Gold Daily Video, June 20, 2014

[Sive Morten]

Good morning,

Finally gold gives us perfect setup for short-term trading with potential 30-35$ per contract:






The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[MiracleTrading]

Thank you. As I understand correct, now we short gold and long it only from 1297 area?

 

[thetadej]

Dear Sive,

I downloaded your pivots.mt4 indicator (from 24th of Dec 2013 Post EURUSD Analysis) and pivot points dont have the same numbers. For example todays gold PP:

yours: R3-1369; R2-1342; R1-1295; P-1269; S1-1222; S2-1195; S2-1149
mine: R3-1313; R2-1296; R1-1286; P-1268; S1-1258; S2-1241; S2-1231

your points are widers then mine. Is this offset or what? i tried to change it but not got your points



best regards, Tadej

 

[Sive Morten]

Thank you. As I understand correct, now we short gold and long it only from 1297 area?

Hi,
We do not call for short Gold, because this update stands mostly for daily chart. You can short it if you trade on lower time frames and if your analysis suggests possibility for that.
Our major object is to take long position after retracement. We hope that this position taking will be based on DiNapoli directional B&B "buy" pattern.

Dear Sive,

I downloaded your pivots.mt4 indicator (from 24th of Dec 2013 Post EURUSD Analysis) and pivot points dont have the same numbers. For example todays gold PP:

yours: R3-1369; R2-1342; R1-1295; P-1269; S1-1222; S2-1195; S2-1149
mine: R3-1313; R2-1296; R1-1286; P-1268; S1-1258; S2-1241; S2-1231

your points are widers then mine. Is this offset or what? i tried to change it but not got your points



best regards, Tadej

Hi Tadej,
This indicator has single feature. When you want to get pivots on next week (10080 parameter) but draw it in weekend or on Monday, you should use "-1" parameter and on Tuesday shift it to "0". The same is true for monthly pivots (43200). If month was ended in weekend you should use "-1" and then shift it to "0". This is not needed if month ends in some business day.

Initally I've re-calculated manually numbers that this indicator provides and they are correct.

 

[MiracleTrading]

Hi,
We do not call for short Gold, because this update stands mostly for daily chart. You can short it if you trade on lower time frames and if your analysis suggests possibility for that.
Our major object is to take long position after retracement. We hope that this position taking will be based on DiNapoli directional B&B "buy" pattern.

Yes, I am looking for intro day trading. As you wrote "Finally gold gives us perfect setup for short-term trading with potential 30-35$ per contract". I don't want to miss perfect setup. We don't know now where to enter long, however many traders bought gold from 1310 area for me its a bit early. When I saw this analysis I closed my half long positions and open short for extra pips and of course for better long enter. IMHO a bit dangerous for short now, because gold passed strong resist area 6/8 Murray's level, however we got bearish railway pattern and bearish dodge PA analysis H4 and your analysis. Let's see what will happen. Also there is a question where to close short position, I think if price will go up and pass 1330 area.