Forum Posts by : gtnew (Forum Member)

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 16, 2009 5:15

In Thread: Where do you see Gold by year-end?

Spot Gold - so far this evening made a high above 1130. Does that mean the EWave bears will turn bullish? I bet not.

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 9, 2009 23:34

In Thread: GBP Trade Index 18-Year Chart

$SPX - up volume/down volume was 18:1 today. How would you interpret that? Bullish or bearish?

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 9, 2009 23:32

In Thread: GBP Trade Index 18-Year Chart

If $GBPUSD goes to 1.6880, I am one happy camper!!!

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 9, 2009 12:26

In Thread: Where do you see Gold by year-end?

I do like EW for intraday charts. "IF" I can see the pattern, I trade off it. Used it last evening to get long $GBPUSD when it tried to fill the opening gap. But I do not have a good handle on the $SPX daily chart. Way too many alternative counts present themselves.

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 8, 2009 20:53

In Thread: Where do you see Gold by year-end?

I remember 1987 quite well, when, after the crash, Prechter called for bear market. He was dead wrong and lost credibility because he stayed with his wrong call much too long. I use EW in my trading, but it has flaws. One is that there is always an alternative count, sometimes many alternative counts that don't become clear until after the fact. The other thing that bothers me is the X wave. It's too easy to use that to explain away wrong calls and bad trading decisions. When Gold tops we'll get clues. I don't really care what wave we are in from the Civil War. I won't make a dime off that. The late Ed Hart on the old FNN, prior to its merger with CNBC, used to say," We might be going to Hell in a handbasket, but we will TRADE our way there." And so we will.

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 7, 2009 2:36

In Thread: Where do you see Gold by year-end?

Looking at the weekly chart of Gold, and I am trading Spot mini contracts, it is in a pronounced uptrend. Since I am a swing trader, I don't try to pick tops. I try to scale out as the market moves in my favor to limit my risk and move my stops up to protect my initial position. Until I see a sell-off, then a rally to a lower swing high on declining volume, I will not try to short that market. If you put sigma bands on the weekly chart, you will see that Gold continues to push up through +2 sigma, and on sell-offs finds support at +1 sigma, creating an identifiable up channel. To me that indicates a continued bullish bias. I sold some of my position at 1100 because that is a harmonic. So my next target higher would be 1320. Volume increased this week which also supports the bullish case. Since I lack Ashraf's intermarket analysis skills, I can only trade following mechanical signals. Of course, this is merely my own personal bias.

GTNew

Arizona, United States

Posts: 33

14 years ago

Nov 4, 2009 0:24

In Thread: FX, Oil Eye Equity Inflection

Ashraf,

What do you see in terms of $SPX/Gold ratio support and resistance levels? Thank you.

GTNew

Arizona, United States

Posts: 33

15 years ago

Sep 2, 2009 4:54