Hi Alan
A few weeks ago you and Paul were talking on a GAS session and you showed a chart that had HP's and the profit was roughly $1000 a month from 10 contracts of gold. I would like to kn ow the dates they made your HP checks?
Because I would like to go over them with the check list and see what you saw, and see if my eyes and biases are on the same page.
Thank you
Phil
Good question Phil...
I'll look forward to the discussion Alan.
Hi Phil, these are the dates I marked gold as HP....don't hesitate to get back to me with any queries.
Howdy. I got 9/15 for gold long HP as of 10pm 20th Feb.
G'day Nathan
Ah, I think you mean 9/18 which is very similar to my score of 10/18 and that was pushing it. Despite all 4 essential predictors being fulfilled (the first filter), the total score is too low for a HP movement (the second filter). So we are on the same page.
The stripped-back pic highlights the importance of getting to know the HP METHOD and its primary indicator, the MACD, very well. It shows the white vertical line where the HP signal was generated on 4 December. The only indicators I have left in are the candles, the EMAs and the MACD.
We are still in the long of 4 December. There have been successively higher highs and lows, indicating a continuing uptrend. Pulses in the MACD histogram reflect 3 minor pullbacks and at no stage has there been a HP short that might indicate a significant trend reversal. The MACD short signals reflect pull backs and the long signals confirm the trend continuation.
At no stage have the short term EMAs pointed convincingly down and the EMA3 (blue) has only briefly penetrated the EMA10 (green) and never penetrated all the other short-term EMAs.
Price has increased in a series of small waves that have never threatened to cross the longer-term EMAs. These are now widely separated and more-or-less parallel (see checklist predictor 18), providing a strong barrier to downward price action.
Sometimes I find it productive to imagine the profit, not as a pressure to perform, but as a focus for my intention and the key to the fantastic lifestyle I know is just around the corner...
It's a feature of 99% of all HP movements I have looked at so far (about 200 and still counting), across all instruments I have investigated: If one had left the original stop loss in place it would never have been threatened, returning a profit of $1060 on only 10 units to date. If one had added another 10 units after each pull back, the profit so far would be about $3000...that's about $1000 a month for doing, well, nothing much at all really.
On top of that one could easily have made another $1000 trading 5 or 10 units with a bracketing strategy on the channel.
Now I imagine making similar figures from silver, palladium, platinum and copper...we're talking about a life where you have a lot of free time and you're not making someone else rich. All you have to do is know the indicators well, and follow the rules...
Cheers
Alan
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Hi Guys,
I just went through the HP checklist and came in with a tight score of 14.
I say tight because there were one or two parameters... I could have gone with a ?
Suffice to say... even if it was a confident 14 plus... I'm still not swayed that GOLD will continue... the RSI is coming out of oversold and the SS seemed to show a similar result.
So I'll wait another day to see if my observations prove accurate or not.
Cheers
JP
Is that for gold Justin?
Yes good move Justin. It's just moved outside Paul's channel now ...that might prove to be a very good sign.
Yes Nathan... I closed my trade this morning but on a nice little profit.
With Silver I set my stop loss... and will just manage it.
Howdy folks. Regarding HP testing for a short in gold. Two days ago I got a score of 8/18 . As of yesterdays close I got 15/18. It looks promising but would be better if the longer term EMAs were more involved.
I still have a short position in with a take profit at 1305 due to the combined resistance of the bottom of the channel and that ascending line from Dec 2015. If it goes there I will put in a stop entry short underneath. Next short profit target about 1276. I await further action before putting in a stop entry long order.
Whats other peoples analysis? Did you get similar hp scores?
Silver . As of yesterdays close I got HP short score of 15/18. Same as gold but different reasons. I marked it down for not wide BB's, the candles are close to the opposite BB, the longer term EMAs do not fulfil their criteria. I do not have a position in for silver. I will put in a short stop entry under $15.55 with a profit target around $15.22. See the pic for my channel and S/R lines showing my reasoning. I have a support line at 15.54 but not drawn on this chart. The indicator is the MMentum
Would love to compare notes and get some feedback.
Cheers.
