How do I learn about PM markets. The teacup, inverted triangle, etc. is gibberish to me

TheNoost

Just learned there was a PM market last year and trying to figure it out (even a little of it would be good). I don't understand the shapes of the graphs or even where the graphs are. Basicly looking for someone to take me by the hand and show me the way. I'm ready to do the work, but don't even know where to begin.
Thank you.

roadrunner

Read some of the basic gold sites. You can read archived articles on charts, theories, etc. going back years. Most of these sights will link to other sites as well.

financialsense.com
safehaven.com
goldseek.com
321gold.com
jsmineset.com
kitco.com and kitco gold forum threads
elliotwave.com

For a down and dirty on basic stock charting to to stockcharts.com where they offer a free tutorial on trending, indicators, chart patterns, candlesticks, etc. There are others who offer similar free tutorials. The Elliot Wave website offers a basic tutorial on wave analysis. It took me several hours over one weekend to go through that. Whether you believe EW theory or not, it's a good foundation to have under one's belt. And then read, read, read every opportunity you have. Those that make their living in the stock market may be able to offer some other references, books, etc to help. It all comes down to finding a system that works consistently for you to be able to buy lower and sell higher. Psychology and human nature play a huge role in the PM markets as does outright manipulation. Look at all the buy/sell recommendations with a questioning mind. Just like in coins, spend a lot of time learning before you jump in with both feet. If more coin buyers would take that advice, there would be a lot less hurt going around. These are gold bull sites so the drone sometimes is skewed.

Some of the authors I like to keep up to date include: Russell, Palha, Kirby, Maund, Droke, Burak, Hoye, Sinclair, DeGraaf, Willie, Mauldin, Nichols, Rosen, Grandich, Katz, Saxena, Bloom, Thomson, Weigand, Bonner, Sobolev, Ackerman, Hamilton, Radomski, etc.

roadrunner

RedTiger

The the short answer is: Edwards & Magee is the old time standard for old school chart reading. Originally written for commodities traders, the newer edition is "Technical Analysis of Stock Trends." There are dozens of newsletters and sites for gold, many of them get linked at Kitco. If you start reading some of the commentary, you will likely favor some authors over others. Some authors will be right more often than others, some will have more useful information than others.
http://www.kitco.com/ind/index_date.html

link

The longer answer is a bit of a discussion: What is your goal? How much time do you want to spend? These days, most traders do a lot more than look at a chart and decide, up, down or sideways. I am an amateur. I am a bit old school and tend to keep things simple. Many traders use sophisticated AI neural nets to spot patterns as they occur. Some use backtesting software to test various trading systems. There can be a lot more to it than looking at the chart.

Let me add what I always write: for the average person, it is better to forget about timing the markets, and be content with getting an average price going in, and also when getting out. Is this something you are serious about or just want to be a small time punter (punter=English slang for gambler)? If the latter, go through some of the online tutorials, and learn little by little.

Bear

Of course, there is always the reading of the entrails

of an animal, or the throwing of the bones. I have

found that the above two methods are about as

reliable as the charts.

coynclecter

Charts are great for telling us what happenned. Those who claim they tell us what will happen have not been as accurate.

TheNoost

Thanks for the replies, exactly what I was looking for. Direction. My plan is to start out small, so I will get to the research. Thank you.

roadrunner

10 year gold chart

Charts are great for telling us what happenned. Those who claim they tell us what will happen have not been as accurate.

The number of times gold has cycled up in 5 major waves and then down in 3 major waves from 2001-2008 seems to be far from coincidental. Tracing that pattern as it occurs seems to be a worthwhile endeavor to generally predict what is coming next. That, coupled with fundamentals and other inputs seems to beat pulling a number out of a hat.

roadrunner

cohodk

Start here and buy a book.here

Read every book 3x and look at 100 charts per day. After you have looked at 10,000 charts, you can start to nibble--start small. I am highly confident that failure to follow this will result financial ruin.