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

  • #52,981
  • Sep 27, 2019 11:22pm Sep 27, 2019 11:22pm
Good morning All, and happy weekend.

Im new to your forum but I think like yourselves I've got Gold fever as it has fast become my favorite pair to trade.

One looks forward to learning and sharing insights ahead, I see there are quite a few gurus

Many Thanks.
The more you learn, the more you see
  • #52,982
  • Sep 28, 2019 5:01am Sep 28, 2019 5:01am
Quoting Ef5
{quote} Welcome aboard LTSMM! I'll do my best to answer your questions: {quote} I use S/R only. Price based indicators like MACD don't really tell you anything you can't already see on the chart. Intraday candlestick analysis is meaningless since it all depends on open/close times on the candle and they're mostly arbitrary. Daily candlestick analysis might have some significance, but I wouldn't read into it too much. {quote} Trump and other current events matter a lot, but to a large degree they're unpredictable so they're tough to plan for in advance....
S/R ?
  • #52,983
  • Sep 28, 2019 5:02am Sep 28, 2019 5:02am
support resistance
MTF PA with indicators = a winning team
  • #52,984
  • Sep 28, 2019 6:01am Sep 28, 2019 6:01am
Hello everyone,

I am a fan Gold too and as a newbie in Forex I am trading it on Demo and real with profit and loss and sometimes huge losses.

However, I'm determined to learn and subsequently become better and raking in profits. Any assistance to further my course is highly appreciated.

Thanks
  • #52,985
  • Sep 28, 2019 6:07am Sep 28, 2019 6:07am
only trade the RTH session (14:30 till 22:00 CET) + use classical chart patterns (engulers, morning/evening star, dark cloud cover, ib at level, iib both ways, pinbar at level) on the 15M, the only thing I trade is 30M pinbars for the rest, taking profit is an art in itself but use the 15M wicks for that.
I use 9ema/20EMA/50EMA/200ema to give me a guidance for trend but I might trade as well countertrend if it's at a level.
my advice is to scalp for 3-4 USD less if the market doesn't allow you so and you will see it adds up. I have about 4 trades a day.
MTF PA with indicators = a winning team
  • #52,986
  • Sep 28, 2019 11:45am Sep 28, 2019 11:45am
I am better at short term trading so take the following with e grain of salt. I think we might have seen the end of the correction here in gold with this bounce of daily level situated just above 50 ema on the daily chart. I got a feeling we will do a bullish engulfer on monday that will bring us back above 1500 and more.
MTF PA with indicators = a winning team
  • #52,987
  • Sep 28, 2019 4:15pm Sep 28, 2019 4:15pm
Quiet weekend so far, the DJIA is basically unchanged:

Attached Image
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #52,988
  • Sep 29, 2019 12:17am Sep 29, 2019 12:17am
It's looking like gold will gap lower at the open: US Treasury Denies It Plans To Block Chinese Listings On US Exchanges
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #52,989
  • Sep 29, 2019 1:18am Sep 29, 2019 1:18am
my view is I think we'll gap up: 15M gave a buy signal late on friday. We'll see. I wouldn't read too much into that news: it was out on saturday and denied on sunday so probably no impact.
MTF PA with indicators = a winning team
  • #52,990
  • Sep 29, 2019 2:15am Sep 29, 2019 2:15am
Price has broken trendline of daily chart and residing below sma50.
Bears are in control. Only 1485 level is one hindrance to go long way down to 1450.
Contrary 1512-1515 is key resistance now to resume up trend.
P.S. Trade with the discipline of Money Management and Risk Management.
  • #52,991
  • Sep 29, 2019 2:18am Sep 29, 2019 2:18am
I am using ema50 and it's still above that one so for me at this moment I am not yet a bear but could become one, crucial area is idd around 1485.
MTF PA with indicators = a winning team
  • #52,992
  • Edited 11:41pm Sep 29, 2019 5:48am | Edited 11:41pm
Pressure remain in bearish having target daily close below 1499 and h5 tf 1480 towards limit 1466..ok some bounce still possible in the doing towards 1510/1519+


So Monday small bear set up at low may to play sideways as start while usdx bull set up.
Attached Images
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #52,993
  • Sep 29, 2019 6:47am Sep 29, 2019 6:47am
for weekend quotes I use this: https://www.xe.com/currencyconverter...rom=XAU&To=USD so far nothing really changed.
As far as news is concerned: more unrest in HK so still hoping for a upmove of about 3 USD to start the day with.
MTF PA with indicators = a winning team
  • #52,994
  • Sep 29, 2019 8:01am Sep 29, 2019 8:01am
29/09/29

Hope we all had a good weekend and a great break....
The week that was saw a break down from the right shoulder level we mentioned earlier in the week, price trickled up on our weekly levels and eventually came back down towards key support on the daily chart at the 1485 handle, this handle also symbolic of the shoulder level of the current H4 structure....a break below will have me looking for PA making that correction towards the 1440ish handle that would also correlate with the Elliot-wave count for wave 4......

Failing which the right hand shoulder will need to remain intact for the setup to stay valid.so the outlook remains the same, to look for buy setups near the support structures so long as price doesnt break below current support, and sell the shoulder level so long as it doesnt get a break and close above the handle.... furthermore will be looking at PA near the daily, H4 and H1 zones as and when price gets there......

H1: Sell Zone:1500.49 -1497.80.
H4: Sell Zone:1508.15 - 1504.56.
D1: Buy Zone:1506.82 - 1501.43.

Intra Day Levels for Monday(30/09/19)

Upside
1527.67
1517.51
1509.62
1507.12
1504.76

Downside
1492.88
1489.06
1486.55
1484.22
1476.41


Weekly Levels(30/09/39 - 4/10/19)
Upside:
1575.82(Extension Level)
1555.23(Extension Level)
1536.58
1525.05
1516.96
1511.18
1506.36


Downside:
1487.74
1476.21
1466.37
1457.55
1445.70(Extension Level)
1428.30(Extension Level)


Green Pips to you all
4&1 All Time Profit: $37,496
  • #52,995
  • Sep 29, 2019 9:39am Sep 29, 2019 9:39am
Quoting MzansiObi
29/09/29 Hope we all had a good weekend and a great break.... The week that was saw a break down from the right shoulder level we mentioned earlier in the week, price trickled up on our weekly levels and eventually came back down towards key support on the daily chart at the 1485 handle, this handle also symbolic of the shoulder level of the current H4 structure....a break below will have me looking for PA making that correction towards the 1440ish handle that would also correlate with the Elliot-wave count for wave 4...... Failing which the right...
Corresponding H1 and H4 Charts.....

Green pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: H1Outlook290919 (2).png Size: 76 KB
Click to Enlarge Name: H4Outlook290919 (2).png Size: 79 KB
4&1 All Time Profit: $37,496
  • #52,996
  • Sep 29, 2019 9:42am Sep 29, 2019 9:42am
there is something wrong with your 4h chart: it's not based on NY close ...
MTF PA with indicators = a winning team
  • #52,997
  • Sep 29, 2019 10:17am Sep 29, 2019 10:17am
Quoting notyetthere
there is something wrong with your 4h chart: it's not based on NY close ...
Thats not a train smash.
4&1 All Time Profit: $37,496
  • #52,998
  • Sep 29, 2019 10:20am Sep 29, 2019 10:20am
It does make a difference and it ads to my hypothesis and it increases the chances we could have seen the low here since there was a bullish engulfing up on the 'normal' 4H chart. I know we need more evidence for that but I would not like being short here.
MTF PA with indicators = a winning team
  • #52,999
  • Sep 29, 2019 10:38am Sep 29, 2019 10:38am
Quoting notyetthere
It does make a difference and it ads to my hypothesis and it increases the chances we could have seen the low here since there was a bullish engulfing up on the 'normal' 4H chart. I know we need more evidence for that but I would not like being short here.
My trading broker and analysis is traded and done off of New close charts, this post as you can see, is with charts from Trading View and not my trading account, hence why i say its not a train smash, i used tradingview simply to take advantage of the editing and charting tools they have which i dont have access to on MT4.
Simply to show the overall picture and structure of the hypothesis...notice how i in the post and all my other posts ive drawn attention to levels and the overall structure, so relax bud.....youre not compelled to use the levels...im in merely sharing my thoughts and outlook for the week ahead....Green pips to you mate
4&1 All Time Profit: $37,496
  • #53,000
  • Sep 29, 2019 11:39am Sep 29, 2019 11:39am
Can we get a gap up today.. coz last week was gap down...
Extreme gut feeling trader
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