I'm bearish Euro, just not against USD, at least not until after the US unemployment print tomorrow.

Davit's Confluence Trading

Daily RSI has moved exactly where I don't want it. A break above ascending and descending support says to go long, a break below go short. Similarly in price action it is now at 1.367 resistance -- a move above has me adding to my long, otherwise a ...

Davit's Confluence Trading

Shorting EUR/AUD also takes advantage of the now even better carry trade. AUD/USD is retesting prior 0.933 high at the moment -- this is its make or break level ...and there is goes just now. There may be similarly attractive Kiwi trades, ...

Davit's Confluence Trading

Here's my thoughts on AUD/NZD which seems like a clear bullish setup to me. If this grid is too cluttered I can explain in more detail and/or repost individual charts to clarify. Essentially I am waiting for a pullback or a break above recent 1.1025 ...

Davit's Confluence Trading

I agree about stops. You may remember from before that I don't normally use stops, but since I lost my mojo I've been playing it safe. Today that cost me $500 profit to protect a $50 gain. Well, profit is profit. I went long AUD/USD when it broke ...

Davit's Confluence Trading

I'm disappointed with myself. Three minutes before the ECB rate print I moved my stops to halfway between where I'd placed them and the respective lows, thus not committing to either taking full profit or using sensible stops. Yes, it was an ...

Davit's Confluence Trading

That is a very good point. Draghi has a definite history of underwhelming followup after making bold statements about what the ECB is willing to do. That's yet more ammunition for the Euro to move up tomorrow.

Davit's Confluence Trading

I agree, and monthly and weekly EUR/USD charts have me favouring longer term downside as well. I haven't been very active, just a short on EUR/JPY and EUR/AUD at the moment. Short-term reasoning (besides technical indicators) being if the Euro is ...

Davit's Confluence Trading

Thank you. I used to be very confused why the market would move in the opposite direction from market data and announcements but now I have a better understanding of why that happens. If the Euro moves lower overnight that's another indicator (to ...

Davit's Confluence Trading

I'm still not back to full trading functionality and I'm only making longer-term plays now, not intraday scalping, but I'd like to back up this chart with a fundamental observation to support the technical move up you've illustrated. I believe (and ...

Davit's Confluence Trading

The chart I posted is a sample of a study published in some business magazine last year which I entered into a personal spreadsheet (the original post had the reference) and the post I linked to has three additional charts illustrating the ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Unfortunately, there is no practical correlation between currencies and gold. (see post #1 and reposted every few months since) Here is a sample summary chart demonstrating various correlations studies over select time frames: image

XAU/USD & XAG/USD - Gold & Silver Traders Thread

If you think $1,292 is the bottom and that gold is heading up from here, set a trailing stop loss so you don't lose any more money in case you're wrong and it continues downward. It's far better to exit and re-enter than hold onto a losing trade.

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Limiting losses is more important than making profit: Never let losses run. If you believe gold has further downside yet you are holding long then you are trading against your own strategy. Rather than fund your account to handle additional losses ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Update: Hourly, gold has done its typical 27.2% extension, making a break below $1,298 or a break above $1,308 the price barriers which will indicate the direction of the next move. image

XAU/USD & XAG/USD - Gold & Silver Traders Thread

This is the first new post from where I left off (I'm not going to read the subsequent 10 pages of posts since then) and it happens to be solid advice worth repeating. When in doubt, take profit and get out, or at the very least lock-in profit with ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

It's been about a month since I posted -- here is what I'm looking at for gold. Note that I created these charts before gold broke out of the $1,307-$1,316 range. Weekly, $1,321 remains the long-term trend price to watch. A minor drop, perhaps to ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

After taking several months off for health reasons, I'm back to trading regularly; though less daily in-and-out scalping and more multi-day positions. These are my observations for the USD Index which I don't trade but which is useful with respect ...

Davit's Confluence Trading

I don't find Kitco a particularly useful resource as their articles and interviews range from very to extremely bullish. If you're investing, fine, I agree that gold (and any other finite resource) will continue to increase in value over currency ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

That's a convincing inverse head and shoulders but volume didn't increase leaving the last shoulder so I might go with a more conservative measure of the head from the initial entry from the neck which places the extension at roughly $1,360 which ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread