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Like a turtle to his balcony...
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Like a turtle to his balcony...

  #1011 (permalink)
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Gold's intense selloff has a strong impact on many markets today.

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I am trading very conservatively, mostly watching CL order flow, GC and ES. Keeping my eye on a TPO anomaly around 89.00, and GC 1385.

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Small trades, not looking for any homeruns today, protecting my capital more than anything.

Value is developing around 88.80, gold somewhat stabilized into the pit close. MP still suggests a trend day with responsive buying below 88.00.

Minimum targets for Major C wave completed. Watching gold hard for support to add confirmation for CL long potential on Tuesday.

Equities still looking lower possibly today, while CL has fallen into a pattern of uncertainty. Not going to trade into the CL close today. Sitting up 51.

Today is the first day I can remember actually trading off the volume ladder over VSA. Or, not really instead of, but in combination with. I kind of see the two as a single view.

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Small scalps today, but great accuracy for long trades in a falling market. I missed the RTH open this morning, and started my day with CL trying to find support, but there was so much panic in the markets in general I traded up with hesitation today and was not ashamed of that.


Last edited by GaryD; April 15th, 2013 at 03:50 PM. Reason: add volume view
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It was a good call to stay off the close as price rotated tighter and finished nearly dead center of the day's range.


ES did move lower as well, currently trying to find support around the RTH 618. Some day I may go back to trading ES. I nearly cringed as I typed that, but I have watched it for so many years now. And at least the typical volatity is lower than what I am used to. Maybe I swing ES? Maybe.

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And still not using it, but watching with a lot of curiosity, that Delta Divergence indicator nailed the short entry this morning in CL. The small red arrow was generated by the indicator.

I am going to keep it on the 5m chart, found a setting that is still visible but not interfering with the graphics that I hijacked from @Private Banker (to whom I owe a lot of thanks over the past couple weeks ).


Last edited by GaryD; April 15th, 2013 at 06:10 PM.
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Gold's intense sell-off has a strong impact on many markets today. ..............

Possible of course, that there is some element of empathy selling. I strongly disagree though. I have always thought of gold and oil as having that emotional element. And being so thin (especially gold), it would easy for any big fund to make or break gold. This move, quite likely has some amount of exhaustion in it (that does not imply end of move though). This impulsive bear structure has been in place in gold for weeks now, as one can see below.

That 1530 level should have been a springboard for either another bull move or consolidation, but the wave structure suggests the bull has some serious damage. The ES on the other hand, doesn't even show a corrective (yet).
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.............I strongly disagree though............

Permit me to extract foot out of me mouth now. As I see ES collapsing into the close. Doesnt take long for the market to humble us all at every turn. That is some burn candle! Makes my 5points look like chicken feed.

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Permit me to extract foot out of me mouth now. As I see ES collapsing into the close. Doesnt take long for the market to humble us all at every turn. That is some burn candle! Makes my 5points look like chicken feed.

It's ok, been there done that too. I was expecting to buy CL around 88.50 until today, so we are in a similar boat.

ES still has a lot going for it over GC, even with the fall.

I watched GC today for the first time in at least a year, and cannot believe thatI ever traded it. Wow that is thin and jumpy. What is weird is previously (3 years?) I did not see that much difference between GC and CL, but over time CL has slowed down for me.

My stepfather still deals in bullion, and I called him last week to advise of the Goldman warning, but I am not sure anyone was expecting what went down today.

I ALMOST shorted GC around 1378, but watching the whippy volume, just tucked my tail...

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Permit me to extract foot out of me mouth...]



Just caught the "scattered thoughts". LOL!

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Just caught the "scattered thoughts". LOL!

My homage to the best thread on futures.io (formerly BMT), which is unfortunately closed now. I miss that miscreant @Lornz.

See this, this smacks of fund selling across equity assets, it did not translate in the Euro. Not convinced this is any sort of panic selling. Just liquidation, maybe the bulls got complacent, he he, and needed a wakeup.

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Both oil and Russell look weak (as expected). Similar to Gold.

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