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TFC Commodity Trading Forum

Re: Trades, Hal - Gold/Silverbear *PIC*
In Response To: Trades, Hal - Gold ()

Yes I'm still waiting for a test of the 150ema OR even a tag of the uptrendline. Only way I'm going to chase it is to see a break above the downtrendline AND $1767 which was its last bounce high. I'd take a partial postion there and crossing above $1804 would confirm a likely double top at least. Note that uptrendline is also a Fib 61.8% retracement point of the May/July low to Sept rally as well right now. The U.S.$ is spinning its wheels at 79 again. Since the late Oct low DX has typically been bouncing off its rising 20ema and continues to do that so the trend is still up and intact. But as you know "Resistance is Resistance." As far as Crude goes shorting at recent price resistance of 102-103 with a partial position and adding on a break of the downtrendline would have been the best plan as I said yesterday but hey, since when did I ever execute a best plan. Once again "Resistance is Resistance." But with recent market activity holding a postion is like running through a field of landmines with a sniper near the end of it waiting for your just in case you are lucky enough to make it. What has saved my ass more than anything this year and years past is being fussy on set ups and buying major support points and not chasing after rising prices. Best I stick to that plan even if it does really piss me off most of the time as I see prices rallying without me much of the time.