Weekly trend reversal!
Short-term traders enter a short position on a RED Weekly “Trade Triangle” @ $1,362.50 today
Intermediate traders exit Long positions on this Red Weekly “Trade Triangle” taking a profit of $151.98 per oz
Long-term traders hold long positions
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Alerts should be kept by all means - this is an important way for non-subscribers to evaluate the system before committing to a subscription. As for non-subscribers not understanding the system - there is enough free info provided to get a fairly accurate idea of how the system works. So, please keep the alerts for non-subscribers!
We'll see Gold at $800 before we see it at $1430 again.
While the weekly triangle for spot gold changed to red, no change was made for the GLD(?)
Redd44,
You are correct GLD has not yet flashed or shown a red weekly triangle.
The trend for this ETF remain positive but is close to reversing.
All the best,
Adam
I realize you said your comment wasn't set in stone and I believe that you're prediction (before Jan 2012)will never materialize. Too much support around the $1300 level. We'll see gold at $1500 before we see it at $1050 again.
If you're going to trade gold short term prepare to be whipsawed and have your stops taken out.Look at volume last two days.For every seller there is a buyer.Try a mental stop if you're near a computer or just go long and forget about it until the long term trend changes.The manipulators are having a harder time manipulating the long term trend but don't count them out.
This is just end of the week "chart painting" by JPM and their Wall Street buddies.
They read charts too and are intent on turning the algorithms to suit their needs.
Don't trust the gold charts because of this.
Did any of you critics notice the tight trading range of the Williams%R?
I doubt if any of you are playing a volitale commodity that tight?
Wait for the triangles to show up or down? 1362 key support down - 1420 key resistance up! And you want to play less than a 10% trough? Get real!!!!
you gotta expect a few uninformed comments. dont get upset by them. if you look at adam's williams % video he actually said 1362 was a technical support and to wait for an UPTURN in the williams b4 going long. as with all supports and resistance levels any stock or product can fall thru and rise above. and the theories are never 100% accurate - they are just indicators of likely future movement. if you want certainty - get a job. trading is an inexact science. as for williams %, i overlaid it on some charts and it almost exactly duplicated the RSI graph. so use one or the other IMO. overboughts and oversolds are not always 1 or 2 day phenomona. a stock can go low on these indicators and stay low for days or weeks and the same for being overbought, (if the underlying sentiment is bearish or bullish enough). if you wait for the turn the chance of a sustained move is better but still the signal can be false. one last opinion: to all those saying gold is money and fiat is rubbish, try buying milk and bread with gold in your pocket. money is here to stay. gold is also, but as a store of value and hedge against inflation. 2012 will not see the end of the world but i personally hope it does bring in a change in the mindless and polluting consumerism afflicting our world. I am not trading that scenario though. Happy Trading!
I disagree with Alan that gold will bounce up again this time. Elliott Wave Theory indicates wave 3 down will now break the 1352 resistance and take gold much lower. This is the initial stage of a huge down tick for metals and indices.
I'm not a member yet, but I do appreciate the gold alerts. Don't take them off, please.
williams percent r, and other oscillators work in on screen theory, it seldom works out in reality but they work when you couple them with trend line breaks and momentum breaks. of course at the end of it all you need stop losses in place- which few traders do anyways. i used to be a jerk when people asked me what i use and i would say "stochastics and bollinger bands" as a joke but you need more then that.
As a member I actually agree with keeping the alerts off the blog because non-subscribers don't understand them, and proceed to make irrelevant comments that are frustrating and irritating to read.
What Adam says is!Important! He designed the system that activates the trade triangles. Trust Adams info, he will comment later I should guess. If not just watch the 100 dma and the 200 day moving average if this doesn't hold it will between those two averages as the past graphs will show.
what adam says is not important
what the triangles say is important
if you jump between the two you will certainly loose
trust is a must or your trading is a bust.
Why dont the trade triangles alerts don't appear under my portfolio on the homescreen. I have missed opportunities waiting for and checking emails.
Jim,
We are working on it.
All the best,
Adam
I like seeing your blog appear in my blog feed but I wish you would separate out these inane "Gold Alerts".
I don't want to receive them and it makes Marketclub look silly. If I keep receiving them I will have to remove your blog from my feed. Sorry.
i had posted on the daily sell alert a question about how long it would take to generate a weekly and monthly sell signal
i guess this is my answer.
won't be suprised to see $1050 sometime between now and next january
but my opinion isn't set in stone. need to be flexible.
long term though, gold is money. fiat is just paper.
Adam just put out a video showing gold support @ $1362 supported by the Williams% and now Jeremy screams SELL, SELL, SELL.
Which is it? Theater is on fire or not?
Maybe the bounce off $1362 is a DEAD CAT??????????
Dear Adam and Crew,
I'm a fan of club.ino.com and follow your reviews daily, but you must accept that you can't catch up with the gold market. Your suggestions are usualy out of date, as is today: enter short at 1.362.50 when the market is at 1.377... very puzzled. Today I watched your material: "Little known technical indicator has been nailing the price swings in gold" and enter long at 1.357 --> that suggestion made me 20$/contract. Thank you! Still, I really dont know if I should reverse positions...
Adam just provided a video showing gold bouncing off support of $1362, confirmed by Williams % and now Jeremy screams SELL, SELL, SELL...
Is the theater on fire?