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

  • #721
  • Jun 29, 2010 5:12pm Jun 29, 2010 5:12pm
I posted that I was short and covered ALL THE TIME. It is about feeling around a top. I don't post charts, because what I do is based on some things that I haven't posited yet.

I am still not saying that we for sure have hit an all time top, but I am in comfortably now, and will not sell till this goes past 1263.

If you were listening to me so closely, why didn't you cover when I said I took my profits? Doesn't that sound out, COVER?

Anyways, same thing happened to me on another thread, I announced I was going short on gold at another pretty big top and another very knowledgable poster posted a very convincing argument as to why that was not smart, and I missed the previous plunge to this one.

Stop losses are key to what I do. I know some guys say to never put in a stop loss. But when you are dealing with 500-1 leverage, you just have to in my opinion.

Put a quarter on a table in front of you. Then put 125 dollars right beside it.

That is 500-1 leverage. I always put something of 500-1 value around me when I put a bet on. A watch, a share cert etc...

I don't think anyone GETS how dangerous this game is otherwise.
  • #722
  • Edited 5:42pm Jun 29, 2010 5:26pm | Edited 5:42pm
Actually you have said this MORE THAN ONCE and every time there has been NO sufficient damage done to the chart or TA levels.
Actually probably on of the easiest calls in Gold would be "take a short at 1260"
What great achievement you feel this is and desire some sort of praise for Is beyond me.
Like I said a broken clock is right twice a day.

Perhaps you should continue reading the thread. Then you will notice calls that have clearly laid out patterns/ entries and opportunities. Some moves over 100$. Or for instance the bullish flag I warned of the other day.

THings go up and down, I could place a call on any random pair saying short now, then say 300 pips later it comes down. Big drawdown there, that does NOT make me skilled at what I am trying to do now does it.
Quoting steroidman
I am still not saying that we for sure have hit an all time top, but I am in comfortably now,
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #723
  • Jun 29, 2010 5:40pm Jun 29, 2010 5:40pm
Quoting XTrade
500 to 1 leverage is stupid and I would not be surprised if your account is blown.

Listen you about "cover" Why?...
Hello

I think today gold will touch 1259 today and in low level it can touch 1221 what u say about this sir as i have seen when ever it touches 126* figure its goes down until 1215
  • #724
  • Jun 29, 2010 5:54pm Jun 29, 2010 5:54pm
THIS is EXACTLY the reason why he is NOW on his SECOND warning, which I am being Lenient at that, from a forced vacation from the thread.

Posting CRAP with NO backup and even MORE excuses about WHY he cannot back anything up equals one or all of the following:

BS / Lies
Losing real money
Joy in swaying people the wrong way (DON"T be swayed)

As advice, it is ok to read forums and hang out to pass time but EVERY trade you take should be something that you are behind in the end.

Half of his banter is BS anyway and you can see that by reading back the posts. Luckily old posts cannot be edited here. Which I think is great.

There is always possibility of correction.

Now I will read your question sorry

Quoting DragonFlyFX
Again awesome continuous posts from everyone here, expecially XTrade with whom I have the greatest respect for your posts....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #725
  • Jun 29, 2010 6:10pm Jun 29, 2010 6:10pm
Thank you to all the private messages of encouragement. I am looking forward to trying to fit in here more, so I don't incite the ire of xtrade.

And there is no BS btw. I would encourage you to post any examples, but on second thought, will let the thought pass. As I am sure gold sitting at its present price is semi unsettling. And I am not here to throw any salt on anyone. As much as some may think that is my intent. Quite the opposite.
  • #726
  • Edited 6:20pm Jun 29, 2010 6:20pm | Edited 6:20pm
I am not the only person here which whom you have been disruptive.

Trade ideas are welcome from all. It is valid reasoning and clear levels that are necessary to command firstly, consideration of trade, secondly, respect.

Gold is fine where it is- On a day many markets and indicies were slaughtered as well as PT PD and AG printing Loss, GOLD prevails and Prints a gain.

Risk aversion.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #727
  • Jun 29, 2010 6:55pm Jun 29, 2010 6:55pm
May I post that I am going to put on a couple of contracts RIGHT HERE and RIGHT NOW? 1034.75. On the S and P? Stop loss at 1025. My system, the mystery system, says go in for a giggle.

If this is disruptive or something not done on a gold thread, I won't do it anymore.
  • #728
  • Jun 29, 2010 7:27pm Jun 29, 2010 7:27pm
Dragonfly,

The answer is no.

I will elaborate but watch spot!!!!

Here we go!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #729
  • Jun 29, 2010 7:41pm Jun 29, 2010 7:41pm
Thank you - I am watching
  • #730
  • Jun 29, 2010 8:10pm Jun 29, 2010 8:10pm
Hourly BAR forming above minor resistance at 1242 area

Next resistances 1253 / 1260
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #731
  • Jun 29, 2010 8:34pm Jun 29, 2010 8:34pm
Quoting DragonFlyFX
Thank you - I am watching
What we are looking for is this:

Also note there is the NFP report on Friday.



Quoting XTrade
We may be at the lowest point in the chart right now and the little dip down should be the lowest point of the pattern trading down to 1230 now up a bit.
We should range for the next several hours to about a day while the bottom forms.

Range = appx 1241 to 1234

As we get closer to an equal (not exact) distance away from the midpoint the price and volume should pick up, we will be expecting a breakout here and it may be batted down slightly at first.

We want the breakout to test the 1262/3 area, then create a some down sloping PA to a small channel - "the handle" after the handle we want completion well above 1262 perhaps 1275 to 1280
from here 1234 that is about a $50 to $60 move.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #732
  • Jun 29, 2010 8:35pm Jun 29, 2010 8:35pm
Looking much better now, although the 50 and 100 MA's are proving to be a wee hurdle. Some hesitation here. Hopefully a good 1H close.
  • #733
  • Jun 29, 2010 8:37pm Jun 29, 2010 8:37pm
Quoting XTrade

Something to keep in mind - Mnth end and Quarter end is coming so profits are being booked continually by fund managers and the bigger investors.
Do you think Gold would end up in Red or end flat (volatile) today!!!

I have less capital today for bigger stop loss, hence wondering if i should not trade today assuming a highly volatile session... what are your thoughts!!!
  • #734
  • Jun 29, 2010 8:38pm Jun 29, 2010 8:38pm
likely more BS. Post a screenshot of the order.

Who is your broker?

Quoting steroidman
May I post that I am going to put on a couple of contracts RIGHT HERE and RIGHT NOW? 1034.75. On the S and P? Stop loss at 1025. My system, the mystery system, says go in for a giggle.

If this is disruptive or something not done on a gold thread, I won't do it anymore.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #735
  • Jun 29, 2010 8:43pm Jun 29, 2010 8:43pm
Quoting steroidman
May I post that I am going to put on a couple of contracts RIGHT HERE and RIGHT NOW? 1034.75. On the S and P? Stop loss at 1025. My system, the mystery system, says go in for a giggle.

If this is disruptive or something not done on a gold thread, I won't do it anymore.
Out of curiosity i checked S&P... :nerd:

Wondering how you could go long at 1034.75 when the day's range is 1,035.18 - 1,074.57
  • #736
  • Jun 29, 2010 8:59pm Jun 29, 2010 8:59pm
LOL opening up my Futures and Forex Demo (all in the same broker)
Plus it is CurreneX feed so NO Deal Desk - ECN STP and openecry for futures.

Let's see if I can take the trade.

Which contract steroidal the Mini or standard??

Quoting auther
Out of curiosity i checked S&P... :nerd:

Wondering how you could go long at 1034.75 when the day's range is 1,035.18 - 1,074.57
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #737
  • Jun 29, 2010 9:01pm Jun 29, 2010 9:01pm
Quoting auther
Out of curiosity i checked S&P... :nerd:

Wondering how you could go long at 1034.75 when the day's range is 1,035.18 - 1,074.57
Uhhh, what the heck are you talking about? On the futures, it was as low as 1030.30 just an hour or so ago?

I give up. Carry on.
  • #738
  • Jun 29, 2010 9:06pm Jun 29, 2010 9:06pm
After THIS VERY POST - below the Spot GOLD price rose almost 9000 pips or 90$ creating one of our first new highs before even thinking about correcting.
------Also in this same GEM there is talk of a "secret gold conference" that @$$hole is going to pay 3k to get in! Welp, it's called a fundraiser! From your very own post!
So
Quoting steroidman
There is a reason for it. The GOLD crash, and the US dollar bull market will take everyone by surprise. It always DOES> Only those that attended the secret gold conference for 300,000 a ticket I would imagine are on the short side.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #739
  • Jun 29, 2010 9:10pm Jun 29, 2010 9:10pm
Which contract - I am taking the trade.

Quoting steroidman
Uhhh, what the heck are you talking about? On the futures, it was as low as 1030.30 just an hour or so ago?

I give up. Carry on.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #740
  • Jun 29, 2010 9:17pm Jun 29, 2010 9:17pm
Hey, thanks for posting, I think Six Gun posted the same link GOOD STUFF there.

Quoting lartrade0623
I don't usually trade gold but I am a member over at Nial Fuller's website and he recently posted a very interesting article on using price action to trade gold. I thought maybe some of you gold traders might find the article interesting. Here is the link: gold trading - hope it helps
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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