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

  • #1,281
  • Sep 14, 2010 11:44am Sep 14, 2010 11:44am
Hello everybody..

I mainly scalp E/U but lately took interest on Gold when I noticed some correlation between Gold and E/U pair. Last couple of days I made more profit scalping Gold than a whole week worth of trading in E/U

Other than important financial news I don't give much attention to fundamentals. I trade using tech, mainly pivots and trend. However, I still wander reason of today's surge.. I see SP500 and DJ is going up. Was it pure speculation or I missed some important news?
  • #1,282
  • Sep 14, 2010 12:38pm Sep 14, 2010 12:38pm
Quoting KennyZ
Hello everybody..

I mainly scalp E/U but lately took interest on Gold when I noticed some correlation between Gold and E/U pair. Last couple of days I made more profit scalping Gold than a whole week worth of trading in E/U

Other than important financial news I don't give much attention to fundamentals. I trade using tech, mainly pivots and trend. However, I still wander reason of today's surge.. I see SP500 and DJ is going up. Was it pure speculation or I missed some important news?
It's that US Dollar... losing value day after day after day... people are throwing in the garbage their dollars to go into other assets whether it's Euros, Yen, Renminbi, Swiss Franc, Canadian dollar or Gold, silver, oil, palladium, agriculture etc.
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,283
  • Sep 14, 2010 1:59pm Sep 14, 2010 1:59pm
Quoting Bootleger
It's that US Dollar... losing value day after day after day... people are throwing in the garbage their dollars to go into other assets whether it's Euros, Yen, Renminbi, Swiss Franc, Canadian dollar or Gold, silver, oil, palladium, agriculture etc.
Thanks a lot.. of course, I keep forgetting about US$ migt.

Once it starts moving again I'll be looking for more scalping / short term trading opportunities in the direction of sustained PA.
  • #1,284
  • Sep 14, 2010 7:43pm Sep 14, 2010 7:43pm
Hi Kenny,

Gold has been turning during the last 2 years in a crazy but interesting "currency" to trade. It's just my humble opinion that the scalping here could be very very risky. So, I am very curious how do you manage your risk? Thanks.


Quoting KennyZ
Thanks a lot.. of course, I keep forgetting about US$ migt.

Once it starts moving again I'll be looking for more scalping / short term trading opportunities in the direction of sustained PA.
  • #1,285
  • Sep 17, 2010 12:12am Sep 17, 2010 12:12am
Silver 10 cents close to the 21 level ! (20.90)

We're breaking our two years and a half high if this move continues. I like that !
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,286
  • Sep 17, 2010 5:24am Sep 17, 2010 5:24am
My guess is Gold is done with going up. There are 5 waves done on multiple timeframes, and even the weekly chart is in divergence. My guess is the price of gold will go down for a while before making new highs. It should have seen it's high for now .... exit longs
The Essentials of Trading: Emotions, Risk Mgt, Price.
  • #1,287
  • Sep 18, 2010 11:45am Sep 18, 2010 11:45am
I disagree. There may be some correction, otherwise I am looking for the yearly highs to be appx 1300 to 1350 before a corrective swing.

There are too many fundamental bullish factors pushing gold and other precious metals higher. I follow the technicals, (no EW though) yet they are not enough in this instance to drive the market.

Gold is headline and fundamentally driven. There is still massive uncertainty in the global market, this alone has been a major driver in the sustained bull run.

We saw a record high, and a correction that only took the price down $100.

Now we have surpassed the old high by almost $20 trading into the 1280s.

1300 is around the corner.


Quoting Slight
My guess is Gold is done with going up. There are 5 waves done on multiple timeframes, and even the weekly chart is in divergence. My guess is the price of gold will go down for a while before making new highs. It should have seen it's high for now .... exit longs
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,288
  • Sep 18, 2010 4:22pm Sep 18, 2010 4:22pm
Gold Market To Watch Comex Options Expiration, Fed Meeting



Silver trades near 30-year high, gold sets record price for the 2nd day in a row
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,289
  • Sep 18, 2010 8:02pm Sep 18, 2010 8:02pm
Quoting CostaRica
Hi Kenny,

Gold has been turning during the last 2 years in a crazy but interesting "currency" to trade. It's just my humble opinion that the scalping here could be very very risky. So, I am very curious how do you manage your risk? Thanks.
Indeed, it's a quite risky to scalp the gold, especially it may sound crazy when taking into account large spread compared to other major fx pairs. However, when there is high volatility (doesn't matter trending or ranging) I see good opportunities.

With Gold I use my not so wise 1+:1 ratio. SL30 (of course + spread) & TP40 However if its clearly going in my direction I tend to let it run and move my SL as appropriate. On the other hand I never increase my SL. It's quite a risky MM. You have to be right 2 times out of every 3 trades to break even assuming exit is only TP40

I trade with M1 chart using higher TF charts for trend reference only. The key is spotting the appropriate entry points as my exits are mostly predefined.

In respect of entries and exits I only use Murray Math lines and custom volume indicator. That's about it.
  • #1,290
  • Sep 19, 2010 7:33am Sep 19, 2010 7:33am
MY opinion is that Gold deserves a correction

Take a look, I've already sold at 1281

Attached Image (click to enlarge)
Click to Enlarge Name: gold1709.jpg Size: 174 KB
  • #1,291
  • Sep 19, 2010 4:41pm Sep 19, 2010 4:41pm
http://www.stockopedia.co.uk/content...allying-47950/
"....
And the gold rally continues. Indeed it is now, astonishingly, into its eleventh year. Sceptics would hold that any financial instrument that has seen its price rise over such an extended period of time is a) now overvalued and b) ripe for correction. We absolutely disagree with the first contention, and are agnostic as to the second. The flaw with this „overvaluation‟ view is that it is putting the cart before the horse. The inherent problem with gold is trying to value an asset denominated in a fundamentally valueless currency, namely paper. Instead, let us consider an alternative means of valuation, namely the Dow / gold ratio, or the number of ounces of gold required to buy one share of the Dow Jones Industrial Average.
The following (log) chart, as its title implies, shows the long term relationship between the Dow and gold:"


could anyone interpret this chart please?
many thanks
Attached Image (click to enlarge)
Click to Enlarge Name: Screen_shot_2010-09-19_at_17.39.57.jpg Size: 125 KB
  • #1,292
  • Sep 20, 2010 8:37am Sep 20, 2010 8:37am
Quoting Predi
MY opinion is that Gold deserves a correction

Take a look, I've already sold at 1281

Attachment
I have a short at 1279.2

This is really a slow motion grind up the hill.

This is about the top of trend line. but if it holds up like this awhile, the trendline top would be 1298 or so - perhaps another short then.
I have no enemy; I make Incautiousness my Enemy.
  • #1,293
  • Sep 20, 2010 11:21am Sep 20, 2010 11:21am
short from 1282.35

watch out for a close below 1280, that could lead to some dip towards previous high at 1265 where I would be a buyer again

looking to place a stop at entry (gold is very quick so I need at least 4 USD profit to lock my position) in advance of tomorrow's Fed meeting that could weaken the dollar further and lead gold to new highs again
  • #1,294
  • Sep 21, 2010 11:04am Sep 21, 2010 11:04am
What's the play this afternoon ? Going down much ? Stable ? UP ?
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,295
  • Sep 21, 2010 11:23am Sep 21, 2010 11:23am
looks like profit taking has started

unless fomc is very negative on US and USD, I'd expect it to see at 1250 -1266 before trying to go up again
  • #1,296
  • Edited 2:51pm Sep 21, 2010 2:06pm | Edited 2:51pm
Quoting fammira
looks like profit taking has started

unless fomc is very negative on US and USD, I'd expect it to see at 1250 -1266 before trying to go up again
Seems like profit taking was seen as a bargain hunting opportunity...
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,297
  • Sep 21, 2010 2:54pm Sep 21, 2010 2:54pm
Gold and silver new highs
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,298
  • Sep 21, 2010 10:55pm Sep 21, 2010 10:55pm
Quoting Bootleger
Seems like profit taking was seen as a bargain hunting opportunity...
no, it's just dollar weakness after the Fomc meeting

area 1298 - 1305 is an even better sell opportunity

we can't call gold a bargain at 1270 USD...
  • #1,299
  • Sep 22, 2010 6:30am Sep 22, 2010 6:30am
I have short gold from 1285 so I want to advice of seniors.. now is 1292



Quoting fammira
no, it's just dollar weakness after the Fomc meeting

area 1298 - 1305 is an even better sell opportunity

we can't call gold a bargain at 1270 USD...
  • #1,300
  • Sep 22, 2010 11:52am Sep 22, 2010 11:52am
This US Dollar gonna continue to be weak, this will support gold... gold is at a new record high and I heard nothing in the medias... sounds good
US Dollar is trash... Get out of that Ponzi scheme !!!
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