Posted by chartboy on 28th of Feb 2021 at 07:39 pm
Gold and Silver bouncing nicely, up 1 and 2 percent respectively
off Friday’s lows after becoming over extended to the downside to
reach the 1.618 expansion target in Gold.
The set up is very similar to what we saw in SPX and SMH at the
recent highs when they over extended to the upside to reach
long term expansion targets.
Congrats RP. As if often the case, a lot of people got caught
leaning the wrong way right into major technical support because
they were not even aware it existed and they were focused on the
“news” instead.
yeah but also the precious metal stuff was near some support
areas, not at a support. The precious metals are up because the
market futures are way up, had the market instead gaped way lower
I'm sure gold would do the same.
that said some of the best gold traders I know buy weakness,
hold their nose so to speak when it looks like death. If you don't
own any, buying an inititial position when there is a washout
generally tends to work out. That said, that's what the trade was,
a washout trade, there was no trigger or technical setup there.
also best to mention that on Friday
anyway market doing what it tends to do: As the history shows,
the market has made something like 85% of its gains with morning
gaps and NOT intra day price movement.
for the market always best to buy the close because of the
propensity for morning gaps
Matt, GLD was extremely oversold and bounced off a major 1.618
Fibonacci Expansion (support) level (160.96) It was also testing
the .382 retracement to the Aug 2018 low (162.60). Additionally,
early this week is the 10th Fib turn window off the August
highs. With the low being 160.95 on Friday that is the
optimay of bouncing off a confluence of time/price support.
Simultaneously, Silver was oversold and bounced off its trend
channel (support) from November also almost to the penny.
Those bounces occurred while the dollar was rallying on Friday
and held as equities sold off into the close. While admittedly most
retail traders had no idea those support levels even existed, quant
programs running billions of dollars certainly did. I bought
on Friday and posted about the expansion target on Friday as well.
I am selling into this gap...not buying.
Gold and Silver bouncing nicely,
Posted by chartboy on 28th of Feb 2021 at 07:39 pm
Gold and Silver bouncing nicely, up 1 and 2 percent respectively off Friday’s lows after becoming over extended to the downside to reach the 1.618 expansion target in Gold.
The set up is very similar to what we saw in SPX and SMH at the recent highs when they over extended to the upside to reach long term expansion targets.
(: i loaded up friday
Posted by RP on 1st of Mar 2021 at 08:09 am
(: i loaded up friday like to see this play out
Congrats RP. As if often
Posted by chartboy on 1st of Mar 2021 at 08:50 am
Congrats RP. As if often the case, a lot of people got caught leaning the wrong way right into major technical support because they were not even aware it existed and they were focused on the “news” instead.
yeah but also the precious
Posted by matt on 1st of Mar 2021 at 09:31 am
yeah but also the precious metal stuff was near some support areas, not at a support. The precious metals are up because the market futures are way up, had the market instead gaped way lower I'm sure gold would do the same.
that said some of the best gold traders I know buy weakness, hold their nose so to speak when it looks like death. If you don't own any, buying an inititial position when there is a washout generally tends to work out. That said, that's what the trade was, a washout trade, there was no trigger or technical setup there. also best to mention that on Friday
anyway market doing what it tends to do: As the history shows, the market has made something like 85% of its gains with morning gaps and NOT intra day price movement.
for the market always best to buy the close because of the propensity for morning gaps
Matt, GLD was extremely oversold
Posted by chartboy on 1st of Mar 2021 at 09:56 am
Matt, GLD was extremely oversold and bounced off a major 1.618 Fibonacci Expansion (support) level (160.96) It was also testing the .382 retracement to the Aug 2018 low (162.60). Additionally, early this week is the 10th Fib turn window off the August highs. With the low being 160.95 on Friday that is the optimay of bouncing off a confluence of time/price support.
Simultaneously, Silver was oversold and bounced off its trend channel (support) from November also almost to the penny.
Those bounces occurred while the dollar was rallying on Friday and held as equities sold off into the close. While admittedly most retail traders had no idea those support levels even existed, quant programs running billions of dollars certainly did. I bought on Friday and posted about the expansion target on Friday as well. I am selling into this gap...not buying.
i use my tools in
Posted by RP on 1st of Mar 2021 at 09:07 am
i use my tools in my tool bag not rocket science plus i love it when everyone is down on something and hammering it creates opportunity.