How do we feel about gold being at such an all time high? Anyone make good or bad decisions? Is it smart to ride the wave? Just curious to see what people have done since gold was way up this past week! 
Yes, gold is way up, but still a long way from an all-time high.
Here’s a chart of the London afternoon gold fix for the year 2011, when the all-time high was reached, along with a table of prices.
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A lot will depend on what happens with DAX/SP500/NASD/FTSE. Gold thrives on fear.
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Ahhh… Yes. I remember the trade well. Going long on a Thursday. Early evening on 8 September 2011 to be exact. Simply because some know-it-all analyst on Bloomberg said that Gold was going to $2K. Add to that extremely high leverage, huge position, little to no risk management, and the firm belief that the guy was right. Margin call came a few days later!!! LOL!!! Fun and games.
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I’m following the trend. This therefore means I get in with the trend every time the trend resumes from a pull-back. I ignore historic resistance in an uptrend.
I went in (again) long on the 18th and closed at the market close on the 20th, anticipating some consolidation (as the day’s performance was extraordinary) that would allow me to re-enter long lower than the latest high. If a bar prints tomorrow with a lower high, I will set another buy order on gold at tomorrow’s high.
Using my current style I would also have been stopped out in September 2011. But that’s not important - I would have been repeatedly long since December 2008.
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Sounds promising. Will try and follow your style for the hell of it. Only to see how it goes though i.e. sure not getting involved. I have only four trades that I remember (in order): Brazilian Bovespa around 2007, that Gold trade in 2011, short Brexit, and long Gold in June last year. Needless to say the Brexit short was the only one that filled my heart with joy!!! LOL!!! Still have the scars from the other three. So not for me (Gold). Which is probably silly I know. But nah. Think I’ll stick with Apple!!! LOL!!!
Oops - I meant to say if a bar prints tomorrow with a lower high…
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if u look on the monthly chart, gold has quite a nice path ahead, room to the upside. i for 1 try to never assume that s a top or a bottom etc, did that in the beggining and failed miserably. so far gold broke weekly and daily highes, and could continue upwards. as long as all higher tfs are pointing up, i d be buying, and maybe try to take advantage also on the retracements like the 4hr or 1 hr if possible, but main dir is up for now. don t just buy and hold dude, cos we never know when that might end and start consolidating or just a sudden drop of hundred of pips, i d say take what u can and get out, u can always get back in again. cheers
I think it’s going higher still…
Well that’s fine just as long as that’s not your only entry criteria.
“don t just buy and hold dude…”
I think you can take it for granted that I don’t buy and hold, as I posted that I bought on the 18th and exited on the 20th, and that the uptrend is still in progress.
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“i d say take what u can and get out, u can always get back in again…”
I already posted that I exited the gold long on the 20th after its extraordinary performance that day. So that money is banked and I am now flat. I’m now waiting for an opportunity to get back in long as described, or for you start actually reading my posts, whichever comes first…
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And I thought it was just me… LOL!!!
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As well as Asian News also saying that…
i read ur post, maybe u misunderstood me… it s fine, as long as u make the most of it. i said take what u can get thinking that, when gold is so volatile, it can jump up 300 pips and retrace in the next 10 mints 200… just an example. so if u hold it for 2 days, and ur not around when that happens… u ll miss out , that was my point.
cheers
Ah yes, not all time high I guess, but at this time. It’s at a fairly high rate. Thank you for that! Really good to see
Yea, I can see it’s definitely moving in an up trend. Looks like it’s holding through that resistance level, so definitely curious to see where it will go.
Well it’s going to bump around even if it’s going to the moon. Note RSI(14). And before anybody chimes in and tells me that indicators are useless: while in and of themselves that may be true BUT the likes of Bloomberg and CNBC broadcast this stuff and it therefore has the tendency to become a self fulfilling prophecy.
In this case, however, Gold is a commodity and RSI was specifically designed around commodity trading. Works pretty well if you actually know how to use it correctly.
Guess my point is that the way Tom is doing it is the only way i.e. wait for pullbacks against the major trend. Simply buying because you don’t want to miss out will get you in hot water that’s for sure. And if that’s the way you’re going to do things then you’d better have a lot of capital and resolve.
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Many people now said that all that things with gold, other commodities and dollar fall overall is because of Trump presidency anyway. How much does it matter I am not really sure anyway ? How does it means for everyone out there also not my choice.