Look for bullish hammer candlesticks around the 50dma on your stocks

SilverSanchez

SilverSanchez

Active Member
Look to see if the 50dma will be supprt on Gold/silver, if it is your producing stocks will show it (if you have picked producing stock the market sees as valuable)

if you took profit you did the right thing, we need to see if the uptrend is still on, or a fall back to 1200 or lower.....

i kept my core holdings.
 
Looking for the US$1340 support/resistance to be tested again, I'm thinking very good chance it will reach it soon and fairly good chance we find support this week and move higher again

Just my 2 cents
 
Looks like gold has found support at the 50dma

Bullish hammer candlestick and confirmed the next day (last night) with a higher high than the previous days hammer.

Remember stocks are different to the metal and behave more like stocks than metal. SO look for your specific gold mining producer stocks to be confirming what the gold chart is saying.

People are saying the Aussie dollar 'surged', this is not true, relative to the major currencies ex USD the aud has not 'surged' - therefore I conclude that USD went down, not the AUD went up.
AUD to Baht = 30.00
AUD to EUR = 0.70

The AUD is finding support at these levels, but the NZD is acually gaining on the AUD (1.13 from 1.2)

The various markets like the All Ords, S&P, Russel are topping, and are due for correction - AUD could stand to fall back to 4600 or further, but in this crack addicted markets anything could happen.
 
SilverSanchez said:
Looks like gold has found support at the 50dma

Bullish hammer candlestick and confirmed the next day (last night) with a higher high than the previous days hammer.

Remember stocks are different to the metal and behave more like stocks than metal. SO look for your specific gold mining producer stocks to be confirming what the gold chart is saying.

People are saying the Aussie dollar 'surged', this is not true, relative to the major currencies ex USD the aud has not 'surged' - therefore I conclude that USD went down, not the AUD went up.
AUD to Baht = 30.00
AUD to EUR = 0.70

The AUD is finding support at these levels, but the NZD is acually gaining on the AUD (1.13 from 1.2)

The various markets like the All Ords, S&P, Russel are topping, and are due for correction - AUD could stand to fall back to 4600 or further, but in this crack addicted markets anything could happen.
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Any stocks you're keen on Sanchez ??? Or do you think we should wait and see for the time being? I've had a nibble back into SLR, AUT and AGO. Your thoughts ?
 
There is a bullish divergence on the 3month daily chart of the XGD - the slow stochastic is showing a deeper trough but the price is higher than the previous trough.

This suggests the xgd has room to continue the uptrend.

But it will really be determined by the news from the fed tonight. News driven markets suck!
 
SilverSanchez said:
Not sure, i have my list but im not buying yet
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right or wrong

Bought some, possible short term rally.

KCN - Kingsgate $1.825 (Target $2.80)
LNC - Linc Energy $1.53 (Target $2.00)
TRY - Troy Resources $1.535 (Target $2.20)
PDN - Paladin Energy $0.52 (Target $0.70)

All seem due for a technical rally - dont know if the bottom is in (dont think so) but Paladin especially is showish a heavy bullish divergence.

Having done this I then checked the XAO and the XJO - there seems a pattern between the March 2009 bottom to the April 2011 tripple top - to the May 2012 bottom and (possible) top forming now. the indexes seem to be correcting (or beginning to correct)

I give myself 50/50 to catch a break out higher on the XAO/XJO but my downside is somewhat limited being that these stocks are heavily over sold. - we'll see, I may have exposed my cash to a large amount of risk :)
 
What are your thoughts on LNC delisting from the ASX silversanchez? Are you still holding? A fairly large drop in price since the announcement.. looks like panic selling.
 
MyNamesNotBen said:
What are your thoughts on LNC delisting from the ASX silversanchez? Are you still holding? A fairly large drop in price since the announcement.. looks like panic selling.
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Message to CEOs of all companies: DONT SURPRISE THE MARKET WITH NEWS INTRODUCING RISK!!!!!!!!!!!

This is why no institutions invest with Linc, the business is a great business - he just a crap diplomat :)

I actually am excited about the re-listing. The volume of investible capital on the SGX is less, but the quality competing companies are fewer - so they will attract more attention on the SGX than the ASX. Also its country diversification. I like the prospects for the Singapore Dollar (like I like the prospects for the thai Baht with the Kingsgate IPO)

So im excited, im still holding. Im ticked off at my crap luck on the timing of the anoncement. Im also a little scared 'access to capital' means dilution. But the price could really go down to crazy levels as people unwilling to stradle markets get out.
 
How wrong I was re 'possible short term rally' - exactly the opposite happend :)

Im trying to work out what I did wrong or missed.

Ok I think I understand what I was doing - I was 'counter trend trading' - ok lesson learned :)

I didnt wait to see a clear bottom signal (candlesticks with confirmation) (except for LNC that WAS a clear bottom signal and a breakout but the announcment killed it)
 
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