Good day to everyone. Gold reached a high of 1353 overnight and I decided to book profit considering that 1353 is the top of the newly formed uptrend resistance line. Since there is no much resistance on the way to 1375 I will try to buy later on somewhere between 1340 and 1346 for the weekend, establishing a SL order around 1338 before the close. I do not consider selling at the moment because the trend is strong and the geopolitical environment is not very clear with NK national day to be celebrated tomorrow. News about NK ambassador leaving Mexico and other countries will have an impact on investors sentiment keeping the bullish trend alive. If nothing happens over the weekend then we may see a retracement next week from somewhere between 1358/74 down to ????. Stay safe, cut your losses and extend you profit. Daily Chart Update
Friday, September 8, 2017
46 comments:
Disclaimer: This site is not intended to provide professional advice nor to lead users to either copy or follow the trades herein posted, it is essentially conceived to share thoughts and ideas for non-professional traders and become a non-official knowledge base for individuals interested in testing and improving their own skills in the spot Gold market.
Subscribe to:
Post Comments (Atom)
Good morning Cesar , i stayed up late for the asian session , bought at 1349 and left a take profit at 1358 .. it reached 1357.60 :-) and didnt book my profits..trade is still open at break even , you think i shall keep it open for today ? thanks :-)
ReplyDeleteYou could but you should be aware that there may be a dip to 1340 - 1346 today but the day will certainly be bullish. 1358 is a resistance from last year so I expect it to be broken later in the day (or on a gap on the weekend) on the way to 1366 and 1374 which are resistance and highest from last year.
ReplyDeletegood morning sir, i have sell position @1347 should i hold or close with loss sir? thankyou sir
ReplyDeleteWhy are you still selling on an uptrend? Are you trading real time? or Demo
Deletehmm,, i'm trade in real account sir,, my broker suggest take short position this morning, i know i my fault,, better i close or wait sir?
DeleteMerisa trust your instinct and not your broker, they are meant to make money our of your trades, whether you gain or lose. Whenever your gut feeling tells that you may lose money don´t do anything, 0 profit is better than any loss. Due to the being Friday, having a strong uptrend and the looming geopolitical an economical uncertainty over the weekend I would consider closing the short and going long on any dip to the 1340 - 1350 range (probably at the NYSE open).
Deletethankyou sir,, i hope it will go down to 1340-1346 to close my short and going long as your advice sir,, please keep update sir,, have a good day sir :)
DeleteMerisa it is very important that you do what you feel is the right thing to do not what I say, otherwise I will be acting just like your broker, I do not advice anything, I just share my thoughts on what I see on the market.
Deleteokay sir,, i think sir is expert than my broker sir,, hahaha,, my broker always said this market is overbought so this is moment to take short,, hmm,, i'm starting trade from last january and already loss so much :( thankyou sir you have take the time to share your thoughts on this forum sir.
Deletedont believe on indonesian broker miss, i from indonesia and lost lots of money because they advice.
Deletehello,, i already loss 50k and this my last equity to fight back my loss sir,, :( broker info always makes me on trouble
DeleteHow much is your equity now?
Deleteonly 2k sir,, can this return my capital sir?
DeleteThanks , by the way you ain't in Florida right now are you ?? hope all your friends and everyone stay safe and be okay my friend.
ReplyDeleteNo, I´m not but surely it is a very worrying situation.
ReplyDeleteglad to hear that
Deletecould just imagine ... god bless them all.
DeleteHi Cesar.. really confused about how you feel you GOLD can break 1358 as well as go all the way down to 1340-1346 on such a day with no news.. can you explain your thought process?
ReplyDeleteSimple, look at the charts. Where you there when gold opened at 1294 went down to 1277 and then up to 1300 in just 2 days? or when it opened at 1324 went down to 1300 and then up to 1324 in just 2 days? Or even yesterday when it opened @1340 went up to 1347 then down to 1339 and up to 1358 in a 24H time frame? Well that´s how the market works on daily candles, take a look at heads at tails at the charts and then you will realize how much the market can move in a single day.
ReplyDeleteVery true. Thank you for your insight
DeleteHi cesar, good morning, We should find 1349 or less from now to before 9:30am edt. When us news release. IMO
ReplyDeleteHopefully so.
DeleteIt is true that an overbougt market can turn around anytime however markets can stay overbought for weeks when there is a strong uptrend, so to decide when and where the market turns around is anybody´s guess. Only big money can make that call.
ReplyDeletesir torres, is good for keep our position (if i buy at 1340-1350), and try profit on monday?. i think hurricane irma will impact gold on bullish trend on monday sir
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteIt is, just make sure your tighten up your SL order before the close today.
ReplyDeleteHumm, what kind of position are you used to open? 100 Ounces, 10 Ounces? Is that a mini account? or a standard account. When you open a position with the amount you used to trade, how much is the initial floating P/L?
ReplyDeleteHow tight ? like how many pips below closing price would you put your SL ?, thanks.
Delete10 pips, if your place a 5 pips SL the stop will be hunted down.
DeleteHello sir Cesar my buy for gold at 1353 I advice me to keep it ?
ReplyDeletei have 2 account sir, my standart account on hedge sir, now i used my mini account to take some profit but i have a little trouble again with this i have short @ 1306 (got from 31august) and @1347 (from this morning i mean asian time) now only left 2k on my mini account,, it sounds very confusing sir,, what do you think if you in my position sir? hmm
ReplyDeleteIt´s not my call, you should probably close your positions and start all over again, I will be buying around 1343 with SL @1335, if I ever see 1343, otherwise I will try to buy @9:40 NY time with 10 pips SL if the price stabilizes on the 15 min chart by then.
DeleteMiss Merisa from indonesia?
Deletemaybe we can discuss your problem together
so we can get better solution for next :D
this is my facebook account
feel free to add
https://www.facebook.com/Mister.QD
take price on 9:30 guys, retracement now
ReplyDeletewhat your buy limit sir?
Deletelike sir torres said before 1340-1346 at NYSE open
DeleteJust bought 250 Ounce once it touches 1348. Lets see how the trade goes today! Longer term outlook remains bullish & further gains through high target 1352, 1358, 1367/68 & 1375/80 in the weeks ahead.
ReplyDeleteGood, that is the attitude !
DeleteSo I buy now at 1348 or we wait ?? Am confused ..
ReplyDeleteAfter 10 minutes is best time for entry ?
ReplyDeleteDONT SPAM !! They've already told you they aren't financial advisors... They share their analysis and insight and then you decide for your self
DeleteNasser We have given analysis on what is good time to buy and good entry points, It is put to you to execute the trade at your own will. Yes 1348 is good entry point! according to our analysis the market is bullish and it will go up because of political tensions, dollar being week, Hurricane etc. But we can be wrong as well! All of a sudden big guns might jump in and change the entire market. So be independent and read our analysis and take the right position and take the exit at the right time! All the best :)
DeleteThank you so much ..
DeleteHi Cesar and all great to see this blog and amazing anaylsis and followups i hope i can join here and learn some. So far i am having a bad week but i am hoping to reverse that just took a long at 1447.7,
ReplyDeleteCheers all
correction 1347.7
DeleteGood luck with that, actually good luck to all of us.
ReplyDelete