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XAU/USD Spot Gold

  • #81
  • Edited 1:49pm Jan 24, 2011 1:04pm | Edited 1:49pm
Quoting USD-Bear
Short @ 1352.05 just below WPP after pullback to LTL, let's see.....

H1:
Attachment
WPP served as resistance and turned the up-move (retrace).
Staying with my short can't find any reason to depart from it.
First target last low at 1337.60 but do not think it will halt the down-move for long.

H4:
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Don't be a hero. Don't have an ego. Always question yourself
  • #82
  • Jan 24, 2011 2:09pm Jan 24, 2011 2:09pm
Quoting USD-Bear
WPP served as resistance and turned the up-move (retrace).
Staying with my short can't find any reason to depart from it.
First target last low at 1337.60 but do not think it will halt the down-move for long.

H4:
Attachment
Went through 1337.60 without any problem.
Next target 1326 being 38.2% retrace from the move 1157 => 1430

D1:
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Don't be a hero. Don't have an ego. Always question yourself
  • #83
  • Jan 24, 2011 2:20pm Jan 24, 2011 2:20pm
Looks like a nice round-top pattern on Daily & Weekly chart Reverse in trend ?
  • #84
  • Jan 24, 2011 2:27pm Jan 24, 2011 2:27pm
Quoting thegman
Looks like a nice round-top pattern on Daily & Weekly chart Reverse in trend ?
That's what I am betting on, problem is sitting out those retraces......
Don't be a hero. Don't have an ego. Always question yourself
  • #85
  • Edited 3:25pm Jan 24, 2011 3:21pm | Edited 3:25pm
Well I like the level 1337 becouse its leet, but i belive in 1300 (+-)... The triple top/rounded top or whatever it may be called is huge. Can't imagine force that would send it back there.

I added a short since the 1353 today, but i closed it too soon (about an hour before the big drop - god do I hate this),...

anyway, still holding for more shorts...

may I ask where do you trade gold?


BTW: if you check weekly tf EMA 34, you will find the market using it as a resistance very often... +- 1305 now, i will be prepared for any reversing daily pattern here... any opinions about that? luv u guys
  • #86
  • Jan 24, 2011 3:37pm Jan 24, 2011 3:37pm
Quoting Schneeule
Well I like the level 1337 becouse its leet, but i belive in 1300 (+-)... The triple top/rounded top or whatever it may be called is huge. Can't imagine force that would send it back there.

I added a short since the 1353 today, but i closed it too soon (about an hour before the big drop - god do I hate this),...

anyway, still holding for more shorts...

may I ask where do you trade gold?


BTW: if you check weekly tf EMA 34, you will find the market using it as a resistance very often... +- 1305 now, i will be prepared for any reversing daily...
Sorry to hear that close of the 1353 trade, major trick (at least for me) is seeing the big picture and sitting it out as long as PA doesn't prove otherwise. Problem here (for me) is profit contained in the trade not influencing decisions.

I trade XAU/USD with FXCM

I'll look into that EMA 34, thanks!
Don't be a hero. Don't have an ego. Always question yourself
  • #87
  • Jan 24, 2011 4:02pm Jan 24, 2011 4:02pm
Liking it for a major dose of short. FOMC on Wednesday and UCHF may be putting in a right shoulder here + we have BOJ sabre rattling about intervention in the Yen if the Yen bulls wanna try it on.

Such a noticeable lack of buying support in recent weeks. Very little in the path of a major correction.
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  • #88
  • Jan 25, 2011 1:17am Jan 25, 2011 1:17am
Quoting USD-Bear
Sorry to hear that close of the 1353 trade, major trick (at least for me) is seeing the big picture and sitting it out as long as PA doesn't prove otherwise. Problem here (for me) is profit contained in the trade not influencing decisions.
Yes, but one of the pullbacks was too big for my understanding of the rule "never let winner turn into a looser"... Sad but i am in again becouse of the outside bar (retrace at the 1337 (leet level ) ....

so gl hf on the short ride, lets see what happens down at 1321 and then on the weekly trend line...

here's the chart of mine..
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  • #89
  • Jan 25, 2011 1:30am Jan 25, 2011 1:30am
Quoting Schneeule
Yes, but one of the pullbacks was too big for my understanding of the rule "never let winner turn into a looser"... Sad but i am in again becouse of the outside bar (retrace at the 1337 (leet level ) ....

so gl hf on the short ride, lets see what happens down at 1321 and then on the weekly trend line...

here's the chart of mine..
Short term 1326-1327 first critical level I see.
1327 being weekly pivot support 1
1326 being 38.2% retrace from the 1155 => 1431 move

M15:
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Don't be a hero. Don't have an ego. Always question yourself
  • #90
  • Jan 25, 2011 2:05am Jan 25, 2011 2:05am
Quoting USD-Bear
Short term 1326-1327 first critical level I see.
1327 being weekly pivot support 1
1326 being 38.2% retrace from the 1155 => 1431 move

M15:
Attachment
thanks for warning , I'll be careful there
  • #91
  • Jan 25, 2011 2:36am Jan 25, 2011 2:36am
There we go again, probably hate myself later, but placed a limit @ 1327 on my trade have to leave the screen for a while.....

M15:
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Don't be a hero. Don't have an ego. Always question yourself
  • #92
  • Jan 25, 2011 2:57am Jan 25, 2011 2:57am
Maybe im wrong and new to trading with gold ,...

But too much hesitation with going down in about few hours ago ,... would like to see the prize more up to got a sell limit there , if i see more power to go this up i will move it more up. Maybe im wrong . Of course the SR lines are clean ,..

Gl
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  • #93
  • Jan 25, 2011 4:26am Jan 25, 2011 4:26am
Quoting Tomex
Maybe im wrong and new to trading with gold ,...

But too much hesitation with going down in about few hours ago ,... would like to see the prize more up to got a sell limit there , if i see more power to go this up i will move it more up. Maybe im wrong . Of course the SR lines are clean ,..

Gl
i will run away on slightest weakness and wait for the correction too it might not come, but who cares..
  • #94
  • Jan 25, 2011 7:15am Jan 25, 2011 7:15am
Quoting USD-Bear
There we go again, probably hate myself later, but placed a limit @ 1327 on my trade have to leave the screen for a while.....

M15:
Attachment
Nice move, out of my trade, now waiting for retrace

H4:
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Don't be a hero. Don't have an ego. Always question yourself
  • #95
  • Jan 25, 2011 7:54am Jan 25, 2011 7:54am
1333 and 1341

M15:
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Don't be a hero. Don't have an ego. Always question yourself
  • #96
  • Jan 25, 2011 11:51am Jan 25, 2011 11:51am
Looks like it will retrace a little further, any suggestions?

M15:
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Don't be a hero. Don't have an ego. Always question yourself
  • #97
  • Jan 25, 2011 12:25pm Jan 25, 2011 12:25pm
Quoting USD-Bear
Looks like it will retrace a little further, any suggestions?

M15:
Attachment
Maybe up to 1337.5 or 1342 which are 50% and 61.2% retrace of the last leg down, and wait for reversal action on 4hr
Regards
  • #98
  • Jan 26, 2011 1:37am Jan 26, 2011 1:37am
Maybe little premature but trying again:
Short @ 1336.65 with tight stop

M15:
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Don't be a hero. Don't have an ego. Always question yourself
  • #99
  • Jan 26, 2011 1:48am Jan 26, 2011 1:48am
Quoting USD-Bear
Maybe little premature but trying again:
Short @ 1336.65 with tight stop

M15:
Attachment
It might work but seeing recent development I'd rather prefer to go long near 1329.
  • #100
  • Jan 26, 2011 1:54am Jan 26, 2011 1:54am
Quoting fr600
It might work but seeing recent development I'd rather prefer to go long near 1329.
Yes you might be right, it's a little tricky what I'm doing, just guessing in a weak environment a 38.2% retrace might do
Don't be a hero. Don't have an ego. Always question yourself
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