just how overbought are Gold and Silver right now (short-term), i.e. should one close a position today in expectation of a decent pullback perhaps tomorrow, or overnight in the Asian session, or would you recommend just leaving it open overnight with a generous stop in place?

is there a good, really liquid Silver ETF (as GLD is to Gold, perhaps) that I can track in order to see the volumes coming into Silver? TIA

didn't realize breakpointtrades.com was listed! :o)

it's drawn as an ascending triangle, which is bullish. What I meant was that the SPX had dropped down OUT of the triangle... sorry, I should have been more accurate.

Starting to look more like a bear flag/pennant now, isn't it?

worse than expected... and market seems to be shrugging off the news!

a re-post of my query from yesterday:

Matt, I'm confused,
Posted by: isplat on the 29th of Sep 2009 at 04:09 pm

looks like neckline would be 1058, and target would therefore be approx. 12 points below that at 1046??? Have I got it completely wrong?

looks like neckline would be 1058, and target would therefore be approx.  12 points below that at 1046??? Have I got it completely wrong?

what a beaut! Took half off at 2.15, raised stop hoping for a bit more on the second half. Thanks again!

:o))

breakout on good volume...

Matt, do you have a target here?

interesting... on Friday I thought it would retest the flag breakout, but it went back into the flag perfectly, then broke out properly today.

I think our most formidable enemy sits inside our heads! I've read a little bit about trading psychology (Brett Steenbarger has written some exceptionally good articles), but really must read a lot more. Does anyone else here think that psychology is important, or can we simply follow trends and apply indicators and be profitable? As Matt and Steve always say, one mustn't allow emotions to interfere with one's trading; I still have a way to go before I have a proper handle on that! Am finding BPT and invaluable source of help and inspiration. Thanks to everyone here!

that's very valuable advice for the future!

$%&/() spike down stopped me out of my AIG long, though... oh well, live to trade another day!

Mr Market is the boss... does what he likes! :o)

thanks Saturn... trying to apply lessons learnt from Ravun!

flag retest

bull flag breakout

breaking down out of its bear flag on the 5 min chart?