XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 73 | Metals Mine

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

  • #1,441
  • Oct 8, 2010 3:01am Oct 8, 2010 3:01am
Quoting musclemike
We are still in the channel, that means we're on track, anyways, now i have to set back and wait for the gold to rise again, i am very patient, i don't scalp, i only "work" on longer terms and i will re-enter with a large buy if the price will drop to 1250 or lower (by then i will be 6000-7000$ shorter) but i will keep my actual positions, i will never close gold positions, the bottom line is: gold means power .
Have you ever read about common mistakes in trading?

you just sound like going to make the most important one.... letting your loses run...

and remember that it might take weeks till gold will be back at 1350
  • #1,442
  • Oct 8, 2010 4:32am Oct 8, 2010 4:32am
No worries for me, a big margin does it all.
  • #1,443
  • Oct 8, 2010 5:02am Oct 8, 2010 5:02am
Quoting musclemike
No worries for me, a big margin does it all.
Hero calls followed by margin calls...
  • #1,444
  • Oct 8, 2010 6:38am Oct 8, 2010 6:38am
Long term Gold will surely climb up. My instinct dictates there will be some pullback to 1310 area before breaking through 1366. Incident in July may be recurring soon. For now lets see what US market brings which opens in 30 minutes.
  • #1,445
  • Oct 8, 2010 7:40am Oct 8, 2010 7:40am
I am a newbie but have been reading and reading and reading, everything I can, My 2 penneth says buy Gold and KEEP it.
Buy even more silver.

That's what i've done.

The data for October Employment just released and gold up 7 bucks in 8 minutes and it's gonna keep going to 1360+/- 5.

I predict today's close at or near the recent high.

LOL
  • #1,446
  • Oct 8, 2010 8:08am Oct 8, 2010 8:08am
True. Look at what happened in the next 15 minutes. Gold was brought down back to 1330 areas. USD is being strengthened so Gold value decreased. In the long run, Gold will surpass anything but here and now very very volatile.
  • #1,447
  • Oct 8, 2010 8:31am Oct 8, 2010 8:31am
It sure is volatile.

I don't know how you can make money on the margins. Too much risk today I feel.

Still learning though.
  • #1,448
  • Oct 8, 2010 9:11am Oct 8, 2010 9:11am
Quoting aoi3610
It sure is volatile.

I don't know how you can make money on the margins. Too much risk today I feel.

Still learning though.
Let me put it this way, at 5 lots (thats 1 kilo for me in real world) if gold drops 300$ dolars to 1000-1050 i still have 65% of my initial margin, so to make the long story short, if you buy gold and have enough margin it;s worth keeping the positions even if gold drops hard, on longer term (6-7 months, a year), if you look at every single chart yearly, gold rose up (except the big crisis), so it;s cristal clear, buy gold, set your target and keep it.
  • #1,449
  • Oct 8, 2010 9:17am Oct 8, 2010 9:17am
long ..target : 1350.00


i'm out for the week guys!

good further luck
Hero calls followed by margin calls...
  • #1,450
  • Oct 8, 2010 9:20am Oct 8, 2010 9:20am
£1350 is gonna be made later today, 4pm latest. £1343 now.

£1360 at 4.30pm

GMT

I don't put much in the Bank of Canada's "Economic Outlook"

LOL ;-)

Forgive me for asking a stupid question, I have only just found this site and it's wealth of information and traders.

I see the Spot Gold price rising up until about a minute before an important announcement, it peters off, then just after the info is published the market acts on it one way or another.

That's what I see as a beginner.

Correct?
  • #1,451
  • Oct 8, 2010 11:50am Oct 8, 2010 11:50am
Quoting XTrade
Why do you think it's coming to an end?

Today was profit taking and correction day, ahead of major news,
the same dips came in GBP, EUR, AUD / USD etc...

No top in site.
US numbers were really worse than expected, gold could only go one way in that occasion and it did.

Gold touched 1350 and now is 5$ below that level... 21 bucks away from the all time high
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,452
  • Oct 8, 2010 9:43pm Oct 8, 2010 9:43pm
Quoting lilpip
been on the xagusd gravytrain and plain to continue with it, however the 23.21 was an area of extra interest this week.
note taken of fri. 2231 area, she sure acts like she wants to continue north, she will tell us sun.- mon.
  • #1,453
  • Oct 9, 2010 5:40pm Oct 9, 2010 5:40pm
Hi guys,

I'm voting Short on Gold. 21 period RSI breaking lows now.

I'm short down to $1,300.00

-SilverKnight
  • #1,454
  • Oct 10, 2010 6:45am Oct 10, 2010 6:45am
Yes..I also agree,
Gold will be down until 1300 and if that price broken maybe can go to 1280...
just it my prediction for sharing...tq tq.
  • #1,455
  • Oct 10, 2010 7:14pm Oct 10, 2010 7:14pm
note taken of 2362 area.
for today watching how the 62 and 2381 area respond.
  • #1,456
  • Oct 10, 2010 11:11pm Oct 10, 2010 11:11pm
Today the US market is holiday. So, let see the Industrial Production data from France and Italy (Europe Zone), expected worse than before. If those data are released as expected, the gold maybe go higher.
Just an opinion from a newbie like me
  • #1,457
  • Oct 11, 2010 12:26am Oct 11, 2010 12:26am
Quoting SilverKnight
Hi guys,

I'm voting Short on Gold. 21 period RSI breaking lows now.

I'm short down to $1,300.00

-SilverKnight
One advice to you,if i may, when you are trading, don't work with indicators, it will only mislead and misguide you, if those indicators would've done anything good, everyone of us would've been reach ppl by now. I really don't understand why do you play against the trend, the channel has not been broken, try to work with support, resistance and some news, anyways,i will close 2 positions at 1380 and let another 2 run untill 1400 (hopefully), then wait for another minor correction to enter long.
  • #1,458
  • Oct 11, 2010 12:47am Oct 11, 2010 12:47am
Quoting musclemike
One advice to you,if i may, when you are trading, don't work with indicators, it will only mislead and misguide you, if those indicators would've done anything good, everyone of us would've been reach ppl by now. I really don't understand why do you play against the trend, the channel has not been broken, try to work with support, resistance and some news, anyways,i will close 2 positions at 1380 and let another 2 run untill 1400 (hopefully), then wait for another minor correction to enter long.
indicators do have their power and information....but they don't make us rich....

so everybody has her own strategy and setups....

--> I'm long as well ...1359 target ( last resistance last week )
Hero calls followed by margin calls...
  • #1,459
  • Oct 11, 2010 1:32am Oct 11, 2010 1:32am
Agree..
For me, fundamental news is important. Fundamental drives the market. Technical indicator just a guide kit for me to know: (1). Entry Point, (2). Target/profit Point, (3) Risk Point. Before enter market, make sure we know these 3 points.
Look at XAU chart recently, all indicators tell us that it's time to correction. But until now, the price is getting reach higher and higher.
Technical indicator will good if supported by fundamental news.
  • #1,460
  • Edited 8:09am Oct 11, 2010 5:35am | Edited 8:09am
Quoting musclemike
One advice to you,if i may, when you are trading, don't work with indicators, it will only mislead and misguide you, if those indicators would've done anything good, everyone of us would've been reach ppl by now. I really don't understand why do you play against the trend, the channel has not been broken, try to work with support, resistance and some news, anyways,i will close 2 positions at 1380 and let another 2 run untill 1400 (hopefully), then wait for another minor correction to enter long.
Thanks for the well intentioned advice Mike,

I do know what I'm doing though . Indicators are only a tool, they tell you what they are suppose to tell you, it is up to you to interpret the data properly. Thus far, the way I use my 21-period RSI has worked very well for me, about 75%-80% hit rate when trading based on my interpretation of the RSI data alone. If indicators haven't worked for you, it doesn't mean they wont serve someone else's purpose.

Just IMHO,

Gold is in for a sizeable retracement fundamentally so, I look for reasons to go short, the end of last week was the strongest reason to short that we have had for over a month. Look around... everyone is calling for gold to hit new heights and it looks like there is no end to the up trend in sight... but, this is very deceptive!

If you look at the volume of the last two trading days on gold futures, you will observe huge amounts of volume, Thursday was the Yao Ming of volume if you will(thanks Gavin)... This is undoubtedly very high selling volume. If it had been mostly buying volume, we would have closed at new heights. This is not clearly seen when looking at a normal price chart, there are no indications of large trader sentiment, so it inevitably leads to traders getting caught in false break outs and trying to trade a trend which is fading. This is all designed to get you to stay long, well after the institutional traders have sold all their long positions and taken shorts. Remember mates, the trend is your friend... until the bend at the end!

The next important support is at $1,300.00 so I short.

Okay... that's just my two cents... take it for what it is... ... have a great trading day everyone!

With respect,
SilverKnight-
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