XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 77 | Metals Mine

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

  • #1,521
  • Oct 12, 2010 12:50pm Oct 12, 2010 12:50pm
10 minutes to fed meeting minutes release!

-SilverKnight
  • #1,522
  • Oct 12, 2010 12:59pm Oct 12, 2010 12:59pm
Waiting eagerly by the computer to see our wait come to fruition!
  • #1,523
  • Oct 12, 2010 1:01pm Oct 12, 2010 1:01pm
Okay, they are out... hmm... not much going on yet... we shall see!

-SilverKnight
  • #1,524
  • Oct 12, 2010 1:03pm Oct 12, 2010 1:03pm
are we on the wrong trend? I see Gold spiked up pretty high to 1349? What do you think?
  • #1,525
  • Oct 12, 2010 1:04pm Oct 12, 2010 1:04pm
So, we've got a retest of the 50-SMA and the important $1,350 level... nothing very big going on yet though.

-SilverKnight
  • #1,526
  • Oct 12, 2010 1:06pm Oct 12, 2010 1:06pm
My advice is,

Don't let the volatility get to you... that's news for ya... I usually don't make decisions unless the candle closes on the time frame I'm trading, unless there is a big break in one direction... just sit tight. All will be well!

-SilverKnight
  • #1,527
  • Oct 12, 2010 1:06pm Oct 12, 2010 1:06pm
I'm also on USDCHF going long. I see there was a sudden drop then rebound. Very frightening indeed. Whatever transpires......transpires....Crossing fingers!
  • #1,528
  • Oct 12, 2010 1:11pm Oct 12, 2010 1:11pm
Quoting jacob_ice
I'm also on USDCHF going long. I see there was a sudden drop then rebound. Very frightening indeed. Whatever transpires......transpires....Crossing fingers!
Silverknight.

I need to learn to keep my calm down. I've not been trading all that long. Give or take - 3 months. Its been pretty profitable so far but the knee jerk reaction has a hold on me from time to time, seeing green turn to red; vice versa. I learn alot from you, by being calm and staying focus on a position and target. Its good knowing somebody more expertise is on the same team.
  • #1,529
  • Oct 12, 2010 1:27pm Oct 12, 2010 1:27pm
Quoting jacob_ice
Silverknight.

I need to learn to keep my calm down. I've not been trading all that long. Give or take - 3 months. Its been pretty profitable so far but the knee jerk reaction has a hold on me from time to time, seeing green turn to red; vice versa. I learn alot from you, by being calm and staying focus on a position and target. Its good knowing somebody more expertise is on the same team.
I hear ya mate!

Keeping your cool is the number 1 way to stay consistent and profitable! I've made way too many decisions on an emotional whim in the past and payed very dearly for it. Even when price is moving against you, it is vital to stay calm and keep your mind clear of emotional tension, that way you can focus on the rules of the trade, and analyze the situation objectively.

Right now, I see a lot of Bullishness from the EURO... but... EUR/USD is in a corrective phase right now so I see this as a bear market rally, which will be used by the institutions to sell into. Gold is being dragged up right now by momentary dollar bearishness on the back of this news. It is my view that this will dissipate very soon once the bulls get worn out by all the sellers swamping them.

Just my 2c, Cheers!

-SilverKnight
  • #1,530
  • Oct 12, 2010 1:28pm Oct 12, 2010 1:28pm
We have to wait and see how does this day ends (333min aprox), but if ends above 1345-1347 we might head north as we see big rejections of lower prices.
Attached Image (click to enlarge)
Click to Enlarge Name: gold.JPG Size: 150 KB
  • #1,531
  • Oct 12, 2010 1:34pm Oct 12, 2010 1:34pm
I sure hope so. The explanation sounds logical and certainly within realm of possibility. I guess I could only wait to see what asia/london session brings. US market closes in 3 hours. I expect some drastic movement to go on downtrend, it not I'll rollover two open positions until tomorrow.

P.S My USDCHF still in red. Don't like it one bit.....
  • #1,532
  • Oct 12, 2010 1:36pm Oct 12, 2010 1:36pm
Quoting musclemike
We have to wait and see how does this day ends (333min aprox), but if ends above 1345-1347 we might head north as we see big rejections of lower prices.
If you call $8 a big rejection... okay then... but I would have to see about a $15 bullish rejection off of a key level by the close of the day to agree with you.

Just My Opinion!

With respect,
-SilverKnight
  • #1,533
  • Oct 12, 2010 1:37pm Oct 12, 2010 1:37pm
Quoting musclemike
We have to wait and see how does this day ends (333min aprox), but if ends above 1345-1347 we might head north as we see big rejections of lower prices.
Where do you stand on this? Do you have an open short or long position or simply watching on the sideline :-)
  • #1,534
  • Oct 12, 2010 2:02pm Oct 12, 2010 2:02pm
Okay, so the hourly candle closed below the $1,350.00 level and price is still setup to go short. We had very high volume(obviously because of the news) with a high-wave(upside and downside wick) candle being printed.

Cheers,

-SilverKnight
  • #1,535
  • Oct 12, 2010 2:04pm Oct 12, 2010 2:04pm
Quoting SilverKnight
If you call $8 a big rejection... okay then... but I would have to see about a $15 bullish rejection off of a key level by the close of the day to agree with you.

Just My Opinion!

With respect,
-SilverKnight

If i am not mistaken, starting the end of july all the rejections were no more than 10-13$ ,and now ,when we have 2 candles sitting one beside another with that rejections might mean something.



Quoting jacob_ice
Where do you stand on this? Do you have an open short or long position or simply watching on the sideline :-)
I never ever sit and watch gold, i always have opened positions as you can see in my attachments.

I really do hope for a dip (under 1300, hopefully 1250) and this is because after a max has been reached in less then a year when that "big dip" occurs that max will be touched again and even broken, so when a dip occurs i am ready to enter long, big time.

Wish you all the best, i'm going to watch a movie now, cath you guys tomorrow.
Safe trades to everyone.
  • #1,536
  • Oct 12, 2010 2:31pm Oct 12, 2010 2:31pm
Gold and silver still looking strong... Gold above 1352... 14$ from high... shorts not winning for the moment
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,537
  • Oct 12, 2010 2:39pm Oct 12, 2010 2:39pm
Something is holding up Gold above 1350.....close to 80 minutes to NY market closing. Is there a chance of drastic movement either up or down?
  • #1,538
  • Oct 12, 2010 2:49pm Oct 12, 2010 2:49pm
There is always a chance of anything... the important question is... What is most probable?

I'm sticking with my shorts... nothing has changed as far as I can see.

Cheers,

-SilverKnight
  • #1,539
  • Oct 12, 2010 3:02pm Oct 12, 2010 3:02pm
Gold closed a bit above the $1,350 level with a long wick to the top side and low volume(which is characteristic of this time of day).

Short bias is still on with a double up thrust being posted on the hourly chart.

Cheers,

-SilverKnight
  • #1,540
  • Oct 12, 2010 3:06pm Oct 12, 2010 3:06pm
Quoting SilverKnight
There is always a chance of anything... the important question is... What is most probable?

I'm sticking with my shorts... nothing has changed as far as I can see.

Cheers,

-SilverKnight
" (RTTNews) - Members of the Federal Reserve are prepared to take further steps to support the sluggish economic recovery..."

"...Following the meeting, the Federal Reserve announced its widely expected to leave interest rates unchanged at a record low of zero to 0.25 percent. "

Good reason to sell some buck$, don't u think so?????
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