Gold Weekly

[Caseynotes]

20 year seasonal averages point to rally ahead;

[Caseynotes]

Gold @ 1414 close to support at 1411 in recent range, range top is 1421.

H1 chart;

[Caseynotes]

Gold ranging between 1410 and 1424 while waiting for some inducement to head of in either direction, strong resistance just overhead at 1437.

H4 chart;,

[Caseynotes]

Gold grinds higher after re-capturing 1400.

H4 chart;

[Caseynotes]

Gold on a down leg looking for support, recent low at 1386.

H4 chart;

[Caseynotes]

Gold suddenly getting pumped, up over 1400;

H1 chart;

[Caseynotes]

Strong push after Powell's mon pol statement today, looking ahead to the recent highs of 1439 but due a pause to avoid exhaustion.

H4 chart;

[Caseynotes]

Gold heading up to test recent resistance at 1409 off recent support at 1404.

H1 chart;.

[Guest davidbrister]

Th

That open drop last monday cost me $2100, if only i had the nerve to hold it for a couple of days, would have made a approx $1500 profit, but thats the game we play.

 

[Caseynotes]

1 hour ago, davidbrister said:

Th

That open drop last monday cost me $2100, if only i had the nerve to hold it for a couple of days, would have made a approx $1500 profit, but thats the game we play.

 

As the thread has been removed I can only go by memory but there are some important points.

The algo was working without stop losses, it was not shutting down trades that were going deeper and deeper into the red, the gold trade had lost 10% of the whole account in the last pic posted and was still climbing, never mind not losing more than 3% on a trade.

The gold price continued to go against, the algo was waiting for price to reverse again but what if it never did, the effective stop loss on the trade was the account balance hitting zero. 

That's why I asked if the algo had malfunctioned because such a system is guaranteed to blow the account, just a matter of time.

[Guest davidbrister]

it seems there was a 1500 point stop loss, but im guessing it was hoping for a price reversal before that took effect. what that big jump down did do was achieve the take profit on the 4 old positions that were sitting at almost $4k loss on paper, but were triggered with good results in the end. the trade that lost me the 2100 was a manual placed order i put on, which then i panicked and sold instead of keeping, even knowing the charts were suggesting hold and wait longer term for the price to go up. but thats the game.

[Caseynotes]

5 hours ago, davidbrister said:

it seems there was a 1500 point stop loss, but im guessing it was hoping for a price reversal before that took effect. what that big jump down did do was achieve the take profit on the 4 old positions that were sitting at almost $4k loss on paper, but were triggered with good results in the end. the trade that lost me the 2100 was a manual placed order i put on, which then i panicked and sold instead of keeping, even knowing the charts were suggesting hold and wait longer term for the price to go up. but thats the game.

Thanks David, for telling what is a very interesting and revealing story, shame it got jointed or butchered by the lawyers but that also raises the point there must be other IG clients also using the system and they should have concerns. Especially around the stop loss, I think you said your account for the experiment was 10k and the algo let the aggregate gold trade go 4k into the red when price turned and did return all the way past the entry and into profit. If the algo was not malfunctioning then it's constantly walking a tightrope of death for the account.

 

[Caseynotes]

Gold is coiling up with multiple recent support and resistance levels to overcome whichever direction it goes.

H4 chart;

 

[dmedin]

On 13/07/2019 at 11:25, davidbrister said:

Th

That open drop last monday cost me $2100, if only i had the nerve to hold it for a couple of days, would have made a approx $1500 profit, but thats the game we play.

 

 

That 'game' sucks.  It's pure gambling and nobody but a billionaire with cash to burn can live that way.

[Caseynotes]

 

5 hours ago, Caseynotes said:

Gold is coiling up with multiple recent support and resistance levels to overcome whichever direction it goes.

Continues to tighten.

[Caseynotes]

Gold H4 and the coiling continues to get tighter but the break when it comes usually leads to a strong move, never quite sure which way the break will go but most chart patterns are continuation patterns.

[Caseynotes]

Still tracking sideways, has reached down to retest recent support so currently ranging between 1400 and 1418.

H4 chart;

[Caseynotes]

Gold topping at 1429 on this recent rally and will look to test that if indices continue to slump.

H4 chart;

[phillo]

On ‎25‎/‎06‎/‎2019 at 06:54, elle said:

maybe a retest of that breakdown candle ?

quite a move up today

[Caseynotes]

Gold daily sees a break of the late June high 1439 that appears to be now acting as support.

[Caseynotes]

Gold finds support at 1420 and now legging up to find resistance but making hard work of it so far.

H4 chart;

[Caseynotes]

Gold searching for support, may find it here at prior low 1415 otherwise it could be all the way back down to 1400.

H4 chart;

[Caseynotes]

Gold supported at 1415 and now looking for resistance which was last found at 1429.

H4;

[Caseynotes]

Gold another big mover today retesting 1414.

[Caseynotes]

Gold trapped between 1413 and 1424.

H4 Chart;

[FFS_Daytrader]

17 minutes ago, Caseynotes said:

Gold trapped between 1413 and 1424.

H4 Chart;

Agreed - looking for breakout but will be range bound until FOMC with possible short term spike on rate decision. However, now that FOMC 25 point is expected (rather than 50 point) I expect gold to pull back to range again thereafter.

What do you think?

[Caseynotes]

5 minutes ago, FFS_Daytrader said:

Agreed - looking for breakout but will be range bound until FOMC with possible short term spike on rate decision. However, now that FOMC 25 point is expected (rather than 50 point) I expect gold to pull back to range again thereafter.

What do you think?

Sounds a reasonable summing up, FOMC this Wednesday and Powell unlikely to do the unexpected, don't think too much is expected from the US/China trade talks this week and NFP Friday, July's data doesn't usually throw up big surprises.

[Caseynotes]

From investing.com on the possible affect of 25 BP cut today on Gold;

[Caseynotes]

Has broken down through 1410 daily chart support level and RSI 50 so looks to be heading for a retest of next support level 1400.

Daily chart;

[Caseynotes]

The call in yesterday morning's post for a retest of 1400 was spot on to the tick but missed the bit about then going on to test 1450, could be a waiting day today to see how the indices perform and what NFP brings this afternoon.