Oct 26 – Lines In The Sand

/158 Comments/in /by

At this point in time, we should discuss lines in the sand for protective purposes. First, a quick market review.

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SPX –  No Change at this point.  I see a failed daily cycle and weakness so far.

spx-10-26

Lets take a look at the USD …

 A Note on the USD :   This is part of my reason for discussing a line in the sand, or a caution going forward. When I have a basis for confidence, and things do not quite act as expected, I become slightly cautious until things unfold and clear up. I’ll explain.

Based on Golds recent relative strength  (Gold not dipping down as the USD surged higher),  I expected a dip to a dcl in the USD, and for Gold to respond with a burst higher.  Well, when the dollar dipped on Wednesday, Gold dipped too.  That DOES shake up the idea that  “Since the USD is due for a dip to a daily cycle low, Gold should rally”. Now we have to see what happens when the dollar finally rolls over.

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USD – The USD dipped and recovered, but it did put in a swing high late in the daily cycle. Please read the chart.

 

usd-10-26

 

I had this channel idea back on Oct 12th and it is playing out.

usd-2

One would expect it to make it to the top of the channel. That could still take some time, maybe another daily cycle?

usd-big-pic

 

Wait a minute – Lets take a look at that again. If the channel is drawn like this, the  USD  may top here for now and drop to the bottom of the channel.  If so, I would expect Gold to rally out of an ICL. The USD is overdue for a dcl.  This has a bullish edge for Gold.

usd-bigger-pic

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WTIC – Oil looks to be drpping into a Daily Cycle low if this trend line breaks down.  This is a line in the sand for Oil.

wtic-10-26

NATTY – That could be capitulation into a low, it even looks like an ICL sell off, but it’ll take time to play out.

natgas-10-26

 

This trade isnt clear, but a bounce is due.  I am not interested in this trade right now.

natgas-10-26b

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GOLD & MINERS- Frustration and a line In The Sand

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GOLD – Gold from Tuesday. 

gold-10-25

Gold Wednesday–  Honestly not much has changed, but as TIME goes forward, it gets later in the daily cycle and eventually Gold will begin to dip into a daily cycle low. Since we do not have confirmation that this is indeed a new Intermediate Cycle, we need also be defensive. Lets review-

  1. Gold lost the 200sma, we want it back over $1269.

  2. Gold held the 10sma, so far so good.

  3. Yes, these wiggles get frustrating when we are waiting day-by-day for confirmation. We need a break higher soon or we’ll run out of time.

gold-10-26

GOLD BEAR – So if this were to break down, this is what you could see. We need to have a line in the sand that gets us out of positions if this is a final weak daily cycle, and not the ICL and a start of a new Intermediate Cycle. Lets look at Miners next.

gold-10-26-b

 

GDX Chart #1 –  Wednesdays action looks like Mondays action. GDX held above the 200sma and dipped below the 10sma, but closed back above it. See the chart.

gdx-10-26-1

 

GDX Chart #2- We are on day 11, and L.T. Daily cycles can top around this time, so I was hoping for a burst higher.  There is still time of course, I even added on Wednesdays dip, but lets discuss a line in the sand, it is getting late.

gdx-10-26-2-bull

GDX CHART #3– When a trendline forms, it needs to hold in my opinion.  Look at the last daily cycle that eventually rolled over.  It was fine until that trend line gave way.  I see a clear trend line at todays lows and this was also the 200sma. That is going to become my line in the sand to lighten up.  I’ll lighten up a lot and will have to just sit and watch how this daily cycle plays out if that trendline is violated in GDX.

gdx-10-26-3

GDX CHART #4 – If the ICL was still ahead, I can see GDX in the $19  area. Buying again down there would be a deep discount if the Bull remains in force.

gdx-10-26-4

GDX 200sma –  This was Mid Day and the 200sma was still holding price. You cant help but to notice the RSI 50 has held back weaker daily cycles. A break higher in price and break above the 50sma will be another sign that things are going to play out bullishly.

gdx-200sma

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CONCLUSION: It is not easy when you catch a daily cycle low and it doesn’t just take off like a rocket, proving that it is an ICL. As it lingers, you don’t know exactly what you have until it breaks up or down. We are still left waiting without confirmation 1 way or the other, but it is getting along time-wise.

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When you grab an ICL that just takes off, you know exactly what you have. Look at this MAY 2014 ICL.  I bought this heavily at the lows and waited, and it didn’t take long.  If you didn’t take a position, it took off without you and gave you no low entry.  THIS is why I learned how to find and buy the lows.   When you nail it, it yields rich rewards.  What if it is just a final daily cycle that rolls over?   You step off, keep losses low, and get the next low that will be the ICL based on being deeper in the timing.   Then you get the rich rewards and your losses are easily recouped and then some. 

gdx-icl-2015

RIGHT NOW –  We are still lingering at the lows, waiting for a break out (or down) to confirm whether this was an ICL or a DCL.  I see that some Miners listed in Wednesdays report ( NEM, ABX, HL, IAG, ETC)  still look fine.  They seem to indicate that we saw an ICL and buyers just haven’t stepped in yet.  As usual, Time will tell, but for now we have a line in the sand to help us to navigate the daily cycle. Unfortunately Options expiration can keep this volatility going. Lets hope that we get some upside action soon.

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~ALEX 

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  So I dont think that I have ever never received as many emails with the question something like this, ” I see so many E.W. people saying that a 5th wave will drop this down to new lows. Could that happen and can I just take my profits here and wait to see what happens?”   I totally understand that lingering at the lows is uncomfortable and reading several other ideas can affect confidence in a current trade set up.  I also agree that as time goes on, the lack of upside is frustrating.   So the answer is “Yes,  if we are only in a final daily cycle, new lows could form the ICL below this DCL.”  Of course anyone should feel that they can sell anytime they want to, this service provides you with my view on things to add to your trading style.  If you want to sell and this was the ICL, you can always get in on the next daily cycle low.   

  As for me, I entered this trade at the lows and I personally have a trading plan when I enter my trades.   I use discipline  ( a line in the sand )  to keep me in the trade until my parameters are broken or it is obvious that the set up is not working out as expected.  Right now the lows are still in tact. If Gold & Miners rally, I am in at the lows.   If it rolls , I am out with small losses and back in at the next lows ( ICL) where any losses are recovered and then some.  Many miners can double from these types of lows.   As mentioned, I still like the way many Miners are acting now ( ABX, NEM, HL, IAG, etc) , so there is still a chance that we just saw an ICL and we are just not getting the screaming move out of the lows that can occur. It doesn’t have to scream out of the lows. We may be seeing more of a drawn out low like we saw in Dec 2015.  Time will tell and time is running out.  🙂

158 replies
    • chartfreak1
      chartfreak1 says:

      Hi Pankef, Yes, there are 2 reasons for it. I have a trading plan and I just allow that plan to keep me in the trade or tell me that its time to get out. No emotions involved,I have parameters, but most want me to explain each wiggle and why it happened and what it means. They get nervous, and I understand that, but it doesn’t change a trade with a solid plan…

      For example, sadly at prolonged lows I get emails that say something like ” I liked Fridays report and added to my miners. I sold it on Mondays sell off, because people were saying on twitter that E.W. people expect another drop. Then I bought it back on Tuesday when I saw Gold up premarket and taking off without me. I sold again Wednesday, because I read on the internet that the selling was caused by India and XXXX , so I read that that is why Gold is selling off and it might continue…Should I buy back in now or wait ?”

      That makes me sad. I understand what they are feeling, but it isn’t always helpful to listen to 20 different ideas at the lows. I just want people to do well, but the emotions at these lows have some people jumping in on up days and out on red. From ” I’m missing the move and need to make my money back” on up days to ” I’m losing money again, I’m out!” on down days. That chops up accounts.

      Todays report is trying to basically say … ” If you are in, you have a plan and allow it to guide that trade,
      “… or if you feel overwhelmed reading a whole lot of other peoples ideas and trying to add that to my ideas, get out and wait for the next DCL, whether it is higher or lower, and then get some sleep at night. 🙂

      I constantly hear people say to me when I show former ICLs, ” I would easily have bought that and held on, the lows were never taken out.” Easier said than done, right?. Our lows are not taken out, but emotions are involved in real time day-today action.

      The second reason for a cautious approach is that “timing’ is getting later on into this daily cycle, so until we see a higher high, we have no solid uptrend or right translated daily cycle. We can still get a POP that solves that, but it is just recognizing ‘where we are / at this time’ of our daily cycle. No confirmation of a new intermediate cycle yet.

      • SonOfGud
        SonOfGud says:

        $GOLD currently lookin good @ $1272.
        on its 4H chart its never looked in any trouble, bouncing off of the 50sma, and now back above the 65ema & 13ema (which i like to use)

      • Maria
        Maria says:

        yes.. agree & can I add – in my most humble opinion, this is a highly volatile sector therefore when trading metals/gold/oil etc. peeps should only use discretionary capital… money that they have a high risk tolerance for … $ that wont be needed for this months rent or groceries .. lol.
        and yes … a trading plan is a must – u can just follow someone blindly… seriously — folks should be able to say out loud in one succinct sentence why am i taking this trade… write it down.. entry,SL,adds, exits targets… position sizing — also huge… if ur losing sleep…scale back man….or try paper trading until confidence returns.
        imho .. trading is bloodsport .. people are in it to win it … they are out there TRYING to take ur $$ every day…. it’s high stakes… there are winners and losers on each side of the trade…
        everyone HAS to be responsible for their own trades… exclamation point .. end of sentence.
        there’s no crying in baseball
        https://uploads.disquscdn.com/images/aaff49048b95b88439492f291aa5d085b3bf4a635af847fe739ce9a59e1e0dd8.png
        sorry if i sound like a hardass but imo a tough sportslike kill or be killed mentality is a must…. if u dont have it .. go out and find it… then try try again ;o)
        peace out
        M

        • chartfreak1
          chartfreak1 says:

          I really agree with the first few sentences. It affects emotions x10 when someone goes all in with the mortgage payment and kids college funds, even if the trade only drops 4%.

          Risk management is so important..

          • chartfreak1
            chartfreak1 says:

            The first part was very factual, ‘The rest’ was written as “I.M.H.O.” – I dont want to coat tail your humble opinion : )

            Plus, I don’t agree with “There’s no crying in baseball”. Watch the final game of the world series, there’s crying on both sides 😉

          • R Byram
            R Byram says:

            sage words Maria. If I can add, I think the most important thing when you are entering a trade is to immediately set your stop, whether it is a hard stop or an alert on your screen, but you must set a stop before you do anything. Don’t go for a coffee, to the bathroom, answer the phone, look at another screen – nothing until that stop is set. Trading in these penny stocks is very risky and very treacherous. Even when you set a stop I had another one – SPAR – blow through my stop yesterday (and now I have learned that lesson well and it was sold on the next tick)

            I recently read a good book that has two chapters in it on risk management. Alex if it is appropriate, let me know and I can post it

          • chartfreak1
            chartfreak1 says:

            Thats fine.

            Risk management is important, but I also think each trader should develop their own. I dont find a good “1 rule fits all types of trades’ rule for risk management. Maybe the book details that – how to find your own risk tolerances, etc . Some trades are riskier that others by nature.

          • Zoli Nep
            Zoli Nep says:

            Awesome report,Alex! I’m gonna read it a few more times! Have a trading plan, discipline and risk management – this in itself is a trading edge over time. Hats off to you Sir!

          • R Byram
            R Byram says:

            I understand what you are saying and hesitate because this guys trading strategy is quite different than yours, but for what it is worth it is Mark Minervini – Trade like a Stock Market Wizard.

          • chartfreak1
            chartfreak1 says:

            That’s fine.

            I know of Mark, his style is similar to William O Neil – ideas like – Only buy break outs, maybe only buy stocks above $20, Only buy stocks at all time highs, only buy stocks in uptrend, etc etc etc .- Ideas that do work, Slow gains most of the time, but steady.

            If you know William O Niel ( I happen to love his books) and the CANSLIM method and IBD, He was the master and originator of those ideas. ( Mark copied it and called it his own in my opinion) . No offense, Mark charges $ 5000-$10,000 for his seminars , etc…not so loving to the little guy to teach those ideas , when you can get as much out of a $20 book by Oneal – just my opinion. : )

            I have read William O Neil books for years and he has traded with that style since the 1960’s, it works, I use it in many ways, but I have to take some rules and learn from them, toss others aside. Never buy a stock under $10 is a rule I break all the time and when they double in a month or two out of an ICL, , I’m glad I did. : )

            Yes, I break their rules constantly and it has worked for me, but I have learned quite a bit from William O Neils books too .

            You can still share the books name, let the reader use discernment .

  2. Cason
    Cason says:

    AKS dreaded secondary offering – $65M shares at $4.90. No idea why theyou low-balled themselves. If you are in it then this SUX (I am not), if not may be a great sale!

    • SonOfGud
      SonOfGud says:

      if things look iffy going into close.. i might be tempted to offload in order to beat any potential ginormous gap down

      • chartfreak1
        chartfreak1 says:

        Define ‘iffy’.

        Light volume rise today?

        Rise and sell off into the close?

        A-B-C x A-B-C zig zag double whammy teepee shaped reversal run up & drop on a 5 minute intraday chart? : )

        • SonOfGud
          SonOfGud says:

          if it looks to be at one of those positions where it could go either way.. either ready to breakout.. or ready to drop.
          i guess you might call it risk management, where an all-in situation no longer looks all-in.
          think the smaller period charts are fine if they give you a TL going back a month, rather than use for reacting to intraday candles 🙂

    • chartfreak1
      chartfreak1 says:

      I really feel that GDX was close to about as low as it should go yesterday, due to that trendline.

      It already broke the the 200sma for a shake out and thats fine, but at this point, I want it to get its act in gear and move on out of here 🙂

  4. Bill
    Bill says:

    Alex, IF GDX #4 pans (no pun intended) out and we get a 3rd measured move down, what would you have to say about the bear market being over? Back below the 200sma……..

  5. Bob Sheldon
    Bob Sheldon says:

    Alex, I was very concerned about the miners inability to rise with the falling dollar yesterday. A big red flag to you?

        • chartfreak1
          chartfreak1 says:

          It can vary because I bought the lows and added over time, I got in in the $9’s $10’s and $12, but I go by the ETF GDX or GDXJ when I’m using JNUG or NUGT

          I’m watching GDX tag the 200sma and want it to hold as the day goes on

          • chartfreak1
            chartfreak1 says:

            I dont remember when I said it, so I cant recall the context.

            usually I set stops on each trade individually, metal stop or ETF.

            Just know where you want to get out. What is your line in the sand. When is a drop ‘enough’ that the trade isnt acting as expected , etc

          • Cal Staggers
            Cal Staggers says:

            My mistake, I thought that was in today’s report, but I just looked and you said:
            “I see a clear trend line at todays lows and this was also the 200sma. That is going to become my line in the sand to lighten up. I’ll lighten up a lot and will have to just sit and watch how this daily cycle plays out if that trendline is violated in GDX.”

            I show the 200day MA as 23.81

            Are you lightening up or do you think it requires a more decisive break?

            Thanks!

          • chartfreak1
            chartfreak1 says:

            I have a core position, and I’ve added to that, I’ll hold that, but I go in heavy when I think we could be at an ICL, so I need to lighten up if the trend line breaks .

            I’ve posted a few trades ( sells) above

  8. R Byram
    R Byram says:

    cde reported – very mixed in my opinion – profit and cash up but production down. They have partially fulfilled an at the market financing and have more to go. But here it is up in the pre.

  10. Thomas Yarbrough
    Thomas Yarbrough says:

    Pot stocks are bouncing today some off the middle Bollingers after the big run in late summer

  11. chartfreak1
    chartfreak1 says:

    NOTE: Even though GDX is tagging the 200sma and may recover, I usually cut leveraged positions around day 12-15, so I am selling 80% of my JNUG , most of which was bought below $10. Yes, there could be a nice pop higher and run before a drop into a dcl, but my experience with 3xETFs is that a drop into a DCL can go deep.

    I will lock in gains and re-enter on the next DCL ( Either it is an ICL or a first DCL. ).

        • Siva
          Siva says:

          just reached home, bit late. Sold JUNG @11.70 bought @10.20
          sold NUGT @12.80 bought @11.30
          recently i read some where “if you are booking profit, they won’t broke”.

          • chartfreak1
            chartfreak1 says:

            Yes, It can be hard to sell if it seems like a run higher could come, but leverage will go from green to red in a daily cycle low dip down quickly.

            Plus, You made over $1 per share , so you turned your 10,000 shares into $10,000+ profits, good enough!

            Just kidding, but glad you got out with some profits locked in. Save it for another trade at the next DCL, be it higher or lower

        • Bill
          Bill says:

          Ya, good profits on my miners. Had to let them all go based on this action. Like you said, eveyone needs their line in the sand. Mine was crossed. I’m thinking 4th DC now. $19.77 woul dbe the 61.8% for GDX

    • fred
      fred says:

      I sold for $12.30 when jnug went below the 10sma. bought 10-17 when it closed above the 10sma. That’s my plan and I’m sticking to it.

  12. chartfreak1
    chartfreak1 says:

    Dumped AG, had decent gains and it keeps taking them back, lingering at the lows and bouncing around. .

    I may re-enter when it looks ready to run higher ( Good potential) , but right now I dont see the buyers.

    • Monster
      Monster says:

      I’m not sure if it has already been discussed here but a fund out of Toronto announced a large short position on First Majestic and gave its reasons why in detail so I believe that has had a huge influence on how deeply it has dropped. It may also impact the rate it recovers. I’m not sure this stock will behave typically for this reason.

  13. chartfreak1
    chartfreak1 says:

    ABX looks good , NEM & GG not good. This will drag GDX down.

    Also still see decent charts of IAG, NG, HL, etc – but there is a possibility that things could roll over in GDX if GGG and NEM are.

  14. Tammie Woodard
    Tammie Woodard says:

    I sold a bunch, holding a few…. Most of my profits this year have been in oil so I’m thinking I’m going to wait for the next good cycle low in oil….

  15. Ken
    Ken says:

    Excellent report Alex.
    The next major move and/or trend change in Metals will be next Wed. afternoon at the FOMC announcement followed by Nov. 9 the day after the Election…..
    My “line in the sand” is the Oct. 9 lows in Gold, that is where I will hedge (DUST) to some degree for that wave 5 down into the ICL, but I am Not over leveraged, my Call Leaps have alot of time yet and It Is a new Bull market in Metals imo.
    Currently GLD still holding the 10 sma………still watching the show.

    • chartfreak1
      chartfreak1 says:

      Yes, good to have a solid plan ( Oct 9 was Sunday, I’m sure you meant 7th low in Gold, that Friday low).

      Hedge is good idea if you’re holding into a leg down.

    • Michael
      Michael says:

      Ken, I was just thinking about looking at Leaps when I noticed your mention. Would you care to elaborate on your Leaps perspective? Leaps on GLD, GDX, or…? How far out are you looking, etc.? Anything you would care to share would be of interest.

      • Ken
        Ken says:

        Micheal please make sure it fits your “style and risk” trading:
        I have been purchasing GDX and SLV Call options in tranches since January 2016 adding at each DCL, (or what I thought was a dcl 😉 ) utilizing the January 2018 Calls ITM strikes. I will be begin to accumulate some January 2019 Calls soon.
        I am utilizing this strategy because Metals are in a Major Bull Market currently….imo.
        Buying some physical is Not a bad idea also……..
        I hope this helps to some degree…..

        • Michael
          Michael says:

          Thanks, Ken. Several years ago I dipped into Leaps and, with the continuing gold mkt. decline, had to bail. I do have physical incl. junk bags; it’s interesting that I do not feel the market’s decline in my physical as I feel it with the trading in gdx, etc. The physical really affects me like an insurance policy – it’s just there for a big emergency; largely out of sight, out of mind.

          • Ken
            Ken says:

            Very true Micheal. I feel the same way in regards to physical holdings.
            As with any trade entry you will need to trade with the correct long term Trend !
            btw….cash is a position. 🙂

  16. Johnny
    Johnny says:

    Doesn’t it look sometimes like whoever is manipulating Gold is subscribed to CF? Just sayin…. lol.

  17. Johnny
    Johnny says:

    I usually have u.k. live charts on gold for realtime gold which is going up and down like mad right now. Also I have Kitco Gold on. Kitco has gold on a flat line right now. That’s unusual.

  18. Rob
    Rob says:

    Alex,

    What I find interesting is that GDX is near the lows of the last ICL at the end of May. If the Weekly lows of May 2016 do not hold, would it be cause for concern?

  19. R Byram
    R Byram says:

    there we go, I’m out of almost everything 13 trades since the beginning of October – 6 up, 7 down. Net result is a profit of $75, and strangely I am happy with the outcome.

    • Carlnetscouts
      Carlnetscouts says:

      Have JNUG and NUGT stops slightly below today’s lows. Will make a few dollars if stopped out which looks likely. WILL keep most of my core but I’ll lighten up some.

      • Cason
        Cason says:

        It took me weeks to slowly accumulate all of the positions I have. Don’t want to stop out and then re-do all of this in 2 weeks!! ugh. So much work. had a great plan. doesn’t matter.

    • nancytheartist
      nancytheartist says:

      I sold several positons for small profit, but am mostly holding. May sell a couple more. I want to see how things settle after the options expiration is over.

    • Cason
      Cason says:

      Yeah for $75!!! I was still up overall as far as yesterday even with this crap action. now I’m underwater again. 🙁

  21. chartfreak1
    chartfreak1 says:

    So a word about the upcoming legalized marijuana voting and the pot stocks that a few have been talking about.
    Yes, they are running very strong before the voting, but it may be the buy the rumor, sell the news event.

    This is a speculative area in a big way…they run up & make huge gains 300% 500%, 1000% etc , then people want a piece of that action and some go back to zero.. BE VERY CAREFUL. Some may succeed , some may not.

    Take a look at charts of CBIS, HEMP, CVSI, for example.

    Huge gains on speculation, huge pull backs out of nowhere. Some will do very well, others will do whatever.

    Just a cautionary note.

    TRTC was a nice set up recently, still not bad , but broke out and breaking down. CANL still climbing. MJNA = huge gains, maybe starting a big drop today. CANN – 60 cents to $5 , down to $3.

    Just be careful and do not bet the farm on these if you choose to trade them.

    EDIT: EDXC – I did some reading on that company. They sell infused dog food for anxiety in pets. orders are increasing, they may be potentially profitable in the future regardless of the vote, they may do well if the vote is positive.

  22. Siva
    Siva says:

    Hi Alex,
    CLF is down 16% due to unexpected Q3 loss…
    I want to buy CLF from long time … is it a time low risk entry?

    • chartfreak1
      chartfreak1 says:

      Hi Siva, I would definitely wait on that one. I dont like how this looks today

      the weekly chart doesnt look very good now, and today looks like a break down on heavy volume on the daily.
      I do not see this as a shake out, I see a gap at $3.50 and I would worry about that with this selling volume & it is not oversold yet.

      • Siva
        Siva says:

        thanks for the updates. Surely this time i will keep close watch and grab it when “the right time comes”.

  23. WAHOO !!!
    WAHOO !!! says:

    GOOD MORNING ALEX, MY CHARTS LOOK DIFFERENT SOME OF THE TIME, COULD YOU SHOW ME YOUR SETTINGS. ALSO IF IT WAS POSSIBLE TO POST SOME OF YOUR COMPARISON CHARTS NEXT TO EACH OTHER NEXT TO EACH OTHER THEY WOULD BE EASIER TO COMPARE GREAT JOB THANK YOU

    • chartfreak1
      chartfreak1 says:

      Hi Wahoo!!! – I like that – good enthusiastic name : ).

      I cant post the charts side by side, the website isnt designed for that. I MIGHT be able to cut & paste them together on a separate layout, but I never thought of it, and I spend so much time on my reports daily as it is, I may not do that often , even if I can.

      I use standard setting most of the time, but maybe yours are logarithmic scale? mine are set at Linear most of the time. I do use log charts on some charts longer than a year.

  24. Ken
    Ken says:

    SOG
    Remember ORIG a few weeks back when it took a 50% hit to the down side and we both took a buy on it as a flyer ?
    Take a look at it now….. 🙂

      • SonOfGud
        SonOfGud says:

        mustve been someone else who deserves the credit!
        i remember the name being mentioned,, but its not one that i bought.. mores the pity, its my kind of rocket-or-bust 🙂
        definitely not a Kennystock

        • Tammie
          Tammie says:

          I was in in back when it had that 50% drop….I had just bought the day before….woke up next morning to that…..so ORIG is dead to me as Cason would say…..:)

          • Tammie Woodard
            Tammie Woodard says:

            Ha! Yeah I knew that was going to happen in advance and did it anyway, I’m smart like that….:):) This was one that I had even studied the financials…current ratio on 6/30 financials was good, had lots of long term debt….but other than that there was nothing to flag a super big problem….no news to give indication…then BAM! 4:00 the afternoon I bought they started coming out with all the long string of news…..I should have been watching after hours and I could have sold that afternoon instead of not knowing til the next morning….but I wasn’t into watching after hours then….I am now…..:) 🙂 I was in shock the next morning…this hadn’t happened to me before….then came GPL later…..:P

          • SonOfGud
            SonOfGud says:

            got caught with my pants down on a couple this year.. namely SUNE & LINE.. but fortunately wasnt heavily in

          • SonOfGud
            SonOfGud says:

            blimey oreilly…. theyre dropping like flies.
            looked like it might be just getting a lil sumthin going.
            least it wasnt a 50%er!

  28. Ken
    Ken says:

    Well …. if everyone ponies up $20 each just maybe we could order dinner too after a few brews……..hmmm

  31. Nord
    Nord says:

    https://uploads.disquscdn.com/images/43a5c0047e1ffb7a689dd52f1ad56d2b204adf06ce184e1e3c56f85a898c9ac2.png
    Level-wise I don’t see this as the right “solution” of the DXY top. But resistance wise so late in the cycle… Well. I think the dollar need a break soon.
    My main scenario has been that the dollar will reach 100. And that could catalyst a short-term breakdown of gold further as DXY finishes its run. But observing today’s price action, I am not so sure anymore.

    The million dollar question for the longer term;
    Is the dollar making a head and shoulders pattern or a big bullflag for a journey up to the upper resistance level (red zone). I believe the latter.. But time will tell!

  33. Johnny
    Johnny says:

    Well I hope tomorrow brings less volatility in $GOLD. The last couple of hours were calm if you compare them to the rest of the day.

      • Johnny
        Johnny says:

        Hello Cason. I believe you mentioned that metals futures expired today. Maybe a little less volatile tomorrow? I believe those big fluctuations take a toll.

  38. chartfreak1
    chartfreak1 says:

    I’ve decided to do a Friday Morning report, but I started a bit later than usual ( I usually gather all my charts the night before).

    I will try to get it out around 8 a..m.

    Thanks

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