Did anyone catch the breakout of gold and silver with a bracketing strategy? If so could you explain where your orders were and why?
Thanks
Kate 😀
Hi Kate. I didn't have a bracketing strategy for this. I caught the green candle off a limit order near the rising support line that was our previous channel top line. I did not take any positions in silver. I took partial profits on gold and will look to re enter depending on what it is doing at this 1300 level. Did you take a position? .
Greetings Kate
Gold wasn't available via a bracketing strategy because there wasn't any support or resistance in play. However, my thinking was that the action in gold was a pull back in a recent up trend so... the idea was to use limit orders at or around where you thought the pull back would be. I thought the zone was around the 1275 mark and I think the pull back missed this by a couple of points twice.
Once I saw this, I just used a market order and got filled around the 1282/4 mark
Silver was available via a bracketing strategy again based on a pull back situation. The support line was around the 15.60 mark.
However, the pull back and limit order offered better opportunities and I got filled at 15.32 and 15.40.
Well... I guess the market heard my concerns about the weakness I was seeing in Gold and Silver and responded accordingly.
I hope you had your bracketing strategies organised and got good entries...
Yes. Thank you for the mini channel advice. I did quite well from that.
Good on you Nathan
Those long tails in gold and silver are interesting. When I saw it this morning I thought maybe the downward movement is not happening. Heres some observations for both gold and silver that still sway me to the downside.
On the hourly chart there is a spike down around midnight three nights in a row that are followed by big moves back up again. On the volume hourly charts it shows spikes in volume particularly the red candles. The biggest green candles that follow have notably less volume than the red even though price movement is the same or greater.
On the hourly chart since 30th March, there are lower highs and lower lows for both the MACD histogram and the Momentum indicator. On the momentum indicator at first glance it looks like there is a higher high earlier today but on closer look you can see the peak of price corresponds with a lower point on the indicator. There is a continued spike on the indicator as price drops off. So there is divergence occurring for a few hours .
My interpretation is that some big players are holding up the market by buying up sell orders at key times. The declining energy of upward movement and increasing energy of lower movements on the chart suggests continued pressure toward declining price.
Does anyone know why the price might being kept where it is? Sometimes you see this on the cutoff reporting days of the COT report so that big moves are spread out over two reporting weeks and are not as obvious. I understand this happens near options expiry dates as well but I don't think that we are in that period. Any thoughts Justin? 😐
I know we spoke about the cup and handle pattern weeks ago, but have a look on the weekly.
Thanks Nathan,
Your summation is going to trump whatever i can offer in my rather rudimentary fashion but I suspect you're on the money. I put into practice my first limit order... exacting precisely what Paul had asked... what i would do on the Wednesday webinar... to which i replied... a limit order at 1310 for gold. So I did just that the next morning and just checking in a moment ago... today's high was 1309.
Far out man... what did Maxwell Smart say..."missed it by this much"... and missing out on that nice red candle was more cruel:)
Suffice to say... the lower lows and lower highs and a rather flat MACD is giving me confidence that a surprise that favours my recently amended stop limit orders short at 1275 (revised after Paul referenced why 1280 mightn't be as strong an entry point.)
I can't reference any news confirming your suspicions that the big boys are buying up key key short positions... but I wouldn't be surprised either.
I'll try and check in daily from now on keep in touch with you... the other guys must be making millions...I think it was you, me Christine and Nick on the webinar the other night.
Cheers
JP
Nice spotting Dan.
Ha , Justin , so close. . Yes the others are making millions. We shared success stories at a party I threw at my mansion last week. You didn't get the invite?
I'm still in for both gold and silver short positions . I opted for the stop entry version rather than the limit order Justin. It's not as sophisticated as getting that sweet little tap and reverse entry mind you. I missed the first part of the red candle for gold. I got in at $1301. The silver entry was better at $15.27 so got the whole red candle. Have pulled my stop losses down to just past entry for both.
Its really bouncing off support for both gold and silver isn't it? I thought it was going to crack it yesterday but pinged back up once again. The MacD cross over looks promising in gold. It will be interesting to see how long the third downward bar on the histogram is after the market closes tonight.
