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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #21,641
  • Nov 15, 2012 9:50am Nov 15, 2012 9:50am
I waited and watched it get back up to 1725 and managed to get out my long unscathed Quite glad about that - felt a bit like a scalper/day trader for a while there - was split second stuff!
Anything can happen.
  • #21,642
  • Nov 15, 2012 10:22am Nov 15, 2012 10:22am
beeb & xtrade

Can it be assumed that we have seen the last leg of the correction or we'll likely continue this 1700-1720-1730-1739 range for a little longer?

I got my 2 buy limits in @ 1720 and 1710. Kind of even now. Stoploss @1650 (use microlots anyways).

Cheers.
  • #21,643
  • Edited 11:26am Nov 15, 2012 10:36am | Edited 11:26am
Quoting bishopdotun
beeb & xtrade

Can it be assumed that we have seen the last leg of the correction or we'll likely continue this 1700-1720-1730-1739 range for a little longer?

I got my 2 buy limits in @ 1720 and 1710. Kind of even now. Stoploss @1650 (use microlots anyways).

Cheers.
Unfortunately I don't do prophecies dotun.....

Given that there are now reasonably established horizontal ranges in gold and especially silver on 240 mins, one strategy would be to look for a breach and retest of the range.

beeb

EDIT - FWIW at the moment I would like to see an upside breach establish support around 1733 for gold and 33.20 for silver - remember these levels will change over time as I don't trade on the horizontal....

I also use much tighter stops on my positions than many on here, so if I'm wrong I live to fight another day...see post # 21,513 (thanks KADC)
  • #21,644
  • Nov 15, 2012 11:19am Nov 15, 2012 11:19am
Quoting bishopdotun
beeb & xtrade

Can it be assumed that we have seen the last leg of the correction or we'll likely continue this 1700-1720-1730-1739 range for a little longer?

I got my 2 buy limits in @ 1720 and 1710. Kind of even now. Stoploss @1650 (use microlots anyways).

Cheers.
As far as I'm concerned, all bets are off while all the stock markets continue to fall with no loss of momentum; hopefully targeting no lower than the June lows.

Once gold broke below $1720 I became rather concerned for near-term gold and silver futures. The last of my above $1700 trendlines all converge around $1710, and if this fails to hold (ignoring the spike down around 9:45am EST) I see a return to $1695, the 38.2% Fibonacci retracement, or $1685 where the resistance of the bear channel fall from $1800 and the bull support line from Jul-Aug meet.

I've reduced my long to half a position and have shorts in NZD/USD, AUD/CAD, and re-entered my short in EUR/JPY (SL @104) now that I believe the Japanese election/easing news has run its course. This is also an excellent buying opportunity for mining stocks. The NUGT x3 mining ETF could be heading all the way back to $8 (I'm adding more at $11, $10, $9, and $8). Hopefully the metals don't hit similar lows as I'm already fully loaded on ETFs and I'd like to start making some money on my Dec GC futures.
You can always make money tomorrow provided you don't lose it today.
  • #21,645
  • Nov 15, 2012 11:21am Nov 15, 2012 11:21am
Quoting beeb
I also use much tighter stops on my positions than many on here, so if I'm wrong I live to fight another day...see post # 25,513
Do you mean #21,513 or are you referencing a future post?
You can always make money tomorrow provided you don't lose it today.
  • #21,646
  • Nov 15, 2012 11:23am Nov 15, 2012 11:23am
Quoting Bo_fajer
now the head and shoulder should be done we reached 1705 if it didnt break we will be up after that

that my reading happy to hear any other opinion
When looking at technical patterns, if it only sort-of looks like something, it isn't, and calling that a head and shoulders pattern is quite a stretch.
You can always make money tomorrow provided you don't lose it today.
  • #21,647
  • Nov 15, 2012 11:25am Nov 15, 2012 11:25am
Quoting KADC
Do you mean #21,513 or are you referencing a future post?
Well since "I don't do prophecies" we had better make that 21,513



beeb
  • #21,648
  • Nov 15, 2012 11:31am Nov 15, 2012 11:31am
Quoting beeb
I'm relaxed but I put a lot of info out here - 250+ views of a chart and one comment kinda pisses me off sometimes......

beeb
You already know your charts are appreciated from past comments, and I'm grateful for the fact that, for the most part, people only post when they have something constructive to add to this thread; otherwise this would quickly deteriorate to being as useless as most of the Forex threads.

p.s. I'm still only getting sporadic thread update notifications.
You can always make money tomorrow provided you don't lose it today.
  • #21,649
  • Nov 15, 2012 2:12pm Nov 15, 2012 2:12pm
Thanks KADC

Here's SI 20 min:

http://www.screencast.com/t/ZHeXwpfm

Blue lines show the horizontal range but I'm more interested in the series of circled highs that are progressively lower in the fork. Price needs to take out some of these highs in the slope of the fork to rejuvenate the bullish move.....

beeb
  • #21,650
  • Nov 15, 2012 4:52pm Nov 15, 2012 4:52pm
Ok guys, here good profitable setup. Sell gold at 1725-1728. SL 1740. Tp 1700. Reverse should be at 1728. If you will sit al day you can try to squeeze SL.
  • #21,651
  • Nov 15, 2012 7:15pm Nov 15, 2012 7:15pm
I still feel the bias is a little tilted to bull side though whole economic situation around the world now is so complicated and it's so hard to read where these prices might swing. In this age of price manipulation and QEs, it's only wise to thread carefully with positions until Jan-Feb.
Cheers.

Quoting beeb
Thanks KADC

Here's SI 20 min:

http://www.screencast.com/t/ZHeXwpfm

Blue lines show the horizontal range but I'm more interested in the series of circled highs that are progressively lower in the fork. Price needs to take out some of these highs in the slope of the fork to rejuvenate the bullish move.....

beeb
  • #21,652
  • Nov 15, 2012 10:44pm Nov 15, 2012 10:44pm
Thursday Report: Who is buying the EURO? Bear bias all the way

This report contains: Econometric, Technical, cyclical fundamental and order flow analysis.

It’s exclusively designed for professional traders.

Made by Gino

(Anyone who wants this report via email, just send me an email to [email protected]) I usually post the report at this hour. (10 pm GMT -6)

Guys any doubts or questions will be solved on Weekend. I will make a FAQ with any questions you have.

**I forgot to change previous report link: http://www.forexfactory.com/showthre...78#post6196578
Attached File(s)
File Type: pdf 15.11.2012.pdf   765 KB | 443 downloads
  • #21,653
  • Nov 15, 2012 11:24pm Nov 15, 2012 11:24pm
Quoting beeb
Here's SI 20 min:
The silver chart is decidedly less worrisome than the gold chart at the moment and is the only reason I've held onto my Dec GC long for so long. If the silver price falters as well I'm either exiting or going short.
You can always make money tomorrow provided you don't lose it today.
  • #21,654
  • Edited 11:35pm Nov 15, 2012 11:34pm | Edited 11:35pm
Quoting bishopdotun
I still feel the bias is a little tilted to bull side though whole economic situation around the world now is so complicated and it's so hard to read where these prices might swing. In this age of price manipulation and QEs, it's only wise to thread carefully with positions until Jan-Feb.
Cheers.
The bull or bear bias is relative to your investment time frame. If you're scalping or day-trading, your bias will obviously change much more frequenly than someone who, for example, got in long at $1685 and intends to hold until the top of the next leg up.

Here's a charts showing a 20-year annual average which I consider when buying ETFs, whereas for futures, stocks, and Forex I look at the candles, trend lines, and RSI on the daily, hourly, and five-minute charts for entry and exit targets.

http://www.equityclock.com/charts/go...easonal-chart/

Note that January starts where December ends in case that's not clear.
You can always make money tomorrow provided you don't lose it today.
  • #21,655
  • Nov 16, 2012 4:49am Nov 16, 2012 4:49am
KADC,

I have a medium term approach to trading. Looking at the daily chart closely, i feel this moment is only a correction face. By the time the looming US fiscal tragedy, excessive QEs and euro debt burden comes live in 2013 (they still have room now), the currencies may likely become worthless and metals might be a safe haven. It is great USD's having a fake ride now. It also will not be long before it's fall of like magnitude.

I have 2 long positions @1710 and 1720 which i do not intend to quit. I'm however hoping that price could drop a little further to 1680 before December so i can get a better bargain trade.

Cheers.

Quoting KADC
The bull or bear bias is relative to your investment time frame. If you're scalping or day-trading, your bias will obviously change much more frequenly than someone who, for example, got in long at $1685 and intends to hold until the top of the next leg up.

Here's a charts showing a 20-year annual average which I consider when buying ETFs, whereas for futures, stocks, and Forex I look at the candles, trend lines, and RSI on the daily, hourly, and five-minute charts for entry and exit targets.

http://www.equityclock.com/charts/go...easonal-chart/

Note...
  • #21,656
  • Nov 16, 2012 6:22am Nov 16, 2012 6:22am
Quoting bishopdotun
KADC,

I have a medium term approach to trading. Looking at the daily chart closely, i feel this moment is only a correction face. By the time the looming US fiscal tragedy, excessive QEs and euro debt burden comes live in 2013 (they still have room now), the currencies may likely become worthless and metals might be a safe haven. It is great USD's having a fake ride now. It also will not be long before it's fall of like magnitude.

I have 2 long positions @1710 and 1720 which i do not intend to quit. I'm however hoping that price could drop...

At least I'm not alone in the long of Gold. I'm still holding mine at 1593 position...
  • #21,657
  • Nov 18, 2012 7:44am Nov 18, 2012 7:44am
Since nobody is saying anything here's SI weekly with some lines that I find quite interesting, and 60,3,3 stochastics at the bottom:

http://www.screencast.com/t/mkaOhnERGRxu

beeb
  • #21,658
  • Nov 19, 2012 3:39am Nov 19, 2012 3:39am
Quoting beeb
Since nobody is saying anything here's SI weekly with some lines that I find quite interesting, and 60,3,3 stochastics at the bottom:

http://www.screencast.com/t/mkaOhnERGRxu

beeb
Don't you take the weekends off?
You can always make money tomorrow provided you don't lose it today.
  • #21,659
  • Nov 19, 2012 7:49am Nov 19, 2012 7:49am
Quoting KADC
Don't you take the weekends off?
Am travelling so I'm posting when I can/connection allows

Anyway, weekends are for wimps lol

beeb
  • #21,660
  • Nov 19, 2012 5:48pm Nov 19, 2012 5:48pm
Quoting vaidas7777
Ok guys, here good profitable setup. Sell gold at 1725-1728. SL 1740. Tp 1700. Reverse should be at 1728. If you will sit al day you can try to squeeze SL.
We do ask for reasoned comments on this thread rather than unsupported claims.....

beeb
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