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For those with a longer term outlook, the weekly chart has a nice flag pattern with the price currently at the bottom end of the flag. A breakout or breakdown from that flag can be very profitable.

To the moment before I clicked on this post, and I'd skip it. :D

I was actually watching the 5 minute QM chart just as it happened. Looked like a rocket taking off only to fall right back to Earth.

I noticed the same thing with 60 min. QM chart on Tradestation.

I don't think so. Looks nothing like him.

The Rogers "dude" is rarely wrong. Often early.........but rarely wrong.

Jim Rogers said recently that the commodities bull usually runs about 14 years and that it's somewhere around the third inning. States demand from China will continue to drive commodities higher, specifically agriculture, with some corrections along the way of course.

OK, so I guess you are trading off of 8-K and 10-Q reports? Don't assume that nobody is making money off of T/A just because you can't.

Dude, Don't you have yet another useless Poll to start? Get lost.

I agree 100% but this wasn't my point. I only meant that if someone is going to consider fibonacci lines at all they should consider all of the lines.

Very interesting replies, thanks. If I had to answer my own post I'd say that I do consider the major trend when using fibonacci but when looking for an entry point (or stop) I tend to reset to the current leg of the trend. Many times you'll see that a 24% retracement of the major trend...

Not interested in a debate of Fibonacci's usefulness, but I'd like some input about a specific question I have. Considering this scenerio; You identify a long term trend, it begins to pull back. You apply your fibonacci retracement lines and the underlying bounces perfectly off the 38%...

Bought my house as a newlywed in 1991 for $156,000. Even with the recent decline in prices it is still valued at over $450,000. But since I own a home to live in and not as a poker chip, it doesn't matter to me what it's worth right now. I'm still way ahead and yes, a proud homeowner.

http://finance.yahoo.com/q/bc?s=FINL&t=5y&l=on&z=l&q=c&c= I posted a H&S chart on ET of FINL back in January 2007 when it was around $12.00....it went under $3.00 recently. I had Puts but sold them a while ago.

I've been trading gold off the charts since I am NOT a good fundamentalist. Actually I learn a lot of the fundamental side of the gold trade from Realist's posts. However, as of this post I remain short based on the daily chart. I also think gold is waiting to see if the DX can take out that...

http://www.marketwatch.com/tools/calendars/earnings.asp?dist=10markets&x=2&cal=2&view=1 http://biz.yahoo.com/research/earncal/today.html

I still see resistance at the current price and the past 2 days' volume was lighter than the volume on Thursday and Friday's pullback. The short side still looks better right here. IMO

Thanks, and I agree that the 780 area is key. It can actually be traced back to the weekly closing high back in May 06. I am already short and will be until the downtrend line on the daily gets taken out. But if it closes below the $780 area I think it's good to $760 and then the $720 to $730...

Here is how I am seeing the weekly, daily and 60 minute charts. The price has fallen from a rising wedge on the 60 min. I agree it could test the 780 area again. But the 50 day has been strong support so far. JMO

Murphy's book is a great start. Starts with the basics and builds on them as the book progresses. Reads like a text book. http://www.elitetrader.com/bo/index.cfm?action=view&B_ID=18&CatID=3