Also GLD gapped up Monday, creating a possible breakaway gap if it remains unfilled. It could also suggest we are in wave 3 of the advance which is often the wave that extends. I would change my tune quickly, though, if that gap is filled.
I'm sorry. I don't really follow Silver, only Gold and am still holding long, although a much smaller position now. I looked at the chart and silver trades a different pattern from Gold. It has not yet exceeded its March high. But both trends are still up. I used to try and pick tops in markets. I was just not good at it and always lost money. Worse, I would add to losers. I learned the hard way. I don't like driving the wrong way down a one-way street.
Every blog has a "Troll." Hopefully, we can soon end the insults and religious references and return to the subject at hand. Every trader/investor I know makes mistakes, bad calls, and loses money occasionally. I listen to many people including Ashraf, because he is one of the best. However you have to know your own trading style. His time frame may be longer than yours. His capital may exceed yours. I sometimes find myself on the opposite side of his trade because I am trading a short timeframe. Sometimes I jump right on his recommendations. It depends. I have only myself to blame for poor trading decisions. Ashraf provides a "framework" based on his intermarket approach. He very often offers up target zones which work quite well, at least they have for me on many occasions. But you, as a trader, have to figure out where to enter a trade and when to pull the trigger, and then be willing to take responsibility for your decision. If you blindly follow anyone's recommendation, you are being foolish, in my humble opinion.
On the $GLD chart, you'll see we are at an important resistance. I'm using a 13wk mav and I have Bollinger Bands based off it, 1,2,3,4 standard deviations. The gray line is 1 std deviation. Notice that since September it has contained all the corrections. This week it is at 104.75. We could definitely have a correction or go sideways for awhile. Or we could break to the upside on some news event. I'll buy the correction as long as we don't trade below 100.65, the last swing low.
I like EW on 5min and hourly charts, provided the pattern is clear. But Fib ext targets off swings provide the most accurate buy and sell points for me.
$SPX - 1133 looking more doable now. It's getting pretty late in the year for a stock selloff.
Try publishing this in the UK weekend papers: Traders bet BankofEngland will raise rates to 6.25% --highest since 1… https://t.co/GWXrTEAk4R(10 months ago)
Poor start to a slow market day as Ezone PMIs disappoint. Im still keeping an eye on the rare (-2%) USD-GOLD combo,… https://t.co/UyRzWsRbs7(10 months ago)
-5% YTD is not good, while -7% from the year highs can be tough. Gold traders have their eyes fixated on this for n… https://t.co/NV5UMKsfNo(10 months ago)
ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
https://t.co/Y7tD0RxCS2
@XM_COM (10 months ago)
Jobless claims > 300k before next FOMC meeting would be ideal for Fed to make up for any CPI upside surprise (10 months ago)
"Cook & Eat at Home" scheme may come next to defeat UK inflation... (10 months ago)
Earlier in the week gold selloff was attributed to smaller than exp China EASING. Metal is now holding v well despi… https://t.co/ZW9cmXTPWW(10 months ago)
How bitcoin halvingreduces bitcoin inflation below that of gold and how its "hardness" can beat every other asset & currency over time. Watch here.
كيف تنخفض نسبة التضخم في بيتكوين تحت نسبة تضخم الذهب و ما يعني "صلابة" بيتكوين كعملة او إرادة؟
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Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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Also GLD gapped up Monday, creating a possible breakaway gap if it remains unfilled. It could also suggest we are in wave 3 of the advance which is often the wave that extends. I would change my tune quickly, though, if that gap is filled.
Here's one man's view Gold and Silver:
http://www.ashraflaidi.com/forex-blogs/1250/
I'm sorry. I don't really follow Silver, only Gold and am still holding long, although a much smaller position now. I looked at the chart and silver trades a different pattern from Gold. It has not yet exceeded its March high. But both trends are still up. I used to try and pick tops in markets. I was just not good at it and always lost money. Worse, I would add to losers. I learned the hard way. I don't like driving the wrong way down a one-way street.
1200? I thought 1122 was it, then we would plunge into a bear market. I'm confused now.
$SPX - 1133 looking more doable now. It's getting pretty late in the year for a stock selloff.