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

  • #3,121
  • Feb 25, 2011 5:16am Feb 25, 2011 5:16am
well i'm glad it's just for fun and not for profit......
  • #3,122
  • Feb 25, 2011 6:20am Feb 25, 2011 6:20am
on currencies im using SLs but not on gold, i only buy, no sells ( maybe a litle on hedging ) the greed is very badddd LOL

again on currencies i still close parts of trade, set SL on BE and let go with a trailing stop, but dont know with, cant do that on gold it's to volatile

i trade on 4H and daily TFs and i guess im even on profits losses, maybe a little positive... but cant read PA, and cant find good source of information to teach me... As you can see i put on my charts channels, trendlines and 200EMA only. not fancy indys, but crap, i NEED to learn read PA...


do you guys have a good starting point? thank you in advance.
  • #3,123
  • Feb 25, 2011 6:38am Feb 25, 2011 6:38am
Quoting beeb
if you're trading the Dailies you should be using stops - if you're trading 10 or 20 mins you should have seen the move and gone short - if you're an investor, you shouldn't even notice....
It was quite funny to read this but it is probably the most brilliant post in this forum ever. Great piece of wisdom.

Yesterday I locked all my profits with a SL at 1411. Of course it was touched and I was angry for not closing everything at 1418, or even 1415 . Now you may imagine how happy I am.

The life of a scalper is definitely much easier. I caught the falling knife yesterday and made 10% of those long term profits - in minutes!

@nleitao: I am really sorry for you. Still I think that your positions are not that bad. Close the higher ones at BE and wait for the resume of the uptrend. But be aware that it can take some time. And anyway, 25% of profit sounds like... TOO BIG POSITIONS. As XTrade says: "don't overtrade".
"The reason I was born and came into the world is to testify to the truth."
  • #3,124
  • Feb 25, 2011 6:44am Feb 25, 2011 6:44am
outlook of gold sounds weak.if it breaks out of lower ML.may reverse trend
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  • #3,125
  • Feb 25, 2011 6:47am Feb 25, 2011 6:47am
nleitao, you are describing similar problems which got me into difficulties. I was too F'ing greedy and i kept getting stopped out by holding positions way longer than i should just to squeeze that little bit more out. I'm talking good positions which were well into profit turning into losses, it was horrible but i've learned my lesson.

You might find this guys videos useful. He's called 'Oztrader' and you will find him on youtube. His free youtube videos put me back on track and oh did i mention they were free..
  • #3,126
  • Feb 25, 2011 7:24am Feb 25, 2011 7:24am
Nice wedge forming on H1 gold chart. It's at a support level, rejecting lower price and is starting to respect the trend line and 8/21 EMA's, H4 RSI showing a slight convergence, so i may look to build another long position around 1402 if the current H4 bar closes above EMA's. T/P hopefully by end of today retesting 1415 area. Trail tight stop but allow for initial false breakout to the downside to 1392.
  • #3,127
  • Feb 25, 2011 8:19am Feb 25, 2011 8:19am
Quoting Euroscum
I got the ass end of it and still made nice money in a few minutes. Nice one!
Could your share your timeframes on this chart (candes/MAs)?

Thanks.

Wile E
  • #3,128
  • Feb 25, 2011 9:19am Feb 25, 2011 9:19am
Quoting nleitao
on currencies im using SLs but not on gold, i only buy, no sells ( maybe a litle on hedging ) the greed is very badddd LOL

again on currencies i still close parts of trade, set SL on BE and let go with a trailing stop, but dont know with, cant do that on gold it's to volatile

i trade on 4H and daily TFs and i guess im even on profits losses, maybe a little positive... but cant read PA, and cant find good source of information to teach me... As you can see i put on my charts channels, trendlines and 200EMA only. not fancy indys, but crap, i NEED...
First i will say why wont you sell gold? I believe you are suffering the idea that gold will only go up. You need to forget about having strong opinions about the market and just look at whats infront of you.

You must control your risk, even on gold, just because its volitile is not a reason for not placing stops or a mental stop where you must exit. you cannot let the market move against you uncontrolably. not even with gold. you may get away with it for a time, but eventually you will be wiped out, its that simple. the more leverage your using the worse this will be.

Now at least you seem to relize that you need to find a better way of doing things, unlike other posts i read, full of arogance, "I dont need stops because im that good" i have read this before!

I would also say you should look at Price action, in fact its how I trade. You should find plenty of FREE info on the web if you just look. another book that may help is 'martin pring on price patterns'.
  • #3,129
  • Feb 25, 2011 9:47am Feb 25, 2011 9:47am
Quoting fantom
outlook of gold sounds weak.if it breaks out of lower ML.may reverse trend

er..yes...but according to the chart you displayed the price is at or very near the trendline that you drew. if you're not going to buy at an upsloping trendline (obviously with a stop) that has provided support, where are you going to buy?

the above is not intended to be an instruction to DO anything - merely a question. i hope people understand that - there seems to be plenty of strange views/comments about.

beeb
  • #3,130
  • Edited 12:31pm Feb 25, 2011 10:08am | Edited 12:31pm
although bias for day is up from 32.63-74, watching how 33.20 area responds.
http://kingworldnews.com/kingworldne...ng_Silver.html
  • #3,131
  • Feb 25, 2011 1:22pm Feb 25, 2011 1:22pm
Quoting highlander2
I believe you are suffering the idea that gold will only go up.
The trend is upwards, this is not something that you can call "an illness", i mean, it's obviuos that is riskier to short on gold this days and also and especially on longer terms

Quoting highlander2
Now at least you seem to relize that you need to find a better way of doing things, unlike other posts i read, full of arogance, "I dont need stops because im that good" i have read this before!
If the risk management is accurate you can minimalise your losses and almost consider them null, ex: If , my account is 2k$ and i buy 0.1 it means that if gold falls 1000$/ounce i would lose 100$, that means i can hold to my longs practically forever
  • #3,132
  • Feb 25, 2011 1:31pm Feb 25, 2011 1:31pm
No if you have 2K in ur account and you buy 0.1 lot now, which is 10Oz of gold, u go broke if price drop to 1200$.
  • #3,133
  • Feb 25, 2011 1:39pm Feb 25, 2011 1:39pm
I don't know what your leverage is, but for every single lot I buy i get 10$ at a 1$ climb so....
  • #3,134
  • Feb 25, 2011 1:42pm Feb 25, 2011 1:42pm
Quoting musclemike
I don't know what your leverage is, but for every single lot I buy i win 500$ at a 50$ climb so....
Yes of course... so if you buy now at 1410$ and it drops 200$ to 1210$ you lose 2000$ which means that u have nothing left!
  • #3,135
  • Feb 25, 2011 1:55pm Feb 25, 2011 1:55pm
musclemike, yeah i know what you mean, and it depends on a a lot of things, leverage, timeframe, i just dont think people should be trading with no risk control. But buy and hold with gold may work, but it just isnt guaranteed.

I suffered last year because th e euro was down trending untill june or whenever, when the trend turned i was too slow to accept this fact, and it cost me money trying to short the new up trend.
  • #3,136
  • Feb 25, 2011 1:57pm Feb 25, 2011 1:57pm
10min GC Bollies compressing - would love to see a move above 1414 and then closing over 1420 for the week.....

beeb
  • #3,137
  • Feb 25, 2011 2:49pm Feb 25, 2011 2:49pm
I would like to see a close above 1410.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,138
  • Feb 26, 2011 12:24am Feb 26, 2011 12:24am
gold is going down my recomendation is selling gold it is time to reversing for more details email me.. in the 15 minutes chart harmonic w pattren is visible and confirm in 1 hour charts is confirming too head and shoulder with harmonic weekily pivots are shouing resistance area..so we looking to reversing ...
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  • #3,139
  • Feb 26, 2011 12:58am Feb 26, 2011 12:58am
ok - but over what timeframe and for what reason?
why not post more details here.....
  • #3,140
  • Feb 26, 2011 1:19am Feb 26, 2011 1:19am
Quoting beeb
ok - but over what timeframe and for what reason?
why not post more details here.....
see the chart and you will be able to find reasons.. the gold will be down in this weak 1384 is my target and my entry is 1410.00 and after that i will anticipate it.
the chart is 1 hour...i anticipate all time frames.....
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