Breaking 1150 to 1130 and below 1100 was pretty devastating, if the bear trend continues, 1030 and 990 look like key levels to expect rallies off at least. If an old high is broken and turns support, like the ones at 1390 and 1300 ( lines in light blue) or a lower one or one that hasn't formed yet, possible MOON. Will be keeping note of USDX levels, commodities, indexes in general and COT data along the way. Timeline, not sure. not game to pick a bottom.
Another scenario could come into play: gold drops to US$700, then bounces back to US$1000 region, before diving to 700 again; forming a head-and-shoulder pattern. Then the rally starts from US$700
why oh why do people still try to read the charts? are some chart readers out there paid misinformation agents trying to con others that charting works? i notice on many PM sites that even prominent metals experts push those damned charts so much. the blatant smash of gold recently is a perfect example of why people should not trust reading the charts. USD$1080 was apparently a key support level - chart "theory" says that if it breaks below then it is an indicator for lower prices. well... guess what they did? they pushed it below that level in just a few seconds of massive paper dumping in thin trading. $50 in a few seconds. translation: they pushed it to manipulate the charts, knowing that people will make future decisions based on it. does anyone here still think you can make an accurate prediction (financial investment) based on a price history many of us know to be fraudulent? best of luck to you if you do.
I do not think they are misinformation shill (for the most part) As an individual that puts ZERO credibility into TA myself it looks like these people think they are onto something and just want to share. It reminds me of a knock on the door i had recently . KNOCK KNOCK KNOCK! ME: Hello Adam: Hi my name is Adam and i would like to share with you the joy of Jesus Christ. ME: Sorry mate but i have my on thoughts on this and they differ from what you are going to say. Adam:Ok , sorry for disturbing you. ME:No problem mate i hope you have some luck down the line Now i do believe he believes what he was about to tell me, even though i do not . But had it been a different day and i felt like a debate i may well have invited them in to talk
I'm guessing you laid down your hard-earned based on fundamental theory ...... how is that working out for you? If not, read my sig....
I still give TA some credibility; but under some rules: i.e. you don't have any position, nor plan to have any; then your TA can be objective and useful. The practical way to conduct TA, is to wipe out the security's name on the chart, before starting.
Perfect example here: http://forums.silverstackers.com/topic-51628-what-do-you-think-of-this-stock-opinions-please.html
TA works because instead of silver price or gold or asx our whatever, what you are actually seeing is human emotion plotted against a $ axis... Mostly greed and fear How much human emotion can be understood and predicted is very much linked to how well TA works... but to simplify TA is a self fulfilling prophecy, it works because other think it works. Though being a 0 sum game there are 1000 $1000 loosers for every millionaire
stock market manipulation: 100% certainty - i saw it with my own eyes. during pre open there was the expected opening price. upon a small buy/sell order placed, within a few seconds the high frequency trading (HFT) algorithms kicked in with multiple buy/sell adjustments which moved that changed expected opening price back to the same position. then calm for a few seconds to minutes. another small order placed... another 1-2 seconds the HFT kicked in and moved the opening price back to where they wanted it. this repeated many times, every single time i logged on to my trading account. this is not "price discovery" - it is price control. precious metals:100% certainty - while i have not seen it from the perspective of a trader, i have seen enough with my own eyes and experts' eyes to know that this is rigged in the same way. a dump of $2.7b worth of paper in mere seconds during sparse trading serves only one purpose. any market that CAN be controlled WILL be controlled. there is free money in there for people who can manipulate these markets... are they being nice to us and holding back? me no thinks so. so... i am out of the stock market because it is manipulated AND severely overvalued imo. i am moving into the physical metal market because although it is manipulated it is severely undervalued imo. this manipulation cannot continue forever, that's a mathematical certainty. when the time is right for them, THEY will make the price move in the opposite direction. or perhaps the other nations who do not wish to submit to western financial hegemony will adjust the price by creating a physical only metals exchange. so the manipulation and any drop in fiat price to me is not important. the fundamentals are all there. long term, PMs will be good (not to make paper fiat, but to preserve wealth and ensure it cannot be eroded/stolen through the corrupt fiat paper/stock system).
Whilst the topic of your initial post was a tirade on the credibility of using charts & TA, I will none-the-less entertain your off-topic spray regarding manipulation because it is somewhat relevant. Having traded many markets for many years, I have seen what you describe. However, in no way have you described market manipulation or price control. In fact, you describe fairly normal market dynamics, along with the exact reasoning and basis for charting and TA being able to be used so successfully. TA has nothing to do with manipulation, but instead uses techniques and measurements to gauge how the market will react to price movements. I'd be interested to hear your basis of valuation.
Honestly,I wish I would understand what are you guys talking about :lol: all I see is that someone draws a bunch of line-but why there and why this long or that long,no idea But I can clearly see who's got some idea about it and can read it accurately
Think of it in it's most basic form: Price action is a visual representation of supply and demand. In a bullish market resistance to the upside is broken and support is respected forming higher highs and higher lows, in a bearish market support to the down side is broken and resistance (above) is respected forming lower lows and lower highs. This is the most fundamental concept to TA. This was more of an attempt to aggregate TA discussion and share some of my thoughts (too many people complaining about leons posts) I wouldn't have bothered to start this thread had I not forgotten about the other one here. http://forums.silverstackers.com/topic-28957-gold-charting-and-gold-ta-chat-page-22.html edited for mistakes
...and you think I would understand all this :lol: Im sure one day I will get around it.Not like Im really into this graphs but thanks anyway. I think if I would understand all these graphs I would never buy anything as I would check graphs all the time if I made a good decision and would drive me crazy. So I just buy what I like,what is available and of course if the funds are there.simple, me thinks
you're funny! tirade? yep, the digits on my keyboard went flying while typing that. "off topic spray... because it is somewhat relevant". ROFLMAO. yep, deliberately moving the price to where they want it to go, rather than let real market forces, IS fairly normal. it's called price manipulation. i'm not saying that charting cannot be used successfully. sure it can, but only when the powers that control the price/charts allow it to be used successfully. you need to be very cautious, and you can easily get caught out. do you think those people do not set traps for people like chart readers to fall right into? like i said earlier, use charts if you feel it benefits you. best wishes. but i feel that the powers use it as a means to entice you into the illusion that you can safely bet your savings on it. not for me thanks. each to their own. i will buy gradually as i can afford using dollar cost averaging, and not gamble on whether a chart pattern will hold. market forces do not determine if that pattern holds - the manipulators do. the market is only allowed to react to price movements when there is money in it for the manipulators... those controllers set up the positions to get those reactions (ie: to take the wealth of "investors" in that same market). surely you know of the wash, rinse and repeat cycle they go through to wipe up all those speculators and nobodys like us? they will likely keep doing that until they decide to stop, but those who jumped on that cycle may find themselves in some trouble. i've got my reasons. but we digress. that has no bearing on whether the charts are manipulated or not.
here's a decent article on PM supply and demand written by a former US treasury official. it also displays the blatant manipulation going on. so i ask again, can you really trust the charts when you know that the picture is being falsely painted? i wouldn't be able to explain it this well, nor would i have the time. enjoy reading. http://www.globalresearch.ca/supply-and-demand-in-the-gold-and-silver-futures-markets/5465084
Paranoid assumption Paranoid assumption DCA is a mugs game... you don't understand risk:reward. Paranoid assumption Paranoid assumption. I'm guessing you once dabbled in trading, but were a crappy trader who got burnt because you didn't understand the markets or risk management. Now you need someone to blame. You have moved on to PM's, and have already created a "manipulator" scapegoat for when that all goes pear-shaped too. Do you happen to be mates with Pirocco? Didn't think so.
Personally, I think TA and Astrology have a lot in common. However, I am prepared to read and learn. Pity this thread's gone bush ...... Hijacked, even!
"paranoid", "delusional", "conspiracy theorists" are all terms used to denigrate others who have opposing views. certain government agencies have been using it and programming that into society for decades. many have taken that on without realising it. have you noticed how only one side is presented on MSM and the other is suppressed? in a truly democratic society all views are presented and thoroughly dissected, without use of the above methods. i will not hijack anything. please learn only one side of the charting argument, if that's what suits you. i will comment no more and good luck with your charts and learning.
