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

  • #6,401
  • May 13, 2011 5:49am May 13, 2011 5:49am
Quoting ruffryders
weekly and monthly pivot
Hi Ruffryders,
A few pages ago, you posted a couple of charts of the $ Index and Silver and i recognised a type of charts that I hadn't seen since ... i had a demo of E****e a few years ago (i'm using * as i have no idea whether or not you have ever discussed E****e with anyone in here);
At the time it looked good but i was put off by having to pay for an external live data feed but I have always wondered how their EW work was.

1)how good is it for making live trade decisions based on EW principles?
2)what sort of cost is involved for live feed/update?
3)anything else you have to say about it?

Please feel free to be as short as you want in replying, as i appreciate that you're probably busy during trading hours.
Thanks in advance.
Cheers
  • #6,402
  • May 13, 2011 6:00am May 13, 2011 6:00am
Quoting harvest3r
That was a great call! You caught it and it seems that the pin bar will work very well for you. We are already at 1515.
Well im not popping the cork just yet we have a long way to go to 1560
  • #6,403
  • May 13, 2011 6:37am May 13, 2011 6:37am
Quoting highlander2
My charts have closed, and i will take the trade. pending buy stop at 1508.5 (break of pin bar high)and and SL at 1485. Targeting some where up at 1555-1575 area- will probably scale out.

This trade has a very wide stop, but still it is not below the low of the pin which is best. I have played about with retrace entries in the past, but to be honest all i got was frustrated but its certainly an option.

The daily close above 1500 is nice.
" pending buy stop at 1508.5 (break of pin bar high) "
HIGHLANDER2, I am curious about this. why buy break of pin bar high but not lower? any reason?
thanks!
  • #6,404
  • May 13, 2011 7:25am May 13, 2011 7:25am
Quote
1)how good is it for making live trade decisions based on EW principles?
2)what sort of cost is involved for live feed/update?
3)anything else you have to say about it?

Just another tool in the toolbox, can't make decisions based on EW outputs. I'd say I will rank S/R, pivots, sweet spots a much better tool than EW for live trading.

However it kinda gives you a good idea for further direction, I only use it for EOD and not intraday, but still got MT4 DDE live feed streaming into the software.

It's definately not a blackbox system.
  • #6,405
  • May 13, 2011 7:36am May 13, 2011 7:36am
gentlemen prep your barrels, H1 PB is being put in place on gold right next to WP and MP, so that's a good sign. Also risk/reward is shifting on usdx it's 3:1 for the downside on the dollar now.
  • #6,406
  • May 13, 2011 7:45am May 13, 2011 7:45am
GC 240 fork posted yesterday gave a 1480 ish entry.....
"ish" depending on your risk tolerance....

beeb

pinbars are not the only trading methodology.....
  • #6,407
  • May 13, 2011 7:49am May 13, 2011 7:49am
Quote
GC 240 fork posted yesterday gave a 1480 ish entry.....
7

true ... maybe .. but Im yet to see a desperate soul, who makes trade decisions solely on the forks alone, you gotta have something else in the mix. otherwise it's coin flipping kinda thing.
  • #6,408
  • May 13, 2011 7:51am May 13, 2011 7:51am
that's a very arrogant assertion.....

i suggest you do a bit more investigation before you reach such conclusions...

beeb

ps what's the timescale on your dollar comment
  • #6,409
  • May 13, 2011 8:04am May 13, 2011 8:04am
Quote
i suggest you do a bit more investigation before you reach such conclusions...

I did as a matter of fact. Also I ran for a number of years a popular thread @ moneytec, where I actually posted live calls for free and tracked stats, maybe you can check that out sometime and learn something new. I don't do this anymore since I work as a top exec at an oil company and trade my own accounts, so no more time for serious forum posting.

here's the link for you there are numerous charts to describe the techniques I use for trading. http://www.moneytec.com/forums/f228/...-trades-22423/

Also you are saying we can trade safely of the forks? Me thinks not, because you at least need confluence of two forks for the best probabilities, on your charts I haven't seen that, sorry. Also best probability setups on forks have confluence with fibonacci clusters, which I haven't seen on your charts as well.

How about you actually post some live calls based on the PA off the forks only and we will see if that works?

PS: and not to sound too harsh, no offence ment, the deal is that simple things work, however I just disagree completely that forks can be traded stand-alone. No way, they can't. You need to add SR/pivots/clusters/trend exhaustion, etc, something for confluence. I like forks, however probabilities off the forks alone are just not good enough that's all.
  • #6,410
  • May 13, 2011 8:12am May 13, 2011 8:12am
No I won't post live forks/live calls because I don't know the circumstances of the people who might view them.....

I think it's easier if I just consign you to my "ignore " list despite you being such a wonderful trader....

But for everyone else who is watching you with awe - perhaps you might consider backing up your assertions. What is the timeframe on your dollar down call - 1 hour, 1 month? Also don't make assertions like the 400MA on gold is at 1395...it was in fact at the time you stated that at 1258. But I guess $150 difference is nothing to a trader like you.....

I only started trading for institutions in 1982 so I'm sure you know far more than me about everything to do with the market....

beeb
  • #6,411
  • May 13, 2011 8:14am May 13, 2011 8:14am
Quote
No I won't post live forks/live calls because I don't know the circumstances of the people who might view them.....

The reason you can't post calls because you can't do live trades based on forks, that's all, so lame excuses won't work, sorry.
  • #6,412
  • Edited 8:54am May 13, 2011 8:30am | Edited 8:54am
Lets see it as a bull set up , actually is though but as bull may be very strong , even though huge daily & weekly bear candle ,and reach the turning point d at above b point , 78% fibs good enough and in that case d should break at least c point in no time or test again again before any failure there .so far no seen rather an apparent pullback showing the weakness or the HS .if success again new c or to prove bull in action after the top a breaks only . even if fail may down to b or low still but bull set up intact as of normal one .

drawn the pa as per to see how works here at present .

afterall I did not expected any great move this friday , mostly ranging at lower levels to see decision next week , back to previous bull .
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #6,413
  • May 13, 2011 9:38am May 13, 2011 9:38am
Quoting ruffryders
The reason you can't post calls because you can't do live trades based on forks, that's all, so lame excuses won't work, sorry.
We had our discussion on gold and oil.
you posted a couple of links for which I thank you.
The links did not say there was a direct relationship between the price of oil and gold, in deed one specifically said there was no link.

You have posted some inaccuracies on the moving averages - and repeated them despite beeb questioning/correcting you. You appear a bit too cock sure for my liking.

This last comment about someone not posting live trades is too much. Beeb posts plenty of charts. There is a responsibility when posting live trades and a responsible person must consider these.

Yesterday I was able to say within $4 where price on gold was going to start moving up from my 4H fork I had drawn weeks before.
There are very few other, if any other techniques like that.
Andrews who invented the fork system was massively successful making $100's millions for himself and the likes of John Kennedy Snr. (father of the politicians) when $1 million really was something.

There are other techniques but you really can trade just off forks.
You are not a desperate forker just to use forks.
Where there are problems it is not the fault of the forks it is the fault of the forker using them.
May be you are such a forker.

You are on my ignore list now.
  • #6,414
  • May 13, 2011 10:16am May 13, 2011 10:16am
Gold is sitting around my Median Line, maybe resting from so many roller-coaster and consolidating.

I see something similar to a mother candle in H4 (the last green candle). Is anyone familiar with it? I just read about mother candles passingly and I don't know if that's a valid one, but it came to my mind somehow.
"The reason I was born and came into the world is to testify to the truth."
  • #6,415
  • May 13, 2011 10:16am May 13, 2011 10:16am
The markets look confused today direction less any advice what to do other than resting lol
MMMYYYKKK
  • #6,416
  • May 13, 2011 10:19am May 13, 2011 10:19am
as my analysis gold will be close today bellow 1500

closed buy lot at 1512

flat right now in gold, and waiting better buying entry.
Trade what you see, Not what you think.
  • #6,417
  • May 13, 2011 10:30am May 13, 2011 10:30am
Quoting myk
The markets look confused today direction less any advice what to do other than resting lol

My advice is not to take any one else's advice...For two reasons:

1. You don't know the first thing about them - the person giving "sound advice" might be a fourteen year old intent on having a laugh at your (literal) expense.

2. The person giving advice has no idea about your desires, objectives or risk tolerances. What they view as a sound trade might appear to you as a crazy risk.

However there are plenty of sound comments (and wild assertions) made here. Make up your own mind what you want to do - then you have only yourself to congratulate (or blame) for the result....



beeb
  • #6,418
  • May 13, 2011 10:35am May 13, 2011 10:35am
Quoting harvest3r
Gold is sitting around my Median Line, maybe resting from so many roller-coaster and consolidating.

I see something similar to a mother candle in H4 (the last green candle). Is anyone familiar with it? I just read about mother candles passingly and I don't know if that's a valid one, but it came to my mind somehow.
I don't see any mother candles on the chart - four inside bars immediately following the "mother candle".
  • #6,419
  • May 13, 2011 10:44am May 13, 2011 10:44am
Quoting beeb
My advice is not to take any one else's advice...For two reasons:

1. You don't know the first thing about them - the person giving "sound advice" might be a fourteen year old intent on having a laugh at your (literal) expense.

2. The person giving advice has no idea about your desires, objectives or risk tolerances. What they view as a sound trade might appear to you as a crazy risk.

However there are plenty of sound comments (and wild assertions) made here. Make up your own mind what you want to do - then you have only yourself to congratulate...
thx for your comments ya i always do that when i m able to think right now i m totally confused by this long lower shadow doji or hammer what ever it is called but it suggests a trend reversal but again lol
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MMMYYYKKK
  • #6,420
  • May 13, 2011 10:48am May 13, 2011 10:48am
i would suggest that you don't trade if you don't have a strong view.......

technical analysis is supposed to take as much guesswork as it can out of a potential trade by eliminating as many imponderables as possible - but it ain't perfect.

there will always be another trade



beeb
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