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S W
Member since May 2012
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Whenever You See Gold Trading Below Its 200 Day Moving Average, Consider it a Buy Signal! - Peter Degraaf -

I think this is a really good piece of analysis.
However the key word is in the title...CONSIDER.
Trend lines,support and resistance levels, 200ma's, fibonacci, and most other indicators are just that, indicators.
As such I do not use them
The truth is in the price action if you are a trader..
Weekly chart is showing lower low and lower high
Since Nov 8 a series of lower h's and lower L's. on Daily chart..
ie its been going DOWN

I am happy to go short on Mon. taking a look at the closing price action of Fri.. Mind you I will have reasonably close stop for me,in this case about 17 points
My point is this...fundamental and technical analysis from a trading aspect is almost useless and way too subjective.
One should just look at the action and go with the flow of the market.
Prediction is death in this game.
I let the market decide when I enter and when I get out.
I try not to have any personal opinion about what will or won't happen.
Its not easy, otherwise everybody would be making money trading which is definitely not the case.
I am up 44.4 % on my account this financial year since July 1.
SW from Oz

Commented 4499 days ago

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Beginning of the headline : During the 12 year history of this bull market in gold, only about 5% of the time did we see gold trading below its 200DMA, and each time it turned out to be a prime buying opportunity.(Charts courtesy Stockcharts.com unless indicated). Featured is the daily gold chart.The last time gold traded below its 200DMA was during the autumn of 2008... Read More

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