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Everything posted by phantom

  1. Yes, it is above your 89 period ma...but you'd have to have very, very deep pockets to trade gold the way you pose it... gold is "bullish" when the market is rising, imho, not when prices are dropping against some LT moving avg... and I don't write this to argue with you... I write this for the traders out there who actually want to make money trading...
  2. which is exactly why I use moving averages more than lines...the monthly gold chart clearly shows a downward bias for the last 20 months or so... you can fight the truth all you want, but that doesn't change the truth... just sayin'... Luv, Phantom
  3. This chart is clearly demonstrating price rejection. Whether this qualifies as a setup in my book depends on the nature of the breakout that led to this test and subsequent price rejection.
  4. It all depends on where the market goes...
  5. This is a monthly Gold chart. Doesn't look too bullish to me... Luv, Phantom
  6. I didn't see the choice for the woman sitting next to the most interesting man in the world...
  7. Just got this on my FB feed... THERE ARE NO EASY ROADS TO SUCCESS "Whatever you want in life, you must give up something to get it. The greater the value, the greater the sacrifice required of you. Everything has a price. There’s a price to pay if you want to make things better, and a price to pay for just leaving things as they are. Nothing worthwhile ever comes easily. Work, continuous work and hard work, is the only way to accomplish results that last. Use your imagination more than your memory to achieve success. The highway to success is a toll road. There is no success at bargain basement prices." If this doesn't apply to futures trading, nothing does... Luv, Phantom
  8. Hello all! Here's to the new year bringing you everything your heart desires... Happy new year, and may God bless you and yours! Luv, Phantom
  9. I've been away from the thread for a couple weeks, so sorry for the delay in the reply... Feel free to post a chart and ask a question as long as its relevant to the content on this thread. I'll address it eventually... Luv, Phantom
  10. Hi Bob, The daily crude chart shows a couple of things to take note of... First, we can clearly see rising consolidation zones on the chart, as depicted by the purple ovals. Secondly, notice the failed test of the 20 period moving average with a strong move away from and upward as depicted by the big green candlestick 6 periods ago. IMHO, crude is in a solid uptrend and if I were trading for a multiday move, I would look to enter on a break above 95.00 which is slightly above the current consolidation boundary, and would expect a test of 96.10 as seen in the May consolidation, with a continuation back into the 100.00-102.60 region, which is the April lower consolidation boundary. Good luck! Luv, Phantom
  11. Originally Posted by bobcollett » "July crude oil futures closed at $88 today!!" Thats a train smash Please comment... Thiis is the daily chart for July Crude. Since the beginning of the year, crude has gone through several phases of price evolution. Since price movement is nothing more than a series of tests, the market is apparently phasing upward for the month of February and then step-channeling downward until the beginning of May where it dumped. Try to think of each of these price channels (one per purple oval) as an opportunity to create "kinetic energy" which could, at times, catapult the market into massive movement. The two ovals forming throughout the months of March and April were storing that kinetic energy to, in this instance, force the CL market into the 80 dollar range. Don't want to speculate on the politics behind the move. Better to focus on the chart and ignore the clutter. It is what it is, so I hope you understand that in order to make money, you have to learn to go with the market no matter what its geopolitical backdrop... Luv, Phantom
  12. Hi Bob! As far as getting killed here? You well know how many times traders lay in waiting while I was trying to teach over on my thread...None of this really phases me anymore... I'll talk about CL over on my thread later today. Gotta run errands now. Talk soon, Phantom
  13. Ya know, when I was in Perth a number of years ago, I did notice a little something something...I can't speak to the bad temper part, but as far as the driving aggressiveness-Aussies make NY taxicab drivers look tame!
  14. Hi Burra, I really don't care whether the 20 sma is moving up or down; I'm concerned with which side of the ma the price is at. As soon as a 15, 20, etc bar closes under the ma, I'll be in sell mode. Vice versa for buy mode. I do like to trade bounces off of major swing points, but I will wait for the market to cross the 20 sma. Its just extra confirmation, in my mind, and even though I am giving up a few bucks waiting for the crossing, to me it is worth the wait. The trend filter is a hard and fast rule for me. I don't see the point of having trading rules if I am going to pick and choose when I will adhere to them...but that's just me. Hope this helps! Luv, Phantom
  15. Ahhh, the old "false breakout-reversal! Notice how the channel breakout occurred around 10 am and then immediately reversed thru the entire channel and broke out the top of the channel...This is screaming BUY!!! Nice catch, Shooly!
  16. Although I cannot disagree with you that looking for confirmation at the S/R zone is a solid business practice, I must disagree with you about the reasons why the market turned around at the 1.2985ish area following the rally between 15:20 and 19:00. The culmination of that rally had very little, if anything to do with a fib ratio or an extended pattern of an Elliott wave, or even a 1 hr chart 20 sma... The market reversed at that price level because it hit strong resistance from the prior consolidation's lower boundary. Old support became new resistance and the market could not sustain the rally. Tests of prior support/resistance are what the markets are all about. Try not to get too caught up with fib numbers and Elliott waves too much. If you develop the instinct to anticipate price reversals based on price rejection at prior support/resistance versus some mathematical projection, you'll do better in the long run, imho.
  17. Say what??? I think that the probability of the target point being hit vs. getting stopped out is a function of the types of trades one engages in. And if one is willing to set the risk stop far enough away from one's entry point, then the probability of loss on a trade with wide stops and a large profit expectancy could be a much lower than a short term trade with narrow stops. (Think day trader vs position trader) i.e. deep pockets don't even use stops in a lot of cases... It all depends!
  18. Are you sure that you're a trader and not a journalist?
  19. Problem is, gentlemen, that Steve46 has no respect for anyone, and is incapable of admitting mistakes. But I will, at this point, admit guilt to feeding this fire by even acknowledging him in the first place. I respectfully apologize to the other members for this and will no longer entertain any dialogue with the man from this point forward... Luv, Phantom
  20. I'm not employed, moron. I'm in partnership. And if you think I'm going to honor you with any information that's none of your business, you must be smoking crack.
  21. Good one...Almost as good as the delusion where you call yourself a trader...LMAO.
  22. Well, well. If it ain't my short, little, fat criticizing buddy from the West Coast! So glad to hear from ya, as always...
  23. Nice calls, Will. Looks like your method is pretty straightforward:entries based on prior swing points. Sounds solid enough to me. Can't really see where one needs to see any backtesting data to substantiate the power of this methodology. (Not saying this to put anyone down, just stating my opinion). Talk soon, Phantom
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