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

Hey Bro will look at silver in a few.

Thinking there is a potential bullish falling wedge on gold chart.

Looking for a breakout here.

The safer play would have been to place orders long and short outside the lines.
But...

Also the fact that silver is not over $20 when Gold is pushing 1250 wreaks of massive manipulation to me. It's ridiculous.

When silver has it's day in the sun, I will likely be stocked with physical and paper plays on the metal.

Could take a while...

EDIT: May set a sell below just incase I get caught out there, then close the long off depending on the drop.

Yes - a sell and buy order either side of price!

With silver for example I can see 1000's no 10 000's of pips there for the taking.
Price is managed.
Price goes up, then across and then down, but only the people at JPM know when.

Now there are several potential methods.

This is the 4H chart

Take the last two completed "arches".

In the first arch price goes straight up from ground floor at 1750 up to the first floor at 1850 [for Americans the British have ground floor (your first) first floor (your second) etc.]

It then moves horizontally along this floor for a day or two and then straight up to the second floor. There it forms the arch before coming down.

The second completed arch only went up one floor.

Notice that the time between the move from the first and second floors is not nearly as long as taken to form the top of the arch.

What you don't want to do is go short and then price goes up a whole floor and you blow your account up, only for price to come your way a week later.

So the key here is to capture the move up and move down safely.

The absolute timing of take off in price does not matter but you don't want to get stuff if price goes fast in the wrong direction.

Price is moving between definite levels - like 1750, 1800, 1850, 1900 and so on.
You can decide to put a sell order in at 1780 on the present "arch" - this will be clear of spikes down which would trigger the order. What you don't want is price to spike down, trigger your order, recoil back to the second floor and then go on the elevator to the next level leaving you broke.

At some time in the next week price will come down the other side of the arch, trigger the order and you capture something like 300 pips.
If price goes flying up to another level, the order does not get triggered but you can judge whether you want to raise the order 500 pips to the floor above.

This is a safe way to do it.

The other way is to put a sell above the arch so that a spike up will likely trigger it. This is reasonably safe if price has been at the first floor level for some time and it looks increasingly unlikely price will move up to 1900 and above.

You will capture a lot of pips but it is more risky.

I will look at your gold suggestion.
This is a breakout strategy. A breakout strategy is what is needed.
Price is being managed.
When this happens the natural forces of price get pent up but will eventually breakout.

Yes - a sell and buy order either side of price!

With silver for example I can see 1000's no 10 000's of pips there for the taking.
Price is managed.
Price goes up, then across and then down, but only the people at JPM know when.

Now there are several potential methods.

This is the 4H chart

Take the last two completed "arches".

In the first arch price goes straight up from ground floor at 1750 up to the first floor at 1850 [for Americans the British have ground floor (your first) first floor (your second) etc.]

It then moves horizontally along this floor for a day or two and then straight up to the second floor. There it forms the arch before coming down.

The second completed arch only went up one floor.

Notice that the time between the move from the first and second floors is not nearly as long as taken to form the top of the arch.

What you don't want to do is go short and then price goes up a whole floor and you blow your account up, only for price to come your way a week later.

So the key here is to capture the move up and move down safely.

The absolute timing of take off in price does not matter but you don't want to get stuff if price goes fast in the wrong direction.

Price is moving between definite levels - like 1750, 1800, 1850, 1900 and so on.
You can decide to put a sell order in at 1780 on the present "arch" - this will be clear of spikes down which would trigger the order. What you don't want is price to spike down, trigger your order, recoil back to the second floor and then go on the elevator to the next level leaving you broke.

At some time in the next week price will come down the other side of the arch, trigger the order and you capture something like 300 pips.
If price goes flying up to another level, the order does not get triggered but you can judge whether you want to raise the order 500 pips to the floor above.

This is a safe way to do it.

The other way is to put a sell above the arch so that a spike up will likely trigger it. This is reasonably safe if price has been at the first floor level for some time and it looks increasingly unlikely price will move up to 1900 and above.

You will capture a lot of pips but it is more risky.

I will look at your gold suggestion.
This is a breakout strategy. A breakout strategy is what is needed.
Price is being managed.
When this happens the natural forces of price get pent up but will eventually breakout.

I am using a more recent portion of the chart but the move will be the same.
This more recent portion illustrates how price is getting squeezed and the move up above 1250 is getting very near.

EDIT: Now I see you are using 15M - I am using 4H.

Thanks for sharing in detail, I have to read the last one yet.

---- NOTE-----

I have RE-Plotted the Triangle Using H4 charting for more validity.

I apologize for the first one although it looked promising, there is one flaw.
Which is something everyone should think about when trading,
That is:
The pattern has formed in the NY afternoon, now gone from New Zealand 5pm open, Aussie open and into Japan open..

When NY afternoon closes we move (for me at least) to the other side of the world, where interests in FX and Commods may differ slightly or extremely.

Perfect example is trendlines. More times than I can count has a valid 1.5 day TL been violated simply on market crossover, loss of liquidity and shifting sentiment.

TO solve this problem I increase TF to add further validity to a pattern.
NOTHING is guaranteed either.

The revised triangle is below and it appears a bit more symmetrical than before, thus if you are looking at this and want a somewhat safer bet, place your orders outside the lines buy above, sell below (at your discretion)
It could go either way -

Yet, we remain (retracement) aside in downtrends on GBP (hit major resistance at 4800 / EUR - major resistance at .2300 / AUD bull run losing steam in this session)

New triangle below - My bias remains north as of right now.

Six Gun,

When I am scalping I use 5 min thru 15 minute, depending on scalp success.
Using market order most of the time w/ or w/o a Stop and or TP. If I am in front of screen I do not use part of the time.
M1 has far too much noise for Gold, only when things are really slow will I use it.

For positions, I look at Weekly, and H1 entering with orders usually.


I always look at daily and H1 no matter what.

Tonight's session is D E A D. Majors in 30 pip range and Gold is flatlined.

LDN should blow this up.

BTW/ I switched the triangle to H4 (the first one was drawn on H1 actually, but there are so many here using M1 and M5 I figured I would show the M15 view!)

I am trying to switch to all higher TFs but the uncertainty in the market is not making an easy transition ATM. I prefer multi day trades.

EDIT: FINALLY SOME MOVEMENT! I should post this when it's dead more often!

1236 - 1196 seems to be a small range at H4 since 2010.06.04.
Do not fall into sleep when trading gold in these days.

XTrade I agree when price is whipping around it pays to go lower time frame.

It depends on your trading style, methods and stop loss.

The world is a much different place on the 5M chart.
There are patterns and activity the longer time frame people never see.

I use all time frames.
I like a birds's eye view so I'm not going to find myself wrong footed - I know what the trend is and where we are in the big trend.
Then come down to the smaller time frames to judge entry points.

They made lots of time frames so why not use them all.

let'see if it breaks 1224 this time, I'm still holding on the bunch I bought at 1217, 634 pips up right now, but I was hoping for another big spike up to get rid and go short

Am thinking of going long @ 1224 and Shorting @ 1227

2-way

Is it a good idea?

1207 Today ?

Shorted Gold for now @ 1225

Your Day Trading Deal 6352199 has been closed.

Closing rate: 1222.80
Deal opening date: 15-Jun-10 13:22
Profit: 23.00 USD

Is it safe to say that this was a SMALL play?

It is all relative.

Gold is surging while the Majors continue rally!

Yes - if you look on the daily chart you will see the pattern - me and my patterns.

The price is bouncing up the trend line I drew.
It was coming back down to the line until yesterday when it hit the line - now it is time to bounce up.

I think during this cycle it is going to break the high or at the very least smack right into it.

it's the dollar getting butchered

I'll go short, dont think it will last too much.

ID: 6353551
Deal opening date: 15-Jun-10 16:51
Buy : USD
Sell : XAU
Amount: 10.00 XAU
Rolling until: 22-Jun-10
Deal rate: 1233.13

XAU made 3 failed attempts to cross 1235...

I am now in positive pips...

Wondering when to close...

My current open positions

Short Euro @ 1.2345
Short Gold @ 1233.13
Short Oil @ 76.40