Point & Figure Sunday

Due to popular demand I spent much of the weekend implementing a logging mechanism for Crazy.Ivan. I still need to integrate the module into the actual strategy, but the bulk of the work is done as my current test is able to persist all data collected during the a simulated trade cycle (i.e. both legs – entry and exit/stop) to a public spreadsheet in Google Drive. This means that all of you will be able to monitor how each strategy is progressing almost in real time. We’ll be able to update all charts on a ongoing basis and if I have my way it will all be automated. Heck – perhaps one day in the far future I’ll be able to finally take a short vacation! Yeah right, as if that’ll ever happen 😉

It’s the peak of the summer season and most likely many of your won’t be looking at charts today. However I poked around my P&F collection and found quite a few goodies that I deemed worthwhile sharing. Here’s gold which has been rather feisty as of late and now dons a bullish price objective of 1610 (I can almost hear you guys gasping).

IMNSHO 1340 is a key level that, if breached, could drive gold higher. But as this month is soon drawing to a close I’ve got a bonafide Ivan setup for you guys:

After almost a year of tormenting the gold bugs the shiny mental will now most likely produce an inside month candle. Yes, it’s a bit tall for my taste but I would still take the long trigger if it signals in August. And if you don’t like this one then you may appreciate the next one:

Silver – quite a lot less bullish but it has put the bears on notice via a small but technically valid low pole reversal warning. So there may be an open door for the shiny metal aficionados and once again it’s the LT panel that’s providing us with a technical setup:

I love this chart – both panels show the monthly by the way. On the left I’ve highlighted the inside month candle which is a lot smaller than the one we’re getting on gold. This means a larger position size and a smaller stop (at the low of the July candle). The left panel shows some rather beautiful context – we have an inside month right smack on the 100-month SMA. And all that after an extended  sell off – it frankly doesn’t get much better than this, folks.

But wait, there’s more – please step into my air conditioned summer lair:

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Cheers,