Gold ... Safe-haven Or Ultimate Bear-trap

[Harmonica]

She came close to my STOP.

but still no close above $883 on 1H so all positions are still intact.

-----------------------------------

Tired, so i've closed out the $883 STOP position.

The other 2 STOPs are now on auto pilot and still open.

Buenas noches.

-------------------------------------------

Taken profit - the other 2 tranches are closed at $884.1

I have no position now.

[Naam]

I have no position now.

¡cómo triste y taladro!

[HardenedSoul]

I see $810 getting taken out this time around and then $770 will be tested If this move in the market turns out to be just a bear rally and peters out in early May, then gold could bounce off the mid $700's very nicely, but the yearly high for gold has already been put in!

Didn't you say something similar at the beginning of the year when gold was at or around $900 ??

I'm actually considering using your predictions as a contrarian indicator . . .

EDIT to say : Looks like Flying's already alluded to the Jan call. I'll read to the end next time . . .

Edited April 8, 2009 by HardenedSoul

[BlackJack]

well I am totally convinced now that no one knows whats going on and so I have put the dart board on a spinning wheel to improve the probability factor Y

If the wheel is spinning at C and B is the dart being thrown then the resulting X if the dart sticks should provide ample evidence that G is actually the spot.

[ronz28]

Yep, that's what makes a market.

[Harmonica]

She came close to my STOP.

but still no close above $883 on 1H so all positions are still intact.

-----------------------------------

Tired, so i've closed out the $883 STOP position.

The other 2 STOPs are now on auto pilot and still open.

Buenas noches.

-------------------------------------------

Taken profit - the other 2 tranches are closed at $884.1

I have no position now.

--------------------------------------------

That was a good trade but since I did not post the Short entry, I'll skip the evaluation.

Successful action of using countertrend moves for resting continues to work well.

SHORT order entries at $879 and $875 are already plugged in. When and if they trigger, I'll plug in the appropriate STOP.

[Harmonica]

She came close to my STOP.

but still no close above $883 on 1H so all positions are still intact.

-----------------------------------

Tired, so i've closed out the $883 STOP position.

The other 2 STOPs are now on auto pilot and still open.

Buenas noches.

-------------------------------------------

Taken profit - the other 2 tranches are closed at $884.1

I have no position now.

--------------------------------------------

That was a good trade but since I did not post the Short entry, I'll skip the evaluation.

Successful action of using countertrend moves for resting continues to work well.

SHORT order entries at $879 and $875 are already plugged in. When and if they trigger, I'll plug in the appropriate STOP.

------------------------------

No SHORT entry triggered, so there is to be no trade.

Order entries mentioned above are canceled.

[Harmonica]

I'm still flat, but here's something cool

Even when Gold appears to be wandering around aimlessly as its been doing for the last few days ....

there is a method to its madness

see the perfect channel on 60-min.

the yellow fella knows exactly what he's doing even though we don't got a clue

[ArranP]

IMF (as mentioned on blooberg) are a apparently selling their gold, this should, I think push down the price of gold in the near term, maybe a good entry point for the longer term ?

[churchill]

Have a listen if you want to invest in Gold -

A look at why gold has emerged as a solid safe haven for investors while the ensuing global economic crisis continues, with Peter Munk, Barrick Gold chairman/founder.

http://www.thefinancialtube.com/video/2876...n-Opportunities

[Naam]

Peter Munk, Chairman of Barrick Gold...

will say about his company's product (gold) only positive things. the same will the chairman of any company say about his company's product.

where's the beef?

[churchill]

Peter Munk, Chairman of Barrick Gold...

will say about his company's product (gold) only positive things. the same will the chairman of any company say about his company's product.

where's the beef?

as I said

"Have a listen if you want to invest in Gold -"

Nobody is forcing you Naam !

[timinchina]

She came close to my STOP.

but still no close above $883 on 1H so all positions are still intact.

-----------------------------------

Tired, so i've closed out the $883 STOP position.

The other 2 STOPs are now on auto pilot and still open.

Buenas noches.

-------------------------------------------

Taken profit - the other 2 tranches are closed at $884.1

I have no position now.

Wow,so you waited for a huge upturn in the market of...wait for it...US$1.10 before closing out the other 2 positions,must have been a real white knuckle ride!

And don't you know the very basics of trading...NEVER open multiple positions in the same direction...AMATEURS!

[timinchina]

Look for gold to break just above US$1,000 shortly and execute an open sell...the more zeros at any given point in ANY market,the higher the resistance...meaning $1000.00 will present a massive barrier for gold to hold above.

Should take a good few attempts before it becomes a support level,if indeed it does at all.

[AlexLah]

Hmmmmmm..........grmmmmmphhhh, nom, nom, nom, nom, nom.

Let me share with you my alternative charting method fused picture something that looks scientifically

I know, I know the picture quality socks but enlarge a bit and you can see where Gold is going, it is berry berry clear.

[timinchina]

She came close to my STOP.

but still no close above $883 on 1H so all positions are still intact.

-----------------------------------

Tired, so i've closed out the $883 STOP position.

The other 2 STOPs are now on auto pilot and still open.

Buenas noches.

-------------------------------------------

Taken profit - the other 2 tranches are closed at $884.1

I have no position now.

--------------------------------------------

That was a good trade but since I did not post the Short entry, I'll skip the evaluation.

Successful action of using countertrend moves for resting continues to work well.

SHORT order entries at $879 and $875 are already plugged in. When and if they trigger, I'll plug in the appropriate STOP.

What are you talking about no short entry triggered, there’s no such thing, you either execute a sell order then cover the upside and downside with a stop loss/take profit or lock it in with a buy order!

Could you please explain “using countertrend moves for resting” to us, I’ve been a forex broker/currency trader for the last 10 years and it’s not a trading strategy that I’ve ever heard of!

What indicators are you using for gold? MACD, Stochastic?

Methinks the only place you’re trading is in your head!

Oh and I see you’re still opening up multiple positions in the same direction, are you?

Hilarious, the wonder of the internet, we can all be George Soros here if we want to be!

[flying]

Could you please explain

You noticed he made those claims a few months back about the same time you joined?

He has not been around for quite some time & has not posted since 4/16/09

[timinchina]

Just flicked through a page of the so-called "experts" on here and here's what I found,now this stuff really is GOLD!

ScienceGuy:

Actually gold is an excellent conductor and is widely used in electronics. There is lower demand for electronics and hence less demand for gold now. As soon as the consumer price index is adjusted to reflect lower prices of houses, you'll be able to buy more gold with less dollars. Right now gold is artificially kept high by people dumping currencies and looking for safe-havens. As soon as they find a new safe-haven, they'll dump gold and prices will come down. I'd be looking to pick up gold at the bottom and when the CPI is lowered. Just guessing here, but the lowest I've ever seen gold is $400/oz so at that price-point or near there would be a good time to buy.

Gordon Brown sold off 395 tonnes of the U.K.'s gold reserves as Chancellor of the Exchequer in 17 auctions between July 1999 and March 2002.The average price achieved in those disposals was $275.6,making a loss of about US$9 billion,which makes you less than 7 years old!

Remember, gold is always a gamble. If somebody makes a big find and floods the market with cheap gold, you're screwed. If many mines runs dry you could be sitting on a very valuable asset.

It's not happened in the last 5,000 years,so why now?

Sunbelt Asia:

Cramer says "We're on the verge of something that could take down America, and the world, and change your life forever. All wealth gone. People fighting in the streets. Governments overthrown. Money worthless."

http://www.thestreet.com/video/10465193/cr...sh-america.html

Please do your own due dilgence. This is NOT investment advice.

Cramer is the host of "Mad Money," a weekday program on CNBC on which the animated hedge fund millionaire darts around his set, shouting investment advice and punctuating market talk with many a jubilant "Boo-yah."

Since the shocking collapse of investment bank Bear Stearns, Cramer has taken serious heat for comments he made on his March 11 show.

He told viewers: "Don't move your money from Bear! That's just being silly! Don't be silly!"

Cramer and CNBC have defended his statements, arguing that Cramer's assertions on the bank were in reference to a viewer's question on Bear Stearns' liquidity, not its stock prices.

CNBC spokesman Brian Steel said that on the Friday before Bear's meltdown, Cramer presciently called the bank's stock worthless. Cramer could not be reached for direct comment.

"I think that anybody who has a fundamental understanding about capital markets knows the distinction between [a] question about stocks and liquidity," Steel said.

Lannarebirth:

I've known ALOT of traders. Among them I've only know 2 who could utilize Eliot Waves in a predictive way to make money. One of those two is dead and the other made 6,410% returns last year. Eliot Waves are a great way to look back at what happened in the past, and even that count will be subjective and differ from the next guys. That said, if you're going to utilize this tool, only use what you have generated from your own effort. No surer way to penury than followinng someone elses EW count. Just ask any former Eliot Wave International subscriber.

Obviously NOT that many traders then,Elliott Wave Theory(maybe you should learn to spell it before commenting on it!)states that the 3rd "motive" or upwards wave,actually the 5th wave in the cycle as 2 and 4 are "corrective" or downwards waves,will be the longest and the highest,not exactly rocket science is it?

Difficult to trade,I think not!

Put all 3 of these investment clowns together and you'd have a money-losing circus!

[PCA]

Timinchina,

so you are a broker since 10 years but dont know order types and their properties? How many murder attempts from your clients did you survive so far?

[lannarebirth]

Just flicked through a page of the so-called "experts" on here and here's what I found,now this stuff really is GOLD!

ScienceGuy:

Actually gold is an excellent conductor and is widely used in electronics. There is lower demand for electronics and hence less demand for gold now. As soon as the consumer price index is adjusted to reflect lower prices of houses, you'll be able to buy more gold with less dollars. Right now gold is artificially kept high by people dumping currencies and looking for safe-havens. As soon as they find a new safe-haven, they'll dump gold and prices will come down. I'd be looking to pick up gold at the bottom and when the CPI is lowered. Just guessing here, but the lowest I've ever seen gold is $400/oz so at that price-point or near there would be a good time to buy.

Gordon Brown sold off 395 tonnes of the U.K.'s gold reserves as Chancellor of the Exchequer in 17 auctions between July 1999 and March 2002.The average price achieved in those disposals was $275.6,making a loss of about US$9 billion,which makes you less than 7 years old!

Remember, gold is always a gamble. If somebody makes a big find and floods the market with cheap gold, you're screwed. If many mines runs dry you could be sitting on a very valuable asset.

It's not happened in the last 5,000 years,so why now?

Sunbelt Asia:

Cramer says "We're on the verge of something that could take down America, and the world, and change your life forever. All wealth gone. People fighting in the streets. Governments overthrown. Money worthless."

http://www.thestreet.com/video/10465193/cr...sh-america.html

Please do your own due dilgence. This is NOT investment advice.

Cramer is the host of "Mad Money," a weekday program on CNBC on which the animated hedge fund millionaire darts around his set, shouting investment advice and punctuating market talk with many a jubilant "Boo-yah."

Since the shocking collapse of investment bank Bear Stearns, Cramer has taken serious heat for comments he made on his March 11 show.

He told viewers: "Don't move your money from Bear! That's just being silly! Don't be silly!"

Cramer and CNBC have defended his statements, arguing that Cramer's assertions on the bank were in reference to a viewer's question on Bear Stearns' liquidity, not its stock prices.

CNBC spokesman Brian Steel said that on the Friday before Bear's meltdown, Cramer presciently called the bank's stock worthless. Cramer could not be reached for direct comment.

"I think that anybody who has a fundamental understanding about capital markets knows the distinction between [a] question about stocks and liquidity," Steel said.

Lannarebirth:

I've known ALOT of traders. Among them I've only know 2 who could utilize Eliot Waves in a predictive way to make money. One of those two is dead and the other made 6,410% returns last year. Eliot Waves are a great way to look back at what happened in the past, and even that count will be subjective and differ from the next guys. That said, if you're going to utilize this tool, only use what you have generated from your own effort. No surer way to penury than followinng someone elses EW count. Just ask any former Eliot Wave International subscriber.

Obviously NOT that many traders then,Elliott Wave Theory(maybe you should learn to spell it before commenting on it!)states that the 3rd "motive" or upwards wave,actually the 5th wave in the cycle as 2 and 4 are "corrective" or downwards waves,will be the longest and the highest,not exactly rocket science is it?

Difficult to trade,I think not!

Put all 3 of these investment clowns together and you'd have a money-losing circus!

Well, several hundred anyway. perhaps you don't consider that a lot. As for E-Waves it works beautifully if you have the right count, the right time frame and it doesn't rain. Look, everybody uses it to a degree. 50% + use it incorrectly and the other 50% create a count to fit their bias. There are easier ways to make money.

That said, I have seen two traders that were masterful in its use. The were meticulous in following the rules, held no bias and knew just when to throw the rules in the trash bin. I hope you fare as well.

[timinchina]

Timinchina,

so you are a broker since 10 years but dont know order types and their properties? How many murder attempts from your clients did you survive so far?

I trade futures and options in currencies and crude oil,sometimes gold and silver and don't know anyone that uses conditional orders to trade,it's just for amateurs as I said.When a client gives me money if he tries to tell me how to trade the account,he is no longer a client!

Doesn't change the other poor trading advice being given out on here though,does it?

[PCA]

Timinchina,

so you are a broker since 10 years but dont know order types and their properties? How many murder attempts from your clients did you survive so far?

I trade futures and options in currencies and crude oil,sometimes gold and silver and don't know anyone that uses conditional orders to trade,it's just for amateurs as I said.When a client gives me money if he tries to tell me how to trade the account,he is no longer a client!

Doesn't change the other poor trading advice being given out on here though,does it?

Well, Harmonica did an excellent trade there when shorting Gold even if you don't understand the strategy behind while we haven't seen anything from your side except critizism so far, isn't it?

[timinchina]

Timinchina,

so you are a broker since 10 years but dont know order types and their properties? How many murder attempts from your clients did you survive so far?

I trade futures and options in currencies and crude oil,sometimes gold and silver and don't know anyone that uses conditional orders to trade,it's just for amateurs as I said.When a client gives me money if he tries to tell me how to trade the account,he is no longer a client!

Doesn't change the other poor trading advice being given out on here though,does it?

Well, Harmonica did an excellent trade there when shorting Gold even if you don't understand the strategy behind while we haven't seen anything from your side except critizism so far, isn't it?

If your idea of "an excellent trade" is 3 positions (sell orders) in the same direction and closing one out $1.10 cents before the other 2 trading gold there really is no hope for you,what sort of figures are you dealing in and how much do you hope to make on such a trade/trades?

You're not serious are you?

[timinchina]

Where's the strategy in 3 trades all in the same direction?I'd really like to know!

[PCA]

Timinchina,

so you are a broker since 10 years but dont know order types and their properties? How many murder attempts from your clients did you survive so far?

I trade futures and options in currencies and crude oil,sometimes gold and silver and don't know anyone that uses conditional orders to trade,it's just for amateurs as I said.When a client gives me money if he tries to tell me how to trade the account,he is no longer a client!

Doesn't change the other poor trading advice being given out on here though,does it?

Well, Harmonica did an excellent trade there when shorting Gold even if you don't understand the strategy behind while we haven't seen anything from your side except critizism so far, isn't it?

If your idea of "an excellent trade" is 3 positions (sell orders) in the same direction and closing one out $1.10 cents before the other 2 trading gold there really is no hope for you,what sort of figures are you dealing in and how much do you hope to make on such a trade/trades?

You're not serious are you?

Well, I am serious and obviously you didn't read the whole trade described (paper or real I cannot say) otherwise there is definitely no hope for you

[lannarebirth]

Where's the strategy in 3 trades all in the same direction?I'd really like to know!

Don't know what Harmonica is up to but I've held "position" , "swing" and daytrades all in the same vehicle, in the same direction simultaneously. It's not unusual at all.

[timinchina]

Where's the strategy in 3 trades all in the same direction?I'd really like to know!

Don't know what Harmonica is up to but I've held "position" , "swing" and daytrades all in the same vehicle, in the same direction simultaneously. It's not unusual at all.

It doesn't matter what you're trading,placing 3 positions in the same direction no matter for how long is pointless and just bad trading strategy.Can you not understand that if you call it wrong you are just multiplying your losses,surely that's obvious isn't it?

You must be trading in very small amounts or you would be sustaining huge losses with a strategy like that,you do understand margins and margin calls I take it?

What sort of leverage are you using?

[lannarebirth]

Where's the strategy in 3 trades all in the same direction?I'd really like to know!

Don't know what Harmonica is up to but I've held "position" , "swing" and daytrades all in the same vehicle, in the same direction simultaneously. It's not unusual at all.

It doesn't matter what you're trading,placing 3 positions in the same direction no matter for how long is pointless and just bad trading strategy.Can you not understand that if you call it wrong you are just multiplying your losses,surely that's obvious isn't it?

You must be trading in very small amounts or you would be sustaining huge losses with a strategy like that,you do understand margins and margin calls I take it?

What sort of leverage are you using?

No it's not. Sure I understand you could lose more if you're wrong. That's why it doesn't happen often. Many things need to synch up to put on that trade. You don't use stop losses? I do.

I understand margin very well, that's why in 15 years I've never had a margin call. You're a broker you say? C'mon, really?

[timinchina]

Where's the strategy in 3 trades all in the same direction?I'd really like to know!

Don't know what Harmonica is up to but I've held "position" , "swing" and daytrades all in the same vehicle, in the same direction simultaneously. It's not unusual at all.

It doesn't matter what you're trading,placing 3 positions in the same direction no matter for how long is pointless and just bad trading strategy.Can you not understand that if you call it wrong you are just multiplying your losses,surely that's obvious isn't it?

You must be trading in very small amounts or you would be sustaining huge losses with a strategy like that,you do understand margins and margin calls I take it?

What sort of leverage are you using?

No it's not. Sure I understand you could lose more if you're wrong. That's why it doesn't happen often. Many things need to synch up to put on that trade. You don't use stop losses? I do.

I understand margin very well, that's why in 15 years I've never had a margin call. You're a broker you say? C'mon, really?

Hmm,bit of a contradiction going on here and you're questioning if I'm a broker?

I use stop losses when I go home at night,should I leave a position open,which is very rarely.

[timinchina]

And you're the guy who can't even figure out how to trade (or spell!) Elliott Wave Theory!