10.4 A Complete System

[nanningbob]

Basically back where we were 6 trading days ago. One thing that amazes me about Forex. When you win you grind it out but when you lose it can go so quickly. One thing that stands out for me though is Multiple winners builds the account and fewer losers when price goes against you. March tested the system for ranging and April tested the big move both for and against you. Bottom line my winners won more pips than my losers. Big test to pass. Unless this keeps going.

[nanningbob]

Another note: to you in the Boston area our hearts, prayers and thoughts go out to you. Dang what purpose does that serve to bomb a sporting even. Dang it all anyway.

[nanningbob]

Gold is down big, Euro banks selling to raise cash?? hmmmmmmmmmm.

[SteveHopwood]

I was 10 wins 31 losses ( I cleared out all non jpy trades) account is down 23% means I gave back about 1/3 of my profits. Ok the carnage is over. I lived to trade another day.

Not only do you live to trade another day but you get to keep 2/3 of your recent insane profits.

I count that as a Big Win.

[grimweasel]

Gold is being trashed to allow the banks et al to pick up more physical at cheaper prices. It's a rigged market, this is a huge shake out. Gold will still be above $1700 by the end of the year. The trend is up until the 61% Fib level on the monthly is breached. This is just a savage pullback. The world's fundamental issues are not solved. The equity markets are about to tank as this whole global ponzi scheme unwinds...

[SteveHopwood]

Another note: to you in the Boston area our hearts, prayers and thoughts go out to you. Dang what purpose does that serve to bomb a sporting even. Dang it all anyway.

There are people whose description as Human Beings we will never understand.

My heart goes out to Boston also.

My normal sign off does not seem appropriate.

[nanningbob]

An assessment by the European Commission says Cyprus must sell about 400m euros (£341m) worth of gold.

The country has already been forced to wind down one of its largest banks in order to qualify for a 10bn euro lifeline from international lenders.

Even with that bailout, it is predicted that the Cypriot economy will shrink by 8.7% this year.

Cyprus's total bullion reserves stood at 13.9 tonnes at the end of February, according to data from the World Gold Council.

At current prices, 400m euros' worth of gold amounts to about 10.36 tonnes of metal.

First they took the depositors money now the country's gold. Dang

[nanningbob]

Police say 'secondary devices' are still being found according to the Boston Globe

Explosions on video

http://www.orlandosentinel.com/videogal ... n-Marathon

[rebyte2]

Here is a snippet from today's 'Market and Money' email, by Larry Eledson.

+++++++++++++++++++++++++++++++++++++

Urgent: Historic Gold Crash. What To Expect Next ...

I'll get right to the point ...

First, gold's historic collapse — losing as much as $233 in just the last four trading days, a whopping 14.7 percent ... and $565, or 29.44 percent since its high in 2011 — is NOT over.

Second, expect a bounce to soon occur, but don't buy into it. If you do, you will likely lose a bundle of money as gold heads even lower.

The same advice applies to silver, to copper, to platinum, to palladium, to crude oil and more. Their interim-bear markets are not over, not by a long shot. Ditto for natural resource stocks.

For now, I'll confine this update largely to gold. I want you to have the important system support levels for gold from my trading models. That way, you will have a road map.

I'll cover these technical levels first, then I'll briefly review the fundamental forces driving gold lower.

Gold's major support levels now lay at ...

— $1,380. Gold is currently below that level.
— 1298.70
— 1244.90
— 1160.90
— 1028.40
— 993.90

Each of the above levels should temporarily hold once they are hit. But the operative word is "temporarily." Based on my system models, gold will likely not bottom until it hits major long-term support at $1,028.

As for overhead resistance, there is plenty. For any bounce that soon comes into play, expect resistance to form at the $1,380 ... $1,412 ... and $1,458 levels.

As for the fundamentals driving gold (and other commodities) lower, they are the same forces I've been telling you about for many months now ...

First, central bank money-printing has lost its impact on the markets. Why? Very simply put, there's too much bad debt floating around the globe and there's simply no way central bank money-printing can offset it.

Second, austerity measures in Europe and the United States are also overpowering the inflationary impact of money-printing.

Third, and most importantly in my view, the Cyprus confiscation of uninsured depositor money has completely turned the world upside down. Money is no longer safe in a bank in Europe.

That, in turn, is causing hundreds of billions of dollars to essentially go into hiding. But not in gold, which is subject to confiscation, real or imagined.

Instead, capital is largely going into cash, which is also bullish for the U.S. dollar, since it's still the world's reserve currency.

Fourth, Japan's new aggressive policy to devalue its currency is also not bullish for gold. Japanese investors are plowing their money instead into their own stock market, and my sources tell me loads of Japanese capital is also fleeing to our stock market.

In fact, much of the selling in gold originated in Japan. It was just a week ago that gold hit a record new high in yen terms, due to the depreciating Japanese currency.

But instead of lining up to buy gold, Japanese investors queued up at gold dealers around the country dumping every ounce of gold they could get their hands on, even melting down jewelry.

Why? Japanese investors don't trust their own government, and if push comes to shove with North Korea, Japanese investors want their money liquid and mobile. That means cash, not gold.

In essence, we are seeing what I call "Money on the Run" and its momentum is picking up, in Europe and in Japan. Panicked capital is going into hiding, but in cash and equities in the U.S. and Japan, not in gold.

Later, when everyone realizes that Washington has many of the same problems that Europe and Japan has, all of the above fundamental forces will flip back to the bullish side for gold.

But that time is not here yet.

+++++++++++++++++++++++++++++++++++++

[rebyte2]

An assessment by the European Commission says Cyprus must sell about 400m euros (£341m) worth of gold.

The country has already been forced to wind down one of its largest banks in order to qualify for a 10bn euro lifeline from international lenders.

Even with that bailout, it is predicted that the Cypriot economy will shrink by 8.7% this year.

Cyprus's total bullion reserves stood at 13.9 tonnes at the end of February, according to data from the World Gold Council.

At current prices, 400m euros' worth of gold amounts to about 10.36 tonnes of metal.

First they took the depositors money now the country's gold. Dang

I'm thinking China and India will be squabbling over that tonnage, even tho this very small compared to what they have 'stock piled'.