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

  • #581
  • Jun 25, 2010 7:38am Jun 25, 2010 7:38am
Quoting Aneurysm
support @ 1250 now, I'm just scalping at the moment, God knows where it will go next
1250 is about 61.8 % retracement of the fall from all time high to about 1225

I am hoping for some correct so that i can atleast hedge
  • #582
  • Jun 25, 2010 7:42am Jun 25, 2010 7:42am
Im long from 43ish, closed 55% of my position at 50.5. My calcs show the fib level at 52. The news didn't seem to make much difference. Stop loss moved to 44 and I'll let this final part run for the day/ until something nasty sets up.
  • #583
  • Jun 25, 2010 7:43am Jun 25, 2010 7:43am
Xtrade I'm short from 1234....things went so fast yesterday, i couldn't believe....
I've learned not to bump my head against the wall anymore, so...I will go on and hopefully make a better judgement next time...
  • #584
  • Edited 7:45am Jun 25, 2010 7:43am | Edited 7:45am
I probably could, but hedging means, i need to be front of pc all the time.http://cdn.forexfactory.com/images/smilies/yim/sigh.gif



are you hedging with options?
I have no enemy; I make Incautiousness my Enemy.
  • #585
  • Edited 8:30am Jun 25, 2010 7:54am | Edited 8:30am
Quoting jimobiwan
I probably could, but hedging means, i need to be front of pc all the time.http://cdn.forexfactory.com/images/smilies/yim/sigh.gif



are you hedging with options?
Nopes..
  • #586
  • Jun 25, 2010 7:57am Jun 25, 2010 7:57am
what are you using as a gold hedge?
  • #587
  • Jun 25, 2010 7:59am Jun 25, 2010 7:59am
LOL we might end up being rangebound between 40 and 52. although the trough formation of yesterday kind of implies a break in one direction. Could this be an anti-climactic Friday?
  • #588
  • Jun 25, 2010 8:00am Jun 25, 2010 8:00am
Reverse trade looks to me as the idiot's way to make it look like he didnt lose that much money, and feel better about himself for seeing a positive trade along with the bigger negative one, plus paying 2x the spread.


just take the loss if it's too much to handle,


why didn't you put a stop loss in the trade especially if you're trading counter trend? that doesn't seem right to me
  • #589
  • Jun 25, 2010 8:04am Jun 25, 2010 8:04am
Quoting Aneurysm
Reverse trade looks to me as the idiot's way to make it look like he didnt lose that much money, and feel better about himself for seeing a positive trade along with the bigger negative one, plus paying 2x the spread.


just take the loss if it's too much to handle,


why didn't you put a stop loss in the trade especially if you're trading counter trend? that doesn't seem right to me
hmmm...

Shit happens
  • #590
  • Jun 25, 2010 8:19am Jun 25, 2010 8:19am
I believe you mentioned being fairly new to gold,

My advice, regardless of what some others may say, and the potential quick profits, you should only be trading longs and setting up orders right now.


When the trend changes you will know. And it will be posted here.


If you practice this, you will open yourself up for longer, more profitable trades, and sort of insurance.

In an uptrend, there will be buyers on dips.

Going short maybe after a 3rd new high in a 1/4 may be a given,
yet look at what is happening to those shorts now. Erased. THus, be on the side of the trend, planning and waiting to get in right.

We are 10 USD from the record high.

Just my thoughts hope it helps.

Quoting vioilaunch
Xtrade I'm short from 1234....things went so fast yesterday, i couldn't believe....
I've learned not to bump my head against the wall anymore, so...I will go on and hopefully make a better judgement next time...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #591
  • Jun 25, 2010 8:23am Jun 25, 2010 8:23am
Sigh, well, looks like I might be going in soon. Ultimate top forming. Lets see if I can make it 25 straight winning trades.
  • #592
  • Jun 25, 2010 8:24am Jun 25, 2010 8:24am
Ahhhh, crap, missed it. Too busy making sure everyone can TIME STAMP me. Got what I deserved trying to make everyone happy. No 25 on the 25th yet.
  • #593
  • Jun 25, 2010 8:27am Jun 25, 2010 8:27am
Actually nless your trades are flat they have just left you a small 10$ move and turning to losses, as any recent chart damage is erased.

Or rather 5 USD move b/c you did not get in at 1264...

Sigh.....

BS.

Quoting steroidman
Sigh, well, looks like I might be going in soon. Ultimate top forming. Lets see if I can make it 25 straight winning trades.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #594
  • Jun 25, 2010 8:41am Jun 25, 2010 8:41am
Uhh, please, I have been pretty explicit about moving IN and OUT. I am a five to ten dollar scalper looking for the big fall DURING one of my moves. If it starts to move against me, I bail.
  • #595
  • Jun 25, 2010 8:43am Jun 25, 2010 8:43am
Quoting XTrade
I believe you mentioned being fairly new to gold,

My advice, regardless of what some others may say, and the potential quick profits, you should only be trading longs and setting up orders right now.


When the trend changes you will know....
Man this is some of the best advice on the whole of this thread.
I have wanted to post something about this but backed off as it seemed a know-it-all comment.

I see good people on this thread saying they just escaped a margin call, saying they don't understand the moves (well a lot of the time neither do I).
I have looked hard for good technical indicators of sustained movements on gold - there are a few but not enough.

The only reliable thing is the long term trend is up.
After that you need to get in as low as you can with a manageable stake.
Those who overstretch themselves run the risk of blowing up.
There is no need this uptrend is going to give you plenty but don't be too greedy. Take it steadily.
No-one other than steroidman can spot every move and get 10 000 straight winning trades. It just can't be done. Trying to second guess the moves is going to kill you in the end.
Follow the trend - get in as low as possible and take the slow profitable train up.
This is what I am looking to do.
Your bank may rise and fall, but it will gradually rise.
OK you might get more on with obvious lows and trim some back on obvious tops but I want to take the easy ride.
There aren't that many one-way tickets about.
  • #596
  • Jun 25, 2010 8:52am Jun 25, 2010 8:52am
Anyways, bought some HGD at 12.16 and 12.17 with a stop at 11.95. Lets see if it can be 25 on the 25th. June 25th is a very deep occult day, so expecting some weird chit mang.
  • #597
  • Jun 25, 2010 8:56am Jun 25, 2010 8:56am
Is it impossible to have a HnS forming here as i see two L shoulders on MAY14 and JUN08?
I have no enemy; I make Incautiousness my Enemy.
  • #598
  • Jun 25, 2010 9:19am Jun 25, 2010 9:19am
Quoting jimobiwan
Is it impossible to have a HnS forming here as i see two L shoulders on MAY14 and JUN08?
Who has mentioned head and shoulders?

Maybe they had shampoo soap in their eyes and couldn't see right.
  • #599
  • Jun 25, 2010 10:01am Jun 25, 2010 10:01am
Have not even read this myself yet
Niall Fuller is a top guy and uses good technical analysis that WORKS.

http://www.learntotradethemarket.com...1f6bFTwYR1wtMW

**Edit**
Hey XTrade mate - this guy is singing from our hymn sheet!
I hope this will help people on this thread make informed decisions about their trades and cut out some of the guessing.
  • #600
  • Jun 25, 2010 10:05am Jun 25, 2010 10:05am
I closed the rest of my position at 55.5, I may regret it if 52 proves to be a solid support. It's going to be really interesting to see what it does on monday, the break of 52 tells me a fairly seamless continuation will follow.
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