Thursday, December 17, 2009

The higher it goes…

001

Gold, why is that people will kill for gold? Oh – because they can sell it and there is no serial number on [most of] it?  Got it, thanks, same old story – money.

Gold (GLD), (/YG) has been a huge winning trade for some here, we spotted it dead on – date and time. 


You remember that chart with “weird” interval= 3 days.  As for me – whatever gets the job done.  Setup Sell 9, Fib Time Series off my “secret anchor point” (not much secret if you see that chart shall I say.
HOW?  LOW?  WILL?  IT?  GO?
Since we had a hit with 3 days, it makes sense to use it for finding ultimate support and, as you can see on that chart – gray rectangle area is a risk zone of prior sell setup, I just cannot pass on it because coincidentally it is a top of consolidation area, cup&handle, rounded bottom – call it anything you’d like – I think it will provide some cushion least to say.  Within that gray area resides current TDST Support as well – around 1034.50.

2009-12-17_2035
Next chart up is daily one – surgical precision is the word [on the way it worked out].
Fib 162% off the bottom/top of the base spotted short entry price, Fib Time Series (damn – I am disclosing my trade secrets here!!!) off last known TO WORK TDSequential spotted top, exact top – was really hard to believe.
But… today first TDST Support was hit, 1100.50 AND Fib level 127% as well, so I think that we might expect some retrace, may be to 1125 area…UNLESS it will break down hard tomorrow and so far it does not look likely.

2009-12-17_2043
P.S.  If, as many of you do, you are bloggers yourselves, you know that the biggest joy for blogger is to see new people coming to their blogs – SPREAD THE WORD :-)

 12/18/2009
Futures approx. BO


Daily Range Projections
Low
High
/ES
1085
1100.75
SPX
1090.74
1101.22
/NQ
1780
1808.25
NDX
1768.82
1786.53
/DX
77.700
78.686
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