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

  • #301
  • Jun 14, 2010 10:22am Jun 14, 2010 10:22am
Hey, Good job, you really toughed that one out. Was this open when it hit 1250?
The line in bold below is funny - I've had days like that as well!

Quoting Aneurysm
just dropped a bunch of points, and I had a couple of positions shorted. Gold has been paying for my bad trades in currencies throughout the last week.

I find it the best thing to trade right now as it's been floating between the 1220s and 1230s quite consistently.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #302
  • Jun 14, 2010 10:34am Jun 14, 2010 10:34am
There are some things at hand here;

One possibility is that the rallies in GBP and EUR extend which have taken some risk capital out of Gold, thus pushing the price a bit lower.

We are coming up on minor support at 1215 and a bit stronger support and psycho level at 1200 and 1198 area.

The other view is; Even with the rallies the price is simply still correcting from the last record at 1251 and has only printed an $8 loss s far today. In turn when this current correction presents a more desirable price, buying will renew, leading ultimately to a new high pushing closer to 1300.

This week will be interesting indeed for gold.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #303
  • Jun 14, 2010 11:04am Jun 14, 2010 11:04am
So what would be a good entry point for long... and where would you place your SL


Quoting XTrade
There are some things at hand here;

One possibility is that the rallies in GBP and EUR extend which have taken some risk capital out of Gold, thus pushing the price a bit lower.

We are coming up on minor support at 1215 and a bit stronger support and psycho level at 1200 and 1198 area.

The other view is; Even with the rallies the price is simply still correcting from the last record at 1251 and has only printed an $8 loss s far today....
  • #304
  • Jun 14, 2010 11:18am Jun 14, 2010 11:18am
Beautiful !!!

Gold fell from 1252.40 to 1215.30,

Then Retraced about 50 % back up to 1234.20

Then fell about 1.50 % from 1234.20 to 1216

Thats Fibonacci Retracement for you

Quoting auther
Looks like Gold is turning down after retracing 50% (1234), for the fall from 1252 to 1215

What do you guys think ???
  • #305
  • Jun 14, 2010 11:35am Jun 14, 2010 11:35am
It really depends on your style of trading and time frame.

In the immediate short term sense, I'm thinking we may get a pop back up here
it seems Gold may be finding some support.

SL/TP and such really can vary from account size, potential profit and assumed risk as well as volatility.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #306
  • Jun 14, 2010 11:37am Jun 14, 2010 11:37am
I exited my long yesterday due to breach of lower line on something I am testing out called,

Fibonacci Channels. Have you explored this? Seems like you may be interested.



Quoting auther
Beautiful !!!

Gold fell from 1252.40 to 1215.30,

Then Retraced about 50 % back up to 1234.20

Then fell about 1.50 % from 1234.20 to 1216

Thats Fibonacci Retracement for you
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #307
  • Jun 14, 2010 11:47am Jun 14, 2010 11:47am
Taking a long and testing the area in around 1218. Looking for a pop here.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #308
  • Jun 14, 2010 11:52am Jun 14, 2010 11:52am
I sometimes draw fibonacci retracements and bollinger bands together.

If the support / resistance band on bollinger co-incides with either 38.2 or 50 or 61.8 on fibonacci, i take up a position.

Works well sometimes



Quoting XTrade
I exited my long yesterday due to breach of lower line on something I am testing out called,

Fibonacci Channels. Have you explored this? Seems like you may be interested.
  • #309
  • Jun 14, 2010 12:00pm Jun 14, 2010 12:00pm
Hey,
Are you using primarily h4 charts? I use moving averages a lot with Gold the do end to work as nice supports at times.

Quoting six gun
Price went to the trend line I drew and the 1220 level - That is a round number.
Price is bouncing up the trend line, getting support before moving ahead again.
There is the 150 ema underneath as a safety net.

Price may find itself in an ascending triangle with the record high level above and a rising trendline underneath.

Squeeze price hard like this, is like squeezing a tube of toothpaste. It will have to bust out somewhere and that is likely up.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #310
  • Jun 14, 2010 12:11pm Jun 14, 2010 12:11pm
Nice move up! Let's see if it can hold on....

EUR / GBP / AUD coming off what may be highs for the day.

If you watch these pairs, lately, they are all getting hit at exactly (almost) the same time with bids & asks.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #311
  • Jun 14, 2010 12:24pm Jun 14, 2010 12:24pm
Good call here!

I have to go pick up my "treat" (New PAMP) bar at the Post office but cant walk away from this!

Auther aren't you long from 17?

Anyone else in?
Quoting six gun

Squeeze price hard like this, is like squeezing a tube of toothpaste. It will have to bust out somewhere and that is likely up.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #312
  • Jun 14, 2010 12:28pm Jun 14, 2010 12:28pm
I'm in some other trades and don't like to run too many at the same time or I lose focus.
This daily candle (GMT +1) could well turn bullish.
This would potentially form the second brick in my upward column of my arch.
  • #313
  • Jun 14, 2010 12:29pm Jun 14, 2010 12:29pm
If we can crack minor resistance @ 1225 we should be set to re-test 1230
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #314
  • Jun 14, 2010 1:00pm Jun 14, 2010 1:00pm
Nope... I dint take that trade... I had just closed my stressful short after a long time...

Instead i shorted Oil and made decent profit from the lucky unexpected big fall on Greek news.

Now shorted EY...

Feeling very exhausted, will mostly just watch charts for the rest of the day...

Quoting XTrade
Good call here!

I have to go pick up my "treat" (New PAMP) bar at the Post office but cant walk away from this!

Auther aren't you long from 17?

Anyone else in?
  • #315
  • Jun 14, 2010 1:03pm Jun 14, 2010 1:03pm
Closed EY short for 11.45$...
Eyes heavy... Will take rest now...

Good luck to ya all...

Your Day Trading Deal 6348444 has been closed.
The closing details are:
Closing reason: By User
Closing rate: 112.14
Deal opening date: 14-Jun-10 17:29
Profit: 11.45 USD

Quoting auther
Nope... I dint take that trade... I had just closed my stressful short after a long time...

Instead i shorted Oil and made decent profit from the lucky unexpected big fall on Greek news.

Now shorted EY...

Feeling very exhausted, will mostly just watch charts for the rest of the day...
  • #316
  • Jun 14, 2010 1:08pm Jun 14, 2010 1:08pm
Closed before appx 1223 (500 pips)
Quoting XTrade
Taking a long and testing the area in around 1218. Looking for a pop here.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #317
  • Jun 14, 2010 2:19pm Jun 14, 2010 2:19pm
Quoting XTrade
Hey, Good job, you really toughed that one out. Was this open when it hit 1250?
The line in bold below is funny - I've had days like that as well!
nah after last week's major trades, I just kept shorting it when it hit 1230/1/2, I knew it would come down. There's a lot of profit to be made in the 1220-1230 range currently. It's also been spiking up and down for a couple of seconds often so I had my stops above 1250.
  • #318
  • Edited 3:02pm Jun 14, 2010 2:41pm | Edited 3:02pm
Scalping again long @1221

Price did not hit 1217 enforcing validity of 1215 support zone...

Let's see if we can get another 650 pip spike

Edit: closed - (160 pip) Price seems to be consolidating between 1225 and 1215 zones.

Breakout will come in the upcoming sessions.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #319
  • Jun 14, 2010 3:48pm Jun 14, 2010 3:48pm
Perhaps some manipulation / price suppression today.

As of now :

Gold : - $6
Silver: NO CHANGE! LOL
PT: + $20
PD: + $9.00 2 % not too shabby
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #320
  • Jun 14, 2010 6:09pm Jun 14, 2010 6:09pm
Silver has formed a bearish pin bar doji on the daily chart.
The wick of this has come off 18.50
I don't think it counts for much.
Price opened and closed a few pips apart - yeah right. The upper wick is 300 pips long. What makes you think that was the plan?

The 150 ema is acting as a good mobile support since the beginning of March.

To me it looks like the top of one of my arches.
It looks like the top of the arch before and several others down the daily chart row.

From a risk reward basis, I wonder if it is worth putting a short order in to trigger if price reaches around 1854.0.
Ok price might go further up but even if it did, looking at the other "arches" it will go back down and take you into profit within a few days - a profit that would be very likely 1000 pips if not more.

Any views?
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