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

  • #1,541
  • Oct 12, 2010 3:13pm Oct 12, 2010 3:13pm
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  • #1,542
  • Oct 12, 2010 4:50pm Oct 12, 2010 4:50pm
Quoting fawaol
" (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?????
No, I don't actually! I never make a trading decision based on fundamental information from news. I always trade based on market reactions. If the news was bullish, I don't trade until I see if the market is going to go bullish or bearish. I didn't see any real bullish reaction from this news... price tried to rise above the previous high but was pushed back down twice with high volume on the first try and low volume on the second try. That is not bullish to me at all! In fact, it just shows how bearish the market is right now. If prices try to rise but are pushed back down, what does that say is going on? Bears are swamping Bulls. So... just IMHO there is no reason to abandon my short position.

On the other hand, if when Asia opens, we get some good bullish volume and the previous resistance @ $1,355 is taken out, then I will close my shorts and accept that the market has chosen a new direction.

And resistance will not become support until a higher high is made.

Cheers mate and no offense meant!

-SilverKnight
  • #1,543
  • Oct 12, 2010 6:01pm Oct 12, 2010 6:01pm
I'm still holding my shorts from 1346. Should I close this position and anticipate a flow change in Asia session? I really doubt another break through above $1365 could be achieved from Fed minutes release hours ago. Then again with Forex market nothing is ever 100% certainty.

Silverknight - when do you plan to switch course? Is 1360 your SL limit?
  • #1,544
  • Oct 12, 2010 6:08pm Oct 12, 2010 6:08pm
Quoting jacob_ice
I'm still holding my shorts from 1346. Should I close this position and anticipate a flow change in Asia session? I really doubt another break through above $1365 could be achieved from Fed minutes release hours ago. Then again with Forex market nothing is ever 100% certainty.

Silverknight - when do you plan to switch course? Is 1360 your SL limit?
My stops are set just above the previous highs around $1,356-57.00

-SilverKnight
  • #1,545
  • Oct 12, 2010 7:58pm Oct 12, 2010 7:58pm
Quoting SilverKnight
My stops are set just above the previous highs around $1,356-57.00

-SilverKnight
It appears a stronger force towards the upmove since Asia opens a few hours ago. I'm still contemplating whether to close then change direction or hold my position till 1360. Tough choice!
  • #1,546
  • Oct 12, 2010 9:37pm Oct 12, 2010 9:37pm
Hop! nice buy now at 1357
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,547
  • Oct 12, 2010 9:41pm Oct 12, 2010 9:41pm
Stop triggered @ $1,357.00.

-SilverKnight
  • #1,548
  • Oct 12, 2010 9:41pm Oct 12, 2010 9:41pm
I suppose up we go. I took the loss and change direction. Lets see what the delivery we've got on new high.
  • #1,549
  • Oct 12, 2010 9:42pm Oct 12, 2010 9:42pm
Quoting Bootleger
Hop! nice buy now at 1357
Bootleger.

Are you long on Gold?
  • #1,550
  • Oct 12, 2010 9:43pm Oct 12, 2010 9:43pm
Quoting SilverKnight
Stop triggered @ $1,357.00.

-SilverKnight
Are you long on Gold as well?
  • #1,551
  • Oct 12, 2010 9:47pm Oct 12, 2010 9:47pm
Quoting jacob_ice
Are you long on Gold as well?
I don't trade FOREX, but I got gold
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,552
  • Oct 12, 2010 9:47pm Oct 12, 2010 9:47pm
Quoting jacob_ice
Are you long on Gold as well?

No not long yet.

-SilverKnight
  • #1,553
  • Oct 12, 2010 9:54pm Oct 12, 2010 9:54pm
Silver at 23.50... good level
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,554
  • Oct 13, 2010 12:06am Oct 13, 2010 12:06am
Morning guys, selling 2 lots at 1365 and keeping 2 for 1380-1400 (dependig on news) where i will sell the other 2 and wait for another retracement to enter long.

Always long on gold, especially this times when the trend is upwards is very risky to short.
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  • #1,555
  • Oct 13, 2010 9:44am Oct 13, 2010 9:44am
The NEW TARGET is around 1392.00

It would be nice to get today's uplift the same as was downlift of 7oct.

So waiting for 4000pips from level of 1355.00
  • #1,556
  • Oct 13, 2010 9:51am Oct 13, 2010 9:51am
will be watching how 23.81 area responds before adding to.
  • #1,557
  • Oct 13, 2010 10:30am Oct 13, 2010 10:30am
Closed 1 position @1370.48, the other one is running free, hopefuly to 1400 when it will be closed.
  • #1,558
  • Oct 13, 2010 10:46am Oct 13, 2010 10:46am
I hope that you guys where long on this latest run! I am DAMN pissed I missed it.

Was away from desk. Looks like we are going to 1400.

Buying next dip and holding ON!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,559
  • Oct 13, 2010 10:48am Oct 13, 2010 10:48am
I think i read someone buying swissy?

I would wait on that for extreme confirmation. Especially after how severely its latest attempt up was rejected.

just look at the daily chart - not a whisper of reversal there.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,560
  • Oct 13, 2010 11:01am Oct 13, 2010 11:01am
Quoting XTrade
Buying next dip and holding ON!
My kind of trading

Hoping for a dip to add some more.
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