Tell Me You Took The Gold Setup!

It’s election day and we finally we got some movement! I returned from the gym an hour ago and my chin dropped when I checked on old goldilocks. Apparently the three bears all took a steel toe Doc Martens to the crotch today:

Wow – that’s quite a candle. Now if you were a sub this morning then you got a solid entry near 1688. And if you were a sub yesterday you get one near 1684. So my intrepid steel rats had not one but two opportunities to grab this one. And if you did not then please report to the Evil Speculator dungeon for a much needed mental adjustment.

By the way – since we’re on the subject: Were you short gold last week? Just sayin’… ;-)

Moving on – the spoos breached the 100-hr overnight and are now bumping into hourly resistance as well as the 25-day SMA. That’s a good start but the real hurdle now will be clearing the SMA, which would be a good stepping stone for a Santa Rally. It’s good to see that our 100-day SMA held up – perhaps the bulls avoided a trip to Hades just once more. We shall see…

Setups setup setups – you ask and the Mole delivers. You can waste time chasing bad trades or you can just get with the program and start banking coin. It’s all the same to me as I need victims on the other side of my trades ;-)

Since I’m in a good mood I’ll throw one out for free – here’s ole’ bucky painting not only an inside day candle but also an NR4, which means today is the smallest range in the past four days. Go get ‘em champ! And if you don’t know what to do with that catcher’s mitt then direct your browser to my cheat sheet – it’s all there.

More charts and non-biased commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.

Please login or register for Zero Data Feed (non-recurring) or Zero Data Feed (recurring) or ES Gold (non-recurring) or ES Gold (recurring) or geronimo/ES (recurring) to view this content.

So… really – please tell me you took that gold setup guys! For the record – we had a great year trading gold thus far. And I don’t even care much about the shiny stuff. Or perhaps that’s why ;-)

Cheers,

This entry was posted on Tuesday, November 6th, 2012 at 2:07 pm. Both comments and pings are currently closed.



  • RacerXX

    In it to win it!

  • http://evilspeculator.com molecool

    Attaboy!!

  • Tronacate

    In on both sides……took the 100 hor breach short before….then the long……yippee chi yay MF

  • http://dartht.blogspot.com/ Darth_Gerb
  • Turps

    Got it

  • AmazingLarry

    Mole – Do the rules on the Net-Lines change when going from the daily to other time frames? Because on coffee, I’m not seeing a NLBL entry according to the 3 red candles down rule and you show one at 152. Thanks.

  • itslance

    I took the early entry on gold.  I must say Mr. Mole, you have a gift!  After such a huge run, do you recommend lightening the load or scaling out completely and and then re-entering on a pullback/retest?

  • http://evilspeculator.com molecool

    Lighten up a little and keep some lottery tickets with a trailing stop.

  • http://evilspeculator.com molecool

    Of course they do – the hourly give us hourly Net-Lines and the daily give us daily Net-Lines. The 60-min ones expires after five hours – the daily after five days.

  • http://twitter.com/BunDanceKid Bun Dance Kid

    Moley, Can you shed some wisdom on the three Z signals right now? 

  • fast and steady

    Shorting cable.

  • AmazingLarry

    Ok, in that case the rules are consistent no matter the timeframe.

    Actually, nevermind. I guess got confused on the hourly panel because those net-lines can pop up and remain while the color on the candle can switch on such a short time frame. Either way, I need to stop huffing Pledge. 

  • itslance

    Will do. Thanks for the feedback!

  • AMCabrera

    Im back. Turns out those positions I took in the eur/aud were worse off than a person with a machete accident to the thigh in the middle of nowhere with a dead cell phone. I have taken massive hit with that more than last dump last night. So yea i will have to recover.

  • Skynard

    AUDJPY pulling out, going to run:)

  • fast and steady

    Isn’t that an exhaustion signal in audjpy on the left side panel?

  • Skynard

    Yes, it failed though.

  • Skynard

    Check out the 5 min, into the upper BB. May be worth a attempt:)

  • fast and steady

     Ah, I see, so it became a positive divergence. Ok thanks. This is very helpful info.

  • fast and steady

     Shorted it. :)

  • fast and steady

    Hoooo. Ascending triangle in eur/usd. 60% probability of resolution to the downside. I am short now.

  • Skynard

    Careful, the 5 min is a much larger bull flag if this level holds. Will short on VWAP failure:)

  • http://dartht.blogspot.com/ Darth_Gerb

    I was wondering… you went quiet for a while.

    http://s10.postimage.org/so25lzp53/temp2.png

  • Skynard

    WTF was that? Anyone else see that top hourly panel. Dropped to the floor then popped back. Ha?

  • fast and steady

     Are you talking about /es?

  • Skynard

    Sorry, yes. Bull flag 5 min

  • AMCabrera

    yea, it will be one of those “Oh now your oversold” after Im forced out. I will look at it again within the week. Although I really dont have the stomach after that loss I have entered short aud/jpy. That bulwark is in play again 83.90.

  • http://dartht.blogspot.com/ Darth_Gerb

    care to share any ‘lesson learned’ with the rat pack while it’s fresh in your bloodied flesh?

  • AMCabrera

    Last Friday I was not really bearish nor really bullish (EUR/GBP being my hint) and that equities would just hit 1430 for shits and giggles. I was really not ready for the breakdown in the eur/aud.

  • Skynard

    Looks like a VWAP test. Still in bull formation.

  • http://evilspeculator.com molecool

    Really not that much to say right now – it’s a slow day in the spoos. No divergences and no major signals. The Mole scalp arrow was right on but that’s about it.

  • ptosh

    hangin short.  today was a fake out.  

  • AMCabrera

    Sadly I learned nothing new, I should have recalled my USD/NOK moment this past summer. I do feel eerily clam about the whole thing. 

  • fast and steady

    About to try some spy calls at vwap. out of cable and eur/usd short

  • Skynard

    div 5 min, sell order just below if it fails.

  • http://twitter.com/BunDanceKid Bun Dance Kid

    OK, thanks. I keep watching and trying to read it, but it’s not easy to see anything concrete when it’s not going anywhere. I was a bit confused at the differences between the three Zs though. Guess I’ll keep looking and learning.

  • http://dartht.blogspot.com/ Darth_Gerb

    yeah, I was incautious in early May and had some long SPY.
    little did I know that 3 WEEKS down was in store & then some,
    and I just could seem to let go of the damned things, during the duration.

  • http://dartht.blogspot.com/ Darth_Gerb

    …based on….?

  • Joe_Jones

    Weird day

  • Skynard

    I thing that bothers me is SPX failed to make a new high.

  • http://dartht.blogspot.com/ Darth_Gerb

    election days are like that.

  • http://dartht.blogspot.com/ Darth_Gerb

    *Market Closed*

  • ptosh

     specifically, i’m short the IWM via TZA.  based on feel and hope mainly.  global growth is slowing.  election is irrelevant (if anything it mitigates in favor of the bears short term).  IWM  has shown a rollover pattern for the past 21 days or more.  putting in lower highs.  82.50 proved to be the lid today. looking for a down move to 81.  unscientific. 

    caveat:  been at it for years, but don’t know jack.  down for the yr.  due to being too aggressively short.      

  • fast and steady

    Another boring day… 

  • Skynard

    Tomorrow should be interesting though:)

  • http://dartht.blogspot.com/ Darth_Gerb

    you’ve come to the correct place.

    stay a while, observe and reflect.

  • http://dartht.blogspot.com/ Darth_Gerb

    IWM & Treasuries have no edge at this point for the past 10 days.

    http://stockcharts.com/h-sc/ui?s=IWM:TLT&p=D&yr=0&mn=3&dy=0&id=p30374014198

  • fast and steady

    Could someone more experienced with the zero make some sense of the extreme signals in audjpy?

  • fast and steady

    Robots duking it out in cable.

  • BobbyLow

    Wow, you sound just like me from a while back.  Feel and Hope got me nothing but a very damaged trading account.  

    Just sayin

  • http://evilspeculator.com molecool

    Another SOH refugee. Give me your tired, your poor / your huddled masses yearning to breathe free! ;-)

  • http://evilspeculator.com molecool

    My money is on the one with the flame thrower.

  • Joe_Jones

    you bet!

  • http://dartht.blogspot.com/ Darth_Gerb

    GLD 30sma weekly.
    you could see the overhead resistance in July.
    resistance becomes support
    http://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=1&mn=0&dy=0&id=p91904368458

  • http://dartht.blogspot.com/ Darth_Gerb

    ptosh meet BobbyLow,
    BobbyLow …ptosh, your protege – if you so choose.
    ;-D

  • ptosh

     SOH?  I

    i read your site religiously and have posted infrequently in the past under a different moniker.  i’m the guy who’s taken some monumental losses in tza. 

  • almez

    Right now I’m liking a /ZL long with a stop at 48.24

  • BobbyLow

    LOL

    Yep, my Gut Feelings got so bad that I ended up using the George Costanza method of choosing the opposite of what I really thought because it had a better chance of winning. 

    And then there is luck.  I’m amazed at how much money I was able to make though good luck (I didn’t think it was good luck at the time) .  But eventually good luck dries up never to return.  And what the market giveth it taketh away.  

    So there’s only three things that matter now.  The Chart, the Chart and the Chart.  :)

  • Rightside_ot_trade

    ‘I’ll give it the Iceman treatment’
    good one mole

  • AmazingLarry

    Glad those days are over. “This feels like a top.” A top in the net value of my “play” account, that is…as it slides into the red. 

    Funny you mention the Russell, ptosh. I don’t claim to know the future, but the RUT just missed setting an all time high in Sept by a few ticks and with the miners grossly underperforming the metals (HUI/Gold) for the past few years, it seems prime to run hard and quick. Even still, I own IWM because I played by the rules and will either continue to own it until I either get stopped out or my target is met, not because of the former story.

  • newbfxtrader

    Welcome. Just follow Moles setups and you will be golden! Just check out this post.

  • Skynard

    Took /SI long again:)

  • Skynard

     Bouncy!

  • fast and steady

    Noob question. Is anyone here trading every single transition with tight stops  through the zero line  in eur/usd?

  • Skynard

    Talk about some BS, entered long /ES

  • fast and steady

     I’m joining you.

  • ptosh

     why BS?   futures look to be severely red.  are you of the mind that this bearishness fades by dawn? 

  • itcomesupinwaves

    Looks like the /DX inside day was triggered..

  • Skynard

    By the look of the commodities front, AUD strength, dollar weakness, yes. Volatile trading on the front.

  • Skynard

     That worked out nicely, took the EURUSD long now.

  • Skynard

    Nice scalp on AUDJPY if you took it at that upper BB.

  • fast and steady

    Just a small scalp. I have been trading eur/usd for the last few hours.

  • Skynard

     You must be long now, Ha?

  • fast and steady

     Yes. Very

  • fast and steady

     Out now. Waiting to reload.

  • http://dartht.blogspot.com/ Darth_Gerb

    Tea Time comrades…in Soviet Russia – the Tea comes after you.

    http://s10.postimage.org/6fl2x0yvb/comrades.png
    -Gerb

  • ptosh

     ^^ AUD strength? AUD looks to be down substantially against the yen.  isn’t this the risk on/risk off pair?  smells like risk is coming off. 

  • Skynard

    Ha, which chart are you referring to?

  • Skynard

    ST, my targets are a back test first and possibly the re-test:)

  • ptosh

     wow.  you were right.  dow futures loss cut in half in last 10 mins. 

  • Skynard

    Wait for it:) Going to get alittle crazy, just the way we like it:)

  • Skynard

    Obummer, no Romnut. Fuck! Can not wait til this is over!

  • http://dartht.blogspot.com/ Darth_Gerb

    LOL

  • Skynard

     LOL, just keep those machines on :)

  • ptosh

     no doubt.  futures all over the place.  currently back to looking shaky. 

  • Skynard

    Obummer won, goodbye Bucky:)

  • Skynard

    Rocket launchers, will be on till EUR open.

  • fast and steady

    Reloading eur/usd at 1.2864

  • AmazingLarry

    BOAKYAG Amerika.

    And your job.
    And your savings.
    And your home.
    And your freedom.

    Buh bye….
    But hey, there’s a silver and gold lining to every sob story! ;)

  • fast and steady

     and out. zero looking weird.

  • Skynard

    Ya , another 4 years and approx. 75% of this country should be on food stamps. Ah, WTH just paper:)

  • Skynard

    MWAH:)

  • Joe_Jones

    Trap door is open

  • Skynard

    ST target is that trend line.

  • fast and steady

    Bull flag in eur/usd? 

  • Joe_Jones

    Bernanke won an extension tonight, bucky is well f#cked LT. 

  • fast and steady

    the small stars in green and orange on eur/usd 5 min zero are net lines, right?

  • newbfxtrader

    yep green are buy and orange sell. The vertical stars are special Mole signals.

  • newbfxtrader

    Look at Moles setup. Inside day on /dx breaking to downside. Take it bro and put stops for protection.

  • newbfxtrader

    Aussie signaled way ahead. Good thing we are on the right side!

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    Ouch.. I didnt take the gold set-up! But is happy with the coins from fx & sugar. Max position i open at any time is 3 ;)

  • Skynard

    Stop out last night for good gains, buying the 1420 dip:)

  • http://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨ 
    ¨°º¤  S H A K E   N ¤º°¨ 
    ¸„ø¤º° B A K E !“°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸





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