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

  • #6,001
  • May 5, 2011 9:23pm May 5, 2011 9:23pm
N - NON
F - FARM
P - Payroll

WIKI " Nonfarm payroll employment is an influential statistic and economic indicator released monthly by the United States Department of Labor as part of a comprehensive report on the state of the labor market.
It is a compiled name for goods-producing, construction and manufacturing companies. The Bureau of Labor Statistics releases preliminary data on the third Friday after the conclusion of the reference week, i.e., the week which includes the 12th of the month, at 8:30 a.m. Eastern Time[1] ; typically this date occurs on the first Friday of the month. Nonfarm payroll is included in the monthly Employment Situation or informally the jobs report and affects the US dollar, the Foreign exchange market, the bond market, and the stock market.
The figure released is the change in nonfarm payrolls (NFP), compared to the previous month, and is usually between +10,000 and +250,000 during non-recessional times. The NFP number is meant to represent the number of jobs added or lost in the economy over the last month, not including jobs relating to the farming industry."
http://en.wikipedia.org/wiki/Nonfarm_payrolls

Quoting MapleLeaf
what do you mean with NFP?

Non-Farm Employment Change?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,002
  • May 5, 2011 9:42pm May 5, 2011 9:42pm
Quoting MapleLeaf
what do you mean with NFP?

Non-Farm Employment Change?
See above please...
  • #6,003
  • May 5, 2011 10:12pm May 5, 2011 10:12pm
Quoting Fmfx
If it survives tomorrows NFP (likely), the longterm uptrend will probably resume and we might see the gold back at $1500 as early as next week. I added longs at $1466 today.
Nice entry, bro! However, I would not hold the long for a while. I think it will go further $1460 next week.
  • #6,004
  • May 5, 2011 11:44pm May 5, 2011 11:44pm
i m long from 1504 is it possible today recovery
Trading by EA
  • #6,005
  • Edited 2:03am May 6, 2011 1:53am | Edited 2:03am
GM all....

Try to remember that it's NFP today....

Here's 240min GC showing a puce modified schiff from last August and a yellow unmodified one from the Jan low. You may remember the latter as being the one that provided lower quartile support through last month's NFP.

http://www.screencast.com/t/GakjG9kmUVYL

Trades are like buses - there WILL be another one along soon - lol

beeb
  • #6,006
  • May 6, 2011 2:28am May 6, 2011 2:28am
i m long from 1504 can any one idea what the react of today non farm paroll(i m worried)
Trading by EA
  • #6,007
  • May 6, 2011 3:26am May 6, 2011 3:26am
Quoting Mitchoss
Thank you for your advice. very helpful. I most definitely wont be getting a $100,000 account any time soon so i will stick to small positions on gold. haha
Let me tell you: I'm having decent profits trading gold... my account is surely no Micro account... and still, my initial order size is 2 oz. Yes, 0.02 lot! I am thankful for every 50 pips ($5.0) profit per oz. You don't have to trade big positions in order to be profitable, maybe the opposite can be the truth.

I would like to correct my last post a little bit. Yes, it was not a lucky time for you to start trading live. BUT you need to have a strong strategy and a strong management (not forgetting the psychology), good enough to survive any crash. Be hard to yourself. Test your strategy against historical data and against the harshest environments. I mean, would you survive the Lehmans' crash? Or the Flash Crash*? If you pass those tests, you still cannot guarantee eternal profitability, but the odds of a margin call will be much much lower. Remember: there is always a reason for a new crisis, sell-off or whatever. Stay alert and prepared.


* Happy Birthday, Flash Crash!
"The reason I was born and came into the world is to testify to the truth."
  • #6,008
  • May 6, 2011 4:53am May 6, 2011 4:53am
Hmmmm looks like my call on commodities on the 25th April come good...my system does work alright

Thanks to all the guys that criticised me for going against the trend. Its the best contrarian signal ever!!!!
  • #6,009
  • May 6, 2011 5:28am May 6, 2011 5:28am
Quoting beeb
Trades are like buses - there WILL be another one along soon - lol

beeb
I thought it was there's none for ages and then they all come at once.

There is always another trade but you might not be in a position to take it.
  • #6,010
  • May 6, 2011 5:30am May 6, 2011 5:30am
Quoting six gun
I thought it was there's none for ages and then they all come at once.

There is always another trade but you might not be in a position to take it.

bus management is essential......
  • #6,011
  • May 6, 2011 5:33am May 6, 2011 5:33am
Quoting shripsfx
Hmmmm looks like my call on commodities on the 25th April come good...my system does work alright

Thanks to all the guys that criticised me for going against the trend. Its the best contrarian signal ever!!!!
calling doctor soros.
  • #6,012
  • May 6, 2011 5:37am May 6, 2011 5:37am
Quoting six gun
I thought it was there's none for ages and then they all come at once.

There is always another trade but you might not be in a position to take it.

yesterday was that day for sure. I only took 1 when there were so many.
  • #6,013
  • May 6, 2011 5:38am May 6, 2011 5:38am
From my private trading point of view, it has been by far the best week. I met my monthly target in only 4 days due to the intense volatility, it's absolutely insane . It will be hard to get back to the slower profit mode... (I just wanted to say that in order to show that my view is neutral - I don't care much if the prices go up or down. By the way, I made 90% of my profits with LONGS during this week. Always a contrarian )

From the market perspective: I'm still trying to make sense out of the turmoil. The news and the excuses found to explain the sell-offs are irritating. Looking how almost everything fell against the USD, one thing is clear - it was pure profit-taking, a huge one. Some instruments, like oil and silver and other commodities, were at the hands of big speculators using high leverage. As soon as they got out, the prices plunged.

This money will be reinvested somewhere. I wonder which "bubble" will be created this time...
"The reason I was born and came into the world is to testify to the truth."
  • #6,014
  • May 6, 2011 6:17am May 6, 2011 6:17am
Quoting Euroscum
yesterday was that day for sure. I only took 1 when there were so many.
hey Euroscum, silver is getting close to the 200 DMA. Are you still short? What are your plans after the party is over?

-----------------------------------------

My broker software does not always saves the forks I draw. During the week I was too busy (and lazy) to draw it again. Today I got some time to do it on gold and lo! What happened on the lower parallel yesterday? Amazing! This forks are really something.
Attached Image (click to enlarge)
Click to Enlarge Name: fork.jpg Size: 41 KB
"The reason I was born and came into the world is to testify to the truth."
  • #6,015
  • May 6, 2011 6:28am May 6, 2011 6:28am
[quote=harvest3r;4599113]hey Euroscum, silver is getting close to the 200 DMA. Are you still short? What are your plans after the party is over?

I am closed out now. Historically you should be buying around the 200 DMA but might smash through it this time to totally obliterate the silver bugs cries of it is different this time. Sorry about that, I know you buy coins

I am weary of shorting more now, I like to see volatility like you where you can do 100 pips in 10 minutes. The decline now is a bit orderly an boring.
  • #6,016
  • May 6, 2011 6:41am May 6, 2011 6:41am
Quoting Euroscum
Sorry about that, I know you buy coins
No problem - I'm not a real bug. Diversification is a nice thing and precious metals were missing in my portfolio. Well, it hurts a bit when I think those coins would be 30% cheaper if I had waited 5 more days... but whatever, it was extra trading profit, I have to think the coins were for free. And I don't believe silver will crash that hard, it may continue to rise against the USD. Let's see.

Quoting Euroscum
I am weary of shorting more now, I like to see volatility like you where you can do 100 pips in 10 minutes. The decline now is a bit orderly an boring.
Today is your day. Have fun!
"The reason I was born and came into the world is to testify to the truth."
  • #6,017
  • May 6, 2011 8:12am May 6, 2011 8:12am
can someone explain why silver/gold up although the NFP was positive.
  • #6,018
  • May 6, 2011 8:18am May 6, 2011 8:18am
Quoting kamen
can someone explain why silver/gold up although the NFP was positive.
I second that request.
  • #6,019
  • May 6, 2011 8:21am May 6, 2011 8:21am
Seems our good ol uptrend in gold is trying to resume

Added longs since 1466...
  • #6,020
  • May 6, 2011 8:25am May 6, 2011 8:25am
Some powerful lines...
Attached Image (click to enlarge)
Click to Enlarge Name: xau-usd may 6-11.gif Size: 32 KB
Trade what you see, not what you think or feel. Let the market come to you.
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