Goldtent TA Paradise

Gold 1098

1. Mark says:

   July 29, 2015 - 4:28 pm at 4:28 pm

   $USD is ready for next leg higher soon. Nice consolidation here.

   http://schrts.co/pQGPtm

2. grin says:

   July 29, 2015 - 4:49 pm at 4:49 pm

   fib fits are kinda subjective, hard to find a fault with this one either as it held the range for 3 months and kissed off the lower 61.8 in early july….who knows.

   http://schrts.co/Kx6mlh

3. JamesBrrando says:

   July 29, 2015 - 4:54 pm at 4:54 pm

   USD to 103

4. Mark says:

   July 29, 2015 - 5:02 pm at 5:02 pm

   another view of resistance.

   http://schrts.co/vFLtz1

5. Mark says:

   July 29, 2015 - 6:41 pm at 6:41 pm

   Grin – Your chart is an excellent illustration of the role that fib retracements play. I modified yours slightly to show how the fibs are showing the current range and where a breakdown target might land us….1016 abouts.

   http://schrts.co/xaa83w

6. grin says:

   July 29, 2015 - 7:24 pm at 7:24 pm

   Thanks Mark, I gotta say your fib work and methodology is dear to my use of fib projections. I have rarely seen any one else use projections based on fib resonance etc., and I have used them for years.

   Hats off to you!!!!

7. grin says:

   July 29, 2015 - 7:40 pm at 7:40 pm

   Here is a circa 2007 chart I used with the same logic for the dow top.

   http://schrts.co/8o1H6C

8. Tim says:

   July 29, 2015 - 9:24 pm at 9:24 pm

   I think that resistance is pretty strong too. I’ve got a line on my gold chart, a slight slope, currently around 1103; the big Sunday night drop (19th) bounced off it (hourly close, 21h) and then bounced under it and it’s been below it ever since. That’s 11 days and if this was oil I’d say it’s become the new, intermediate term ceiling. Unless that’s broken though, the most likely direction is down. There’s no reversal until that’s breached. I think that’s the same thing Mark is saying.

   So far (9pm EDT) gold has been completely anemic. The lack of any sustained price movement after the FOMC statement must make gold look pretty exhausted and bearish to anyone holding it or holding any miner stock. Shouldn’t gold be up at least $10? It looks like a replay of gold’s anemic reaction to the Greek deal. But if it’s above 1103.50 tomorrow, then something’s changed.

9. Mark says:

   July 29, 2015 - 11:10 pm at 11:10 pm

   Hi Grin – I didn’t realize you were applying similar fib projection techniques. I was introduced to the idea about 13 years ago by an analyst who is now a hedge fund manager and have incorporated it into my analysis ever since. It’s amazing in identifying support and resistance levels. You may recall a week ago my fib projection came within pennies of projecting the JDST swing high. I said $18.04 and it went about 10 cents higher. I was already out of the trade in the 16s but the technique worked.

   I think it’s dangerous to apply any single analytical technique in vacuum and I subscribe to taking a more holistic approach to sizing up the markets. When there is a preponderance of evidence, that’s when I start putting my chips down. I emphasize trading with the trend. Yes, sometimes I will try to snag a little counter trend bounce when solid support is found but the real money is made when you’re selling resistance in a downtrend and buying support in an uptrend. Being a wizard of nailing a 4 year downtrend isn’t the spectacular payday people think….getting paid by capitalizing on the trend is where it’s at IMO.

10. grin says:

    July 30, 2015 - 7:17 am at 7:17 am

    Interesting Mark, yes I have used them for a long time as well. There was someone on public chartlist at stockcharts that used them years ago(2003 or 4) and I picked it up from there.

    This one for oil came within a few bucks of the top.
    http://schrts.co/8BLLlV

    Agree with your approach, simple but so true,the trend is your friend,

11. Mark says:

    July 30, 2015 - 8:06 am at 8:06 am

    Nice oil chart Grin! Looks like $35 may be the next support.

12. RJ says:

    July 31, 2015 - 4:19 am at 4:19 am

    Sir Grin, I understand your chart form the low to high. Can you explain how to read it from high to low? TIA. RJ

13. RJ says:

    July 31, 2015 - 4:20 am at 4:20 am

    I mean your oil chart

14. grin says:

    July 31, 2015 - 7:41 am at 7:41 am

    Hi RJ, the fibs I used were extended off the 1990 high on the way up. When 91.23 was passed the next fib extension suggested 141.12 as a next possible high. I keep the fibs in place because what was support and resistance on the way up should also be so on the way down. Having said that you could or perhaps should run a fib from the very high to low as well for accuracy. I just hadn’t done so as I wasn’t using the chart anymore. I have added downtrend channels and a high low fib just to update the chart.(starts to look pretty crowded)

15. RJ says:

    July 31, 2015 - 8:25 am at 8:25 am

    Thanks Sir. I can see it now. You used 41.25 as 61.8% pivot and 100% @ 91.23 and 161.8% would be 141.21