Loading ...Rick on August Gold… hmmm……
$ GCQ15 – August Gold (Last:1193.30)
Updated June 2, 6:59 p.m. EDT
With stock, T-Bonds and the dollar all getting pounded in the early going yesterday, gold futures should have been up $25-$30, not $5. This hints of weakness to come, although one might conclude from the hourly chart shown that sellers are too enfeebled to do much damage at the moment. Under the circumstances, I’ll suggest bottom-fishing at 1183.10, stop 1182.70; or at 1176.10, stop 1175.70, if the opportunity should arise. The lower Hidden Pivot seems the less risky place to attempt it, although the chance of missing the trade is higher if gold turns from the first pivot .
What do you think about Rick’s hidden pivot method? I’ve followed him for a couple of months and he’s often “uncannily accurate” as his website says, but I can’t find any other commentary or review on his method besides his own site. I came close to paying the $550 to learn his secret method because it looks like it could really simplify trading, but I had no way of really judging whether his success was due to the simple trading method he’s selling or his own experience and skill.
I like Rick but I wouldn’t join him. The 550 bucks is really a fish — meaning you have to take his course which is over a thousand or so. I joined for a VERY short time (you use to get so many days free)… his board only had a few like 3 people on it (not the thousands advertised!!!!). One new guy obviously like me asked Rick a question and Rick basically blew him off and not in a nice way (he had a very valid question)… Well that did it for me… you either take the course or you can forget any conversation on the board (with the one or two folks who participate)… His hidden pivot calculator is here http://www.rickackerman.com/hidden-pivot-calculator/ . It’s nothing more that taking three points and looking for the 100% retrace…. I suggest you use this calculator http://www.actionforex.com/resources/tools/fibonacci-calculator-200603205723/ .
If you subscribe to his free newsletter and read between the lines you can soon learn his technique. I’ve been corrupted and use EW (in a very crude way) and the EWO (in a very big way). I just use Ricks technique to validate price objectives…
Sites I recommend:
Rambus – what can I say nobody knows Chartology better than Rambus
http://www.cobrasmarketview.com/ — day trading site (I use to be a day trader)… Cobra is third highest rated site on Stock Charts. I’ve learned much from Cobra…. you have to first realize that Cobra bases his analysis on years of backtest results…. Know what the day traders are doing/thinking and you’ll be a better trader….
https://www.tradinglounge.com.au/ — EW with Peter Mathers. Peter also has a youtube channel. For the life of me I haven’t figured out yet why the Aussies are so hot on EW… But ALLLLLLL the really GOOD EW folks out there are in Australia or are Australian (well I’ll have to include New Zealand in that since I know one NZ Gal who blows everybody away in EW Analysis and she’s hot).
PUG is pretty good at EW here in US if you can get past his attitude and he only really does the SPX. I learned a lot from PUG but Peter is much better and covers allllll commodities…
Thanks, trektrader. I think you’ve summed him up pretty good. Also, I’d taken his free subscription a few months back and came to the same conclusion about his chat room that it’s just a couple of people. I think Rick’s a bit more friendly now but there isn’t a huge crowd around him and that probably explains why there’s so little commentary about him online. Thanks for the links, too. And all your greats charts as well.