Goldtent TA Paradise

First Majestic to follow suite?

1. Steins1 says:

   February 8, 2020 - 7:23 pm at 7:23 pm

   I only know so much charting, but why doesn’t this look like a double top from Sept until now?
   I don’t want it to be, but fighting reality always ends in a loss. 🙂

   • Karl says:

     February 8, 2020 - 8:03 pm at 8:03 pm

     The fighting reality argument I definitely do not want to argue against. It is probably THE #1 correct point in this and so many other matters.

     Please allow me to quibble against the rest of your remarks, however, even though I may bore people by repeating myself.

     I don’t think that a double top formation has completed. I think the price needs to go a bit lower to really count. Formations are of only limited value anyway. They sometimes fail. They are at best strong suggestions. Often there are countervailing patterns or analyses giving opposing indications.

     I don’t have the numbers, but I suspect that a double top formation with the 2nd peak higher than the 1st, even if fully completed, would be less likely to be successful in predicting a subsequent meaningful (trade-able) decline than one in which the 2nd peak was lower.

     That brings me to another point. If we’re thinking in terms of not fully completed patterns, we could argue about higher highs and, if Patrick is correct, maybe the start of some higher lows.

     The matter is in my mind indeterminate. Also, in my mind, a lot of pattern analysis is a bunch of near-hooey. There’s a lot of angels on a head of a pin verbiage. Once a pattern is completed — and proven not to have failed (and patterns often do fail — maybe 30% of the time or so depending on the situation) then often much of a move has been made.

     So, perhaps it’s time to be less modest about your inexperience. From your descriptions, you have extreme professional skills both at measurements and image analysis in woodworking you could put to use here. You have looked at endless charts. You are probably far better at figuring things out than any number of people who comment about charts and probably immensely better at pattern recognition, possibly at recognizing patterns that haven’t been described yet. As before, I personally recommend to you and any number of people Emerson’s Self Reliance. Great to read various other people’s ways of doing things, but… Quite likely you should be teaching the rest of us in my opinion.

     • Fullgoldcrown says:

       February 8, 2020 - 8:38 pm at 8:38 pm

       He is teaching us

       And learning as well..

       Thats what its all about

       • Steins1 says:

         February 8, 2020 - 9:17 pm at 9:17 pm

         Thanks guys!
         It’s funny, I did see what I thought was a small double top about a week ago even on Rambus’s chart.
         Fully had posted one I think also.
         And low and behold we got the sh*t kicked out of us!
         I think that’s why I asked about this one.
         The only thing I know about gold is it almost never does what you think it will………

         • Steins1 says:

           February 8, 2020 - 9:19 pm at 9:19 pm

           And BTW, I bought some DUST as a hedge Friday and made a couple bucks but not nearly enough to offset loses.
           Fully, are you still trading the gold ETF?
           I keep thinking about it…….

2. Fullgoldcrown says:

   February 8, 2020 - 11:24 pm at 11:24 pm

   Hi Sir Steins

   Yes I am using the ETFs now exclusively

   In and out

   My go to is XGD ( 1X Canadian Gold Miners)…If I am bullish I add HGU ( 2X Bull Leverage) …If I am bearish I hedge with HGD ( 2X bear leverage)

   Presently I’m flat.

   The charts are ambiguous.

   I am not making any money but not losing much either.

   I am more comfortable with this approach…

   IF we get really Going I’ll likely add some Rocks ( after I miss the first move)

   • Steins1 says:

     February 9, 2020 - 1:05 am at 1:05 am

     Affirmative…….