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

  • #5,641
  • May 1, 2011 6:13pm May 1, 2011 6:13pm
Gold has another 80-100 bucks lower to go. IMHO, of course.
  • #5,642
  • May 1, 2011 6:15pm May 1, 2011 6:15pm
Quoting Fmfx
Well, sorry to hear that but with all this gold is bulish, it only goes up blah blah you hear, it is hard to believe that you could make profit shorting gold but well, I can see my short position is already almost $30 down... Time to lock the profit I guess...
nice trading. is your broker one with fixed spreads? my gold and silver spreads are crazy now. one of the reasons I didnt trade
  • #5,643
  • May 1, 2011 6:25pm May 1, 2011 6:25pm
From a humanistic perspective, as Frankfurt/London Traders rise, followed by New York Traders, think of what feelings are likely to be elicited by a 12% drop concentrated into a small period of time.

 

  1. What is the most probable course of action a participant with an open position would take?
  2. What is the most probable course of action participants on the sidelines would take?

Can one posit that as a result of the above, a further drop is quite likely a possibility from these levels?

Of course it could simply be a shake-out of weak longs, but the way in which it occurred, coupled with current on-going events is kind of hard to ignore.

I'm hoping everyone both long and short is managing their trades well and raking in pips, but I'm also hoping that the 'I told you so's'/pissing contests don't throw the thread off track...let's take the market moves in good strides from a neutral perspective.

Regards,
xXTrizzleXx

  • #5,644
  • May 1, 2011 6:31pm May 1, 2011 6:31pm
Quoting xXTrizzleXx
....but I'm also hoping that the 'I told you so's'/pissing contests don't throw the thread off track...
Regards,
xXTrizzleXx
I told you so....

Now that it has been said we can get back on track.
  • #5,645
  • Edited 6:46pm May 1, 2011 6:32pm | Edited 6:46pm
Quoting lilpip
may monthly silver
52.83 with eye on 51.31
41.88
30.93
new monthly timeframe starts out looking for support eyes open 41.88.
bias is up from 41.88 (monthly trend guide)
1541-44 area noted on golds daily trend guide.
  • #5,646
  • May 1, 2011 6:33pm May 1, 2011 6:33pm
Quoting FX4Newbies
Here are some thoughts...

Silver: Price blasted through the ML of the teal fork and through the U-MLH....very strong move. Little sell off now. If price can hold above U-MLH or ML of darker green fork, buyers might consider getting in again.


FX4

P.S. Post 5429 will show the coordinates for the larger fork on silver.
RE: Silver. Below is the continuation of the chart from the one in the quoted post. Price could not hold above the U-MLH and look...the blue arrow shows the area of the tell...the fall out point. Made a comment about that area in another forum...thought it was here...sorry . Post 5639 was my last silver chart before this one.

Here's the chart anyway. If price cannot get back above the teal L-MLH (red arrow) and hold above it, it may sell off some more. Another area to watch would be the red SH (sliding parallel) as a switchback (if price tests it and falls again).

FX4
Attached Image (click to enlarge)
Click to Enlarge Name: xag-usd may 1-11.gif Size: 28 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #5,647
  • May 1, 2011 6:39pm May 1, 2011 6:39pm
Quoting xXTrizzleXx
I'm hoping everyone both long and short is managing their trades well and raking in pips, but I'm also hoping that the 'I told you so's'/pissing contests don't throw the thread off track...let's take the market moves in good strides from a neutral perspective.


For your questions: let's wait and see. This drop will show the real character of the rally. If it's a serious bull market, it will resume and go up (not necessarily from today on, we can still go a little bit down).

It was very messy to open and close positions every 10 minutes... profitable though. I decided to keep my long from 1550, locked at BE. Let's see if it survives. Now it's time to sleep!
"The reason I was born and came into the world is to testify to the truth."
  • #5,648
  • May 1, 2011 6:40pm May 1, 2011 6:40pm
but these spreads are ridiculous......
  • #5,649
  • May 1, 2011 6:44pm May 1, 2011 6:44pm
Quoting ranger_lp
but these spreads are ridiculous......
They are still 3 cents for me. But this is spread betting.
  • #5,650
  • May 1, 2011 6:50pm May 1, 2011 6:50pm
RE: Gold...pure drama to start the week. Interesting though that price found sell orders close to the WL shown by the red fork. Hats off to all you seasoned gold traders.

FX4
Attached Image (click to enlarge)
Click to Enlarge Name: xau-usd may 1-11.gif Size: 23 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #5,651
  • May 1, 2011 7:04pm May 1, 2011 7:04pm
Silver H4.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 26 KB
The Black Swan: The Impact of the Highly Improbable
  • #5,652
  • May 1, 2011 7:10pm May 1, 2011 7:10pm
according to #5728 gold did find support at 1540 area, now seems the rally will extend to at least 1583, considering strong reversal at 1540 + strong action on june light crude futures, also strong options level is growing for XAUUSD at 1600, as someone with a lot of patience is building a strong possie there.

I think this uptrend is too hot right now to consider reversals on XAU USD, unless there is a major flip over on COT data and or strong options build up of 1400 area for August 2011. The way I see the levels right now, everyone is just adding more to the net long and so right now "short sell in may and go away" kinda is not working just yet, however price action on silver does indicate that we are nearing the seasonal high.
  • #5,653
  • May 1, 2011 7:36pm May 1, 2011 7:36pm
Quoting JeremyWS
nice trading. is your broker one with fixed spreads? my gold and silver spreads are crazy now. one of the reasons I didnt trade
Thanks. No, the spread was 11+ instead of the usual 5.5 but it was well worth it
  • #5,654
  • May 1, 2011 7:40pm May 1, 2011 7:40pm
Quoting FX4Newbies
RE: Gold...pure drama to start the week. Interesting though that price found sell orders close to the WL shown by the red fork. Hats off to all you seasoned gold traders.

FX4
Thanks man!
  • #5,655
  • May 1, 2011 7:52pm May 1, 2011 7:52pm
Fmfx if you don't mind me asking, where do you get cleared for gold trades? my spread on dukas is like 60-80 and they are killing me.
  • #5,656
  • May 1, 2011 7:57pm May 1, 2011 7:57pm
Quoting ruffryders
Fmfx if you don't mind me asking, where do you get cleared for gold trades? my spread on dukas is like 60-80 and they are killing me.
On Oanda, the spread 150 for gold and 500 for silver.

Are u going to hold long?

I am currently waiting for gold to hit 1490 before i will decide to go long again.

Man, My silver trade hit by SL at 43.76 when i was expecting that Silver is going perfectly for the BRN $ 50. Been having 2 worse weeks of my trade coz of the volatility in silver.
  • #5,657
  • May 1, 2011 8:25pm May 1, 2011 8:25pm
Quoting Fmfx
Thanks man!
LOL...I'm not a he. You're welcome anyhow .

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #5,658
  • May 1, 2011 9:13pm May 1, 2011 9:13pm
Not sure about any of you but my broker doesn't allow trading XAU/USD or XAG/USD as spot FX pairs (futures are ok). What happens though when you can and silver drops 10% in a matter of minutes? I highly doubt a lot of retail traders keep enough of a margin cushion to allow for that kind of correction.

Which makes the chart you're looking at all the less surprising.
  • #5,659
  • May 1, 2011 9:37pm May 1, 2011 9:37pm
whts happnin with silver today

which direction should i expect from here near term
MMMYYYKKK
  • #5,660
  • May 1, 2011 10:20pm May 1, 2011 10:20pm
osama bin laden killed
MMMYYYKKK
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