FOREX PRO Weekly October 08-12, 2012

[D.R.&Quinch]

the gold equivalent of above chart

 

[D.R.&Quinch]

Could be. I found this sketch of the various divergences very useful

http://www.trading-naked.com/images/Divergence/divergence_overview.gif

All the best

Michael

That divergence chart u posted the link to... those are tradeable divergences on a 3minute chart?
if so, surely a great basis for sclaping system?

 

[Synchronicity]

That divergence chart u posted the link to... those are tradeable divergences on a 3minute chart?
if so, surely a great basis for sclaping system?

I cant remember the context and the site seems to have changed a bit but I think it was just a chart pocked to illustrate the different types of divergence which are possible.

All the best

Michael

 

[gyanirahul]

4 Hour AB-CD completed Hurrreeyyyyy .. thanks sive sir

 

[Lolly Tripathy]

daily time frame wedge
right or wrong...??
if we break 2820 completely then deep down..??

 

[BenOm]

No, let me correc it.
The God of Forex has a direct contact with Sive

I think Sive sir have direct contact with God


:O Sharp Fall's just after cmplt his tuesday update analysis

 

[BenOm]

Hi MidnightRun,
Thank you for the heads up.
Please give us a hollar when you think the time is right for a long position..
Bernard

Hi everybody, you may find this piece useful:

Why I'm Nervous About Gold Today
By Jeff Clark
Tuesday, October 9, 2012
When it comes to trading gold, it pays to watch what the commercial traders are doing.

Commercial traders are the so-called "smart money." They're merchants, miners, explorers, or bankers in the gold business. They use futures contracts to hedge their exposure to gold and protect themselves from adverse downside moves.

And right now, they're piling on the protection…


As of last Tuesday, commercial traders were net short over 300,000 gold futures contracts. That's an extreme position for this group.

The commercial traders are almost always net short gold futures contracts. After all, they're hedging long exposure. But the total net short position usually ranges between 150,000 and 250,000 contracts. It has only been above 300,000 two other times in the past two years. Each time preceded a sharp move lower in the price of gold.

Take a look at this chart of gold…
http://files.growthstockwire.com/images/GSW 10-9 chart.png

The red circles on the chart indicate the times when commercial traders were net short more than 300,000 futures contracts. The gold price fell 10% in four weeks in early 2011… And it dropped 12% in four weeks last September.

So you can see why I'm a little nervous about trading gold right here.

Gold is in a long-term bull market. But bull markets are often interrupted by short-term declines. We may be on the verge of that right now – especially if gold behaves as it did when commercial traders were this short before.

(You can find out what the commercial traders are doing in gold by reading the Commitment of Traders Report every Friday off gold-trading websites like 3 2 1 g o l d ... Welcome!.)

Remember, though… short-term declines during bull markets can make for great buying opportunities. A few weeks ago, I showed you some likely downside targets for gold.

Keep an eye on those targets, and be ready to buy as those levels approach – especially if we also see the "smart money" unwinding their short positions. A drop back toward 150,000 net short gold futures contracts would be a good sign.

Best regards and good trading,

Jeff Clark

 

[Synchronicity]

My chart guru says that this is more likely to be a continuation pattern.
Symmetrical Triangle (Continuation) - ChartSchool - StockCharts.com

All the best

Michael

 

[D.R.&Quinch]

daily time frame wedge
right or wrong...??
if we break 2820 completely then deep down..??
View attachment 6940

my chart in post 50 shows 786 and 886 lines. i think those are the critical levels

 

[D.R.&Quinch]

im short on gold to the level shown in bue circle.

pink retracement show pin off 0.382
my sl at pink 61.8