There seems to be question with gold at this level. The pressure indicator is over extended and it is trying to turn higher. There is divergence at the lows right now which indicates that the internals for gold are stronger than price indicates at this time. The second price objective for the move down is at _____ and it doesn't appear that price will reach there on this leg down. For price to make a new run at _____ it would have to go through _____ and then the first price objective, P, would be ____. A short cycle retracement higher could start with price movement above ____ and then the resistance levels would be ____and finally ___. If this this takes place then there could be a retracement down before the ____ is reached. Price would have to go through ____ to void the current down move. All upside price projections are based upon the current low.
Sunday, July 12, 2009
North European Oil Rl Tr (NRT) last: 32.50
– Posted in: Current Touts Free Rick's PicksThe chart shows that there are three different cycles at work on this daily chart. There is currently upside pressure being applied to price. You will note that price found support at each of the price objectives for the move down in red. It also found resistance at the first price objective, P, noted in black. The short cycle in blue indicates that price could find resistance at P, ____ and then at the next two price objectives for the up move. At this point the down move has not been voided. The target price for the major move higher, not shown, is _____. This analysis is based upon one chart only. Ira
Trading is a Business Part II
– Posted in: Rick's PicksNow that you have set up your overall plan it is time to implement it. This is where the beginner starts. He/she opens an account and he/she feels that it is easy money from here on out. Trading is one of the hardest businesses that you can be in. There is no corporate designation of blame as the secret to success. Every losing trade is no one's fault but your own. Having to admit that you are wrong and accept blame is the most difficult thing to get used to as a trader. It is always, "they did it to me', as an excuse. They came down and took my stop and ran it back up again to exactly where I had it figured. Once again trying to put the blame elsewhere. Losing money is not the crime. The crime is trying to blame someone else for it. I have been in the market myself since the 1950s. I was introduced to the stock market in the 1930s and 1940s by my father. He had a stock that did absolutely nothing, but I followed it in the paper on a daily basis. When I first started out I made all the usual mistakes and lost an unusual amount of money. I found the experts didn't really know anything and my broker knew even less. I was a lamb being led to slaughter and I smiled all the way to the slaughtering pens. I remember the stock exchanges closing down for the day because they couldn't handle 6,000,000 shares a day. Now they do that volume in one stock in the first hour of trading. I graduated from college with an engineering degree and went to work in a design office, then into the construction business and owning my own construction company. Then came
August Soy Beans (SQ9) Last: 10.44
– Posted in: Current Touts Free Rick's PicksThe daily chart is still being hammered with downside pressure, but the indicator is in an over extended area of the chart and it is trying to turn up. Price is currently oscillating around PO2, the ____level. I seems to have found temporary support here. The target price for the move down should be ___. For price to move higher it would have to go through ____and then the first price objective, P, at ____. Any upside move could run into resistance at ___and ____. This analysis is based upon the daily chart only. Ira
