GOLD Daily Video, July 23, 2013

[Sive Morten]

Good moring,
market has shown anticipated price action to the upside, but now it hits overbought and we need some bounce down to take long position. Current setup on hourly time frame gives us opportunity to make scalp short trade:





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.

 

[Brett Reynolds]

These Scalp short trades on the Gold. The last 2 have ended up costing me money. I think if you are giving contrarian analysis on EUR/$ and Gold..it gets very confusing. Gold and EUR/$ are 'Bullish' at the moment..'why oh why'...am i even contemplating going short!?

 

[dkami]

These Scalp short trades on the Gold. The last 2 have ended up costing me money. I think if you are giving contrarian analysis on EUR/$ and Gold..it gets very confusing. Gold and EUR/$ are 'Bullish' at the moment..'why oh why'...am i even contemplating going short!?

I can see how it can seem confusing as different timeframes give different directions and I must say I very rarely read sive's analysis mainly only when I'm in a trade I look to see what others are looking at but I have read Sive's weekly gold report all this week and Sive clearly said on MN "this probably will be just retracement but not a reversal" and I couldn't agree more you can read it all here https://www.forexpeacearmy.com/fore.../26330-gold-pro-weekly-july-22-26-2013-a.html

To cut a long story short I think its very important to look @ the big timeframes MN,W1 and understand whats going on there before scalping on small timeframes.IMHO newbie traders should only trade D1 and above to get there trading legs before working there way up to the smaller timeframes where newbies get cut to pieces(if only someone told me this when I started out).Sive also said on W1 "weekly oversold" so to look for short scalps is dangerous and only for experienced traders this is just my opinion and I hope it helps