Already touched 1496 and now at 1499. As XT said, getting to 1485 area is only a matter of time. Lower highs since yesterday...
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #5,263
- Apr 26, 2011 9:42am Apr 26, 2011 9:42am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
Many have been sucked in and CRUSHED after!
they see a $30 usd swing in Gold and think "it's all over"
It's not that simple. These are minor corrections. Not to mention a multi year bull run does not end simply because the Price falls $50 to 100 UD after making only another RECORD HIGH!
they see a $30 usd swing in Gold and think "it's all over"
It's not that simple. These are minor corrections. Not to mention a multi year bull run does not end simply because the Price falls $50 to 100 UD after making only another RECORD HIGH!
As annoying as the "bull is dead" posts are, I've actually learned from them. In respect to Trader Psychology. It is amazing how a few dollar move in an instrument gets people worked up or call a trend change. If you look at the posts from the "psychology lens" it is quite revealing the psychosis of traders with a hair triggers. I think I'm really understanding how the bear / bull traps are setup and how they suck people in. Interesting stuff.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #5,264
- Apr 26, 2011 9:44am Apr 26, 2011 9:44am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #5,266
- Apr 26, 2011 9:57am Apr 26, 2011 9:57am
The reason I get upset is because of the number of newbies here who can easily get led astray from a seemingly knowledgable post saying "Sell NOW...."
I would like to complement: if a newbie insists to listen to those posts, it's their own fault. Big money losses can be a very good learning process, too 
"The reason I was born and came into the world is to testify to the truth."
- #5,268
- Apr 26, 2011 10:39am Apr 26, 2011 10:39am
Can you beat that.. One of my colleagues just told me that he has been holding SHORTS @1440 from the past over one month... Gosh..!!
Any advice for him.. What should be done..? Is there any chance of further correction or should he book the loss..?
Thanks..
Any advice for him.. What should be done..? Is there any chance of further correction or should he book the loss..?
Thanks..
- #5,270
- Apr 26, 2011 10:44am Apr 26, 2011 10:44am
The gold and silver daily chart is still bullish, until it broke and close below the trendline I will still look for a long position in silver and gold. In addition the dollar index still looks weak but seems to hovering around a weekly support at 73.00.
- #5,273
- Apr 26, 2011 11:01am Apr 26, 2011 11:01am
- | Joined Aug 2007 | Status: Trader | 2,219 Posts
Well said Xtrade
Just in case anybody needs some more convincing about the efficacy of forks here's a 240min one that caught today's gyrations....
beeb
is it possible to get the weekly trend up on forks ?
Im looking at areas on the weekly
48.30
43.77
39.24
- #5,277
- Apr 26, 2011 11:25am Apr 26, 2011 11:25am
I'm lost today. The aud/us going UP and the silver down. That is making me mad. The only trade that I have in mind depends on the daily candle. If we close bellow 45,20 the silver will have a good probability to test the 42,53 and maybe 40,7. I will wait to get any positions. It is against the trend. I'm not seeing a trade reversal. I'm lost today.
- #5,279
- Apr 26, 2011 11:52am Apr 26, 2011 11:52am
Many have been sucked in and CRUSHED after!
they see a $30 usd swing in Gold and think "it's all over"
It's not that simple. These are minor corrections. Not to mention a multi year bull run does not end simply because the Price falls $50 to 100 UD after making only another RECORD HIGH!
- #5,280
- Apr 26, 2011 11:52am Apr 26, 2011 11:52am
I'm lost today. The aud/us going UP and the silver down. That is making me mad. The only trade that I have in mind depends on the daily candle. If we close bellow 45,20 the silver will have a good probability to test the 42,53 and maybe 40,7. I will wait to get any positions. It is against the trend. I'm not seeing a trade reversal. I'm lost today.
"The reason I was born and came into the world is to testify to the truth."