Pailin's Trading Corner

Thanks... I'm flat, still waiting for clarity (should 6000 contracts make it clear enough?). Not chasing.... just yet :)

EDIT: I have an upwards pitchfork drawn on Gold with the lower line joining the low and higher low of yesterday, the upper line in parallel touching the 1552 high of yesterday. The middle line has seen sticky price action, it looked like price was about to reject it until the pop came. (A picture would help wouldn't it? Next time). Looks like it wants to consolidate below R1 before going higher in my opinion.

[IMG]http://i47.tinypic.com/ljlhz.png[/IMG]

Gold has to prove itself on the daily chart, days if not weeks away.

A comment from Dry Drunk on ZH:

The concave traders who average on the way down because they believe in value; they have balls. That's the start of a bull market when this attitude dominates the market. Then over time fear and greed raise their heads and the market gets longer gamma. And this escalation can be magnified, for the opposing strategies keep price in line for a while, while ramping up their convexity using leverage with dynamic trading. Then the market is pushed around and the market loses its power, because leveraged positions have a huge weakness. You can't sit. So when Jessee Livermore said it is important to be right and sit-tight, he meant not to go convex. Leverage and you can't sit-tight.

This bull market hasn't finished yet, everyone has gone to the convex side of the force. 

It's flying yup like a Banty out of Hell. (another chicken reference heard from).

Does anyone have any reason to think that commodity prices will de-couple from EUR? At what point would that happen? Looks like we are headed to EUR/USD 1.20.

When the Gartman idiot starts rambling things like this....

"

"Save havens do not fall 7% in two weeks as gold in dollar terms has done. Save havens do not fall 3.6% in two weeks as gold in EUR terms has done.

Safe havens are safe. Safe havens are stable; gold is not safe and certainly it is not stable and to think otherwise is to learn a very serious lesson in the course of the past two weeks."

Looking for pulldown into small flag for SI then will go long. It could follow GC as it pulls down its flagpole and then suddenly play catch up with its big brother. Hasn't rallied yet and is jealous. This would mean GDXJ would rally too. If ES turns North in an impulse this will happen IMO.

Ghosts wander the plain, aimless and headless. Bodies piled high after the terrible 9 day engagement of May. The 9 days of May. Limbs, torsos,viscera litter the field. Screams of the dying and moans of the soon to be dead. Now the beaten army surges from its muddied trenches in a spasm of attack which rolls across the corpses with no mercy either for them or for the enemy that awaits well fortified, locked and loaded in the shadows just beyond the forest line...

We need addicted shorts to pile in here and provide kindling for the rally.

Crack-Headed ZSL and DUST zombies who scored big over last weeks flame-out are now needing their bowls. Bad. They need the bowl. They beg for it on knees. Everything looks down to them, unable to make the perception switch, they will be crawling on all fours by next week thru the bombed out shells of old brownstones begging for a bullet thru the brainpan. So be it. Thus is the fate of traitors, turncoats and miscreant naysayers who dared to turn on the Gold Punisher in its saddest hour....

Tell me at what exact price gold would hit up against the multi-year trendline in this upmove?  I know that we broke below it decisively, now I would like to see where it marks resistance to the upside. 

SI 20 Min: Both forks working well, green is dominate fork, blue signaling a possible change in trend on small scale, a bad close today and bad day tomorrow and I'll remove it.

Gold 20 Min: Working pretty well also, don't have a downward fork in this one just because I haven't been following gold 20 min chart.

Not sure this is what you're talking about but above 1563 and we're back in channel.