why i traded long and finally the technicals have agreed, as u can see from the chart below.
See you tom.
D
I wasn't quite expecting this but hey ho, a bit of luck was due...
D
In have looked into pivot thoroughly. The "best" start time seems to be midnight GMT - this should not be confused with London time which is daylight saving and currently 1 hour ahead of GMT, but when the clocks go back in October then London time and GMT are back in sync. As you will know all brokers have different server times so the same candle appear at different times, so the pivot properties need to be adjusted to be broker server time minus GMT e.g if broker server time is 02:00 at 00:00 GMT then the start hour (for pivot properties) should be set to 2. I've found this to work for the GU and EU - trading during the London session. I don't want to start a big debate on pivots because it is a huge grey area and peoples calculations differ greatly. The above is what I've found to work best for me. Indy
Hi Indy
Thanks for your knowledge on this. I will speak with the brokers tom.
D
Hi Dan, Quite an understatement!! Look where it went!! Wish I was in it, shoulda focussed more on it!! Pardy
Not the easiest thing to read but when u have tight levels, orders either side are a great back up. Fundamentally i liked it higher but technically (all day) it misbehaved until now.
See u.
D
only just realised this thread is back! one for the shortcut toolbar then. SF412
Hi Spitfire
Trust all is well.
D
Worth a read if u get a sec...
I am not sure whether to laugh or cry and I am sure others are feeling
the same way. It is Armageddon out there and aside from a stock squeeze
that may suck a few buyers in I really don't have any good news for you.
I don't really think you need a commentary to be informed that the market
is in free fall, there is literally no bid for corporate cash whatsoever
and spreads are now irrelevant. Curves have begun to invert and the
majority of front end bonds have taken it in on the nose these past few
days as they should do in a crisis scenario. Some people are starting to call the bottom however
unfortunately I think are plenty of people out there who are in denial
need to sell but haven't pulled the trigger yet. Until these guys puke
I am afraid there is not respite for my market any time soon and in
addition we have the small matter of certain local banks having serious
liquidity problems and will sell whatever they can to make upcoming
margin calls. The big wide world is pretty scary, I ask you this what would this
market look like if the Fed hadn't bailed out AIG? Morgan Stanley CDS
trading up front and if it wasn't for Lloyds swooping in who knows where
HBOS would be trading right now. I guess if you want some positive news
at least the oil price is making our Chelsea tractors cheaper to fill up
and maybe our utility bills at some stage will cheapen up too. This
however is drowned out by the wealth destruction that we are in middle
of right now and that's if you are lucky enough to keep your job. What
do the several thousand people from Lehman's do who are out of work and
face a tough search to find another job in this environment? I am sorry
to report this bad news buts its fact everyone made a lot of money
between 02 and 06 and what goes up must come down. Sorry.
(A Bank)
The Daily 50ma has just been hit by Gold...