Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Gold broke down and has gone further in one or two days than I would have thought. I really expected some sort of bounce around the 1700 level, but it did not happen.
If I wasn't such a Whimp I would have been in this trade. I traded it last night and was in at 1741. I took 12 points, but the setup had more potential than that. Looks like 1575 could be the next support area.
Gold could be a bit over sold at the moment, but looks as though it may have more downside to go. Posting a Weekly, Daily and an hourly with wave vol on it. Lots of supply coming in, but it is at support. Would need to see a weak rally. There is lots of resistance above now. The last leg down could be climactic. Very vertical with wide spreads and high volume.
The euro has me a confused. A breakdown from a large trading range and a good move down, but it seems to have stalled. Still seems like it should drop a lot more, but there could be some upside first. i don't know.
Crude, like gold, seems like it may have had some climactic action and could bounce, but it has broken out of the contracting pattern that it has been in for some time. My ballpark estimate or target out of that pattern is around 76. That's not to say it will stop there.
One of these days I hope to catch one of these moves. I see all the signs after the fact when looking at the charts, but am apprehensive in real time. Hopefully this kind of review will help for the future.
My main focus at the moment is EU and looking at these charts your views are in line with mine, there was a pretty strong long setup which i didnt get as i was out. i have attached charts of week, day, 15 min and also of mikes CD setup that i have been playing with (just for 1 day) but there is a nice 123 on the renko for entry after CD div and also long inventory on the larger vol chart ( i think)
The weekly shows a 50 % fib a 78.6 fib near overlap as well as swing symmetry all about the same spring zone you had identified.
The daily has a 127 fib exstension into the same zone and the 15 min has nice accumulation showing up as well as support holding in this t/f.
any questions shout, this is a little rushed as im off to the gym...
I've been around. Sometimes I get very frustrated with trading and think I'll give up. Mostly due to dump ass mistakes. I'm trying hard to be disciplined and patient, but that is my biggest challenge.
Its something that has to be worked on as much as chart reading mate, excercising the mind, do you do any meditation or anything, i found it really helps me concentrate.
No, I don't meditate, but have thought about it. Can provide some info on a good approach? A link, book, etc. You can PM or make a new thread of too off topic, but I don't really care if you do it here.
DavidR - The Wyckoff thread you started has been very interesting reading and has provided inspiration to read/study/learn Mr. Wyckoff's trading method. As a side note, I have used the natural hypnosis files for relaxation, and centering before, during and after trading.
