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Charts from the Lunatic Fringe.

louky

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Spy below 279, crash potential/ danger zone

Not expecting it, just looks like controlled selling so far, but not interested in buying or trading anything below it
 
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Zed

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If gold penetrates 1370, that's a line in the sand and a formidable resistance that stuck me for so long, back to March-April 2014. If that line is breached to the upside, then nothing will stop gold on the way to 2,800???
I've always considered 1430 odd to be the final frontier. A long way up from here.
 

savvydon

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Gold Daily.

IMO this is running too hot which reduces the chances of a $1340 break. Best case is we pause between here and there and digest the move before tackling the 1340 level. Second best we retrace from 1340 and then make a solid break. If not we could spend more time bouncing around down in the 12's. I guess this could be a runaway break but they are not very common so don't count on that. We need to catch our breath IMO!
While this makes sense to me one contrarian thought is that we have been beaten up so hard for so long that no one expects the 'hot knife thru butter' move back up towards $1350. Come to think of it, I don't really expect it either...:oops:
 

Zed

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Fleck ---> "It’s Always Dumbest Before the Dawn"

aka expect a Chinese trade deal out of the dum!

That should cool our heels.

However Trump seems to be bashing everyone with tariffs, I hear tell we are under consideration for the treatment.
 

Zed

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While this makes sense to me one contrarian thought is that we have been beaten up so hard for so long that no one expects the 'hot knife thru butter' move back up towards $1350. Come to think of it, I don't really expect it either...:oops:
Oh, it is always a surprise. I just wait and watch.
 

Zed

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Hmmmmm, getting to the point where buying needs to appear again. I gotta go out to a lunch do, keep an eye on this sucker will ya?

AU-30-20190604-2.png
 

savvydon

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Hmmmmm, getting to the point where buying needs to appear again. I gotta go out to a lunch do, keep an eye on this sucker will ya?
Can't stay away. Lots going on. Bond market going wild. Dollar crumping. Gold currently consolidating. GSR nipping at 90.:popcorn:
 

Zed

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Can't stay away. Lots going on. Bond market going wild. Dollar crumping. Gold currently consolidating. GSR nipping at 90.:popcorn:
MIGHT even get properly exciting.
 

Zed

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RSI divergence on the 5min but no cavalry yet.
 

Zed

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Why do wives take FOREVER to get out the door?
 

Zed

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Now THAT is the trader that led as out into the lunatic fringe.:dog:
I keep him in a box these days and only let him out when he is well behaved and the occasion is fitting. He still has PTSD from GIM 1! :surrender::p :D o_O
 

Zed

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let us know how the afternoon wraps up over there.
It's a bit soft right now, close to flat for the day. Kinda looks like the locals expect a breather here.
 

savvydon

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I keep him in a box these days and only let him out when he is well behaved and the occasion is fitting. He still has PTSD from GIM 1! :surrender::p:Do_O
THIS is what was funny as hell. I'm retarded, and tired. nite!
 

Zed

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Finished essentially flat but slightly green today in the land of Oz.

Gold Hourly... consolidating at the best. Possible correction coming right up.

AU-60-20190604-1.png
 

Strawboss

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Finished essentially flat but slightly green today in the land of Oz.

Gold Hourly... consolidating at the best. Possible correction coming right up.

View attachment 132932
Keep an eye on the RSI. In an upmove - the RSI always stays above 40...so as it approaches it - might be a good entry (any timescale - although the shorter the timeframe the sloppier it gets). It works better the higher the timeframe...daily is better than 4 hour, etc...

Inversely - in a downmove - the RSI doesnt rise above 60...

Those are the 2 points I look for regarding entries (whether long or short)...along with other stuff like support/resistance, divergences, etc...
 

louky

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If it bounces here, top of the box 1296 (historical), then watch 1305 pivot after that for higher targets. 1359 bottom of the upper box after that.

Chart visual with a tail in previously posted D leg now

From bottom of the box,1269. Just memory, NCN

Straight to 1305 zone, scary pull back, "false breakout" was word on the street........now attempting 2nd target zone 1340's

1305 to 1359 no man's land tho, sharp
 

louky

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1305 pivot

Lower box
Top 1296
1287
1278
Bottom1269


look at green candles on futures and closes

1287 top of inner box....pop, big green candle
Screenshot_20190604-092054_Firefox.jpg



1305 pivot between boxes, pop, then big green candle

Screenshot_20190604-092103_Firefox.jpg


Posted for years, but must be all in my mind......9
 

Zed

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Gold 4H - Looks very much like a high-level consolidation @ the mo. It is a flag formation, break down to 'correct' and breakout projects ~1380. 1340 should give us at least pause but you can't bank on it.

AU-4H-20190605-1.png
 
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Zed

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1380 is between the 2014 and 2016 tops and not a likely resting point IMO. So I'd draw the target lines if we were to break upward here, @ 1370 and 1390. I guess it will bring the approach into 1400 into play which I think will hold once at the very least.

JMO.
 

Zed

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ASX goldies have a case of the nerves today. They are discounting a correction. Too far, too fast seems to be the feeling of the market. We will see what the close brings. Dum money opens, smart money closes.
 

Zed

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Monthly USDX v Gold. A decades worth.

Inversely correlated? Not so much. Really...

AU-DXY-M-20130506.png
 

Zed

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This time is different... but still not good.
 

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Zed

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Gold 4Hrly... The flag broke upward and we are headed into the first potential hazard on the way to a projected 1380 odd.

AU-4H-20190605-2.png
 

Zed

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This has been a bout of textbook TA price action, it is spooky and has me nervous.
 

louky

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Once this bottom finally gets carved out. Think it's going to be a big rally where people sell too early and it keeps going up generally into may or so maybe before the next crash into summer. Not saying there wont be pull backs of course.
So generally up until May "or so" it is, could be junish instead it appears, but should still be a nice summertime spanking coming to scare everyone i would think
 

louky

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Based off old long term work, yes i think it's possible. Showed major top may ish again. Based off box levels only, 1368 was the last top so 1377-86 may be in play this time around before a sizeable drop.
Bloggers and such are starting to target 1380 here now around may "or so" as expected was possible, so "may"be :p