Pailin's Trading Corner

I agree, it's a big change, and it gives me hope for continued upside.  Spot down 10-11 is not too bad, and the gold pattern still leaves the options open (both ways).  The upside option is potentially stunning; the downside one still seems very unlikely to given the action since May 16.

Buyers stepped up below 1600, not waiting for much lower prices that could have easily come.  That's a shift in itself.  We'll see what tomorrow brings.

There needs to be some catalyst...whereby the shorts want to cover.  Something out of Europe?

240 minute uptrending fork.  Fork is working well, problem is we're getting lower lows, potential bullish spike down.

http://www.screencast.com/users/RandyTabit/folders/Silver/media/ecf421ea-a933-4381-8341-5433f3d31681

Same chart with downtrending fork.  This fork is getting higher highs and higher lows.  That spike down looks to be a double tap from previous spike.

http://www.screencast.com/users/RandyTabit/folders/Silver/media/97764ca9-769c-422f-a2ca-405795f34fb3

All together.  I'd say at worst we bounce along bottom most blue line until we intersect with top most red line.  If we fall below last blue line again we're in trouble, that would indicate red fork is in charge.  Personally I think we blow through first resistance and hit second around 29.40 before close Friday (I hope anyway).

http://www.screencast.com/users/RandyTabit/folders/Silver/media/eeb1369b-f1b8-4cfa-b9f3-d502f201afa1

Thanks, I signed up for that Morning Analysis thing that is on same site as AM day trading thing, Paul taught me well.  A few weeks of messing around with them and I think I had it down pretty good.  The hardest part is finding "valid" forks, you don't always have them.  Even when you do find valid forks, you don't always get a good entry.  That's probably the second hardest part, knowing when is a good entry and having the discipline to wait for it.  I also like them because they are quick to make, you can look at a chart 5 - 10 minutes and determine if any valid forks exist.  I want to learn other charting techniques to confirm what the forks are telling me (forks are king, other stuff just confirms fork), but I've been pretty busy lately.

Yea I write code for a living.  Microsoft gave my team a few of those tablets to mess around with a couple months ago, they are really nice, they have a tilt sensor, someone is going to make some cool games.

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You may find this interesting even if you don't agree.

http://seekingalpha.com/article/672731-how-will-gold-react-to-operation-...

getting whacked this morning.  However what is interesting, and I wish I was better at posting pictures, is how it is hugging the Kumo (cloud) almost exactly.  If it does break through from lower levels in the near future, with some volume, that may signal a breakout.  However, we could also be continuing the downtrend if it does not.

Take a look at netdania - use daily gold, and add Ichimoku study - you will see it yourself.

Pailin,

Are you still a buy of Silver at 27.50 or are you concentrating on Gold these crazy days.

I'm looking for AGQ 38

bought some at these levels. hoping going long for a day isn't a bad choice, but it seems over sold. 2 days ago we were at 28.8, now at 27.5ish.

Seems we did hit Palin's bottom of the channel!