60 min Flow in International Commodities.

[beethoven]

Friends, we should give some thoughts on profit taking also. Gold is at the extreme high end of its history so expecting it to go beyond that would be a minority probability. Yesterday it hovered in a range for 10 hours and then fell and today a gap down.

Again yesterday's 10 bar congestion area low should have been considered a PL, to my mind - if you are playing 60 min flow - this is a major pivot.

Some profit taking should have been done at the extremes of the yesterday's range and then wait and watch for adds above the range or if the trade reverses then we would any way be carrying very light positions so no skin off our nose.

Basically I want to say here that periodic profit taking is very necessary here. My views.

Bee

 

[beethoven]

Taking my argument further, if we have to be anyway be glued to our computer screens till the end of commodity trading then we can play 60 minutes the way Rakesh plays - aggressive - that is probably the best way to take maximum juice out of this security -- Gold -- and utilise our time optimally.

Bee

 

[Prabhjeet]

Friends, we should give some thoughts on profit taking also. Gold is at the extreme high end of its history so expecting it to go beyond that would be a minority probability. Yesterday it hovered in a range for 10 hours and then fell and today a gap down.

Again yesterday's 10 bar congestion area low should have been considered a PL, to my mind - if you are playing 60 min flow - this is a major pivot.

Some profit taking should have been done at the extremes of the yesterday's range and then wait and watch for adds above the range or if the trade reverses then we would any way be carrying very light positions so no skin off our nose.

Basically I want to say here that periodic profit taking is very necessary here. My views.

Bee

Bee though its ok to use caution with Gold right now but I would advise that you forget what it had done in History. A entity hitting new Highs is anything but Sell signal.

I am just a bit cautious on Gold right now because instead of trying to take out its Pivot hi on Daily charts few days back, it is putting topping tails. This might caution us that Daily trend is weakening but Weekly is still strong and may not exhaust soon.

Thinking Historical Highs this and that definitely reduces our Decision making ability and we are not able to properly follow our system and instead our Brain starts interpreting what it wants to see rather than what is actually happening.

So IMO we should ignore where the prices are in comparison to Past and just focus on staying with the Trend, let Gold go to 30,000 or 8000 we are there on back of this wild bull

 

[beethoven]

Yes Prabh, I agree with you 100%.

My thinking is a deviation from pure flow method.

We are still trying to fit in as best as we can - at least I am still trying and am not sure which style suite this security, suits me and suits my pocket. hopefully I will get there without too much damage to my account

Bee

 

[beethoven]

OK now how many agree that yesterday's 10 bar congestion low is a major visual pivot low to set our SAR there. A similiar pivot was also formed on Feb 24. That was also a 10 hour (bar) congestion with a breakdown after that.

Bee

 

[Smart_trade]

Friends, we should give some thoughts on profit taking also. Gold is at the extreme high end of its history so expecting it to go beyond that would be a minority probability. Yesterday it hovered in a range for 10 hours and then fell and today a gap down.

Again yesterday's 10 bar congestion area low should have been considered a PL, to my mind - if you are playing 60 min flow - this is a major pivot.

Some profit taking should have been done at the extremes of the yesterday's range and then wait and watch for adds above the range or if the trade reverses then we would any way be carrying very light positions so no skin off our nose.

Basically I want to say here that periodic profit taking is very necessary here. My views.

Bee

Yes bee .This is what is bothering me since this morning.a 10 bar sideways movement in Gold starting from yesterdays opening bar and low of that movement eventully getting cracked,was sure a place to reverse.I should have been short on 9:00 pm bar yesterday. Missed this .... not yet able to decide whether to go with pure pivots or aggressive pivots,how far agressive etc.

Got to tame this beast man.....

Best Wishes,

Smart_trade

 

[beethoven]

Yes ST

Two examples in 6 trading days - we cannot keep tripping over this again. At least not me again.

Bee

 

[Prabhjeet]

Guys in my opinion foor Gold being Totally laid back approach will serve well, but 8 -9 bars of consolidation and then a Breakdown does call for a reversal.

One more observation, if following Pure Pivots I have seen that mostly the Day's low corresponds to Pivot lo on 60 min. charts and day's high is Pivot hi for 60 min. charts, so with this piece of information we can easily avoid False breaks and can save a lot on Data costs too

 

[Prabhjeet]

Yes ST

Two examples in 6 trading days - we cannot keep tripping over this again. At least not me again.

Bee

Bee here is one more adjunct that I use along with eye and intrestingly it gave a reversal sign on both 24th and yesterday as well.

This tool is RSI (3), have discussed it with Saint also, looks very reliable

 

[Prabhjeet]

Sorry here are the charts, cant edit the above post so a new post