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

  • #6,761
  • May 25, 2011 8:38am May 25, 2011 8:38am
I Think this may be a double top for gold
MMMYYYKKK
  • #6,762
  • May 25, 2011 8:39am May 25, 2011 8:39am
Quoting myk
I Think this be a double top for gold

on what timescale and what do you project from that?

thanks

beeb

1st edit - if you mean the GC 1529 level the higher lows on 20mins makes it look to me as though it's about to be taken out....

2nd edit - busted......
  • #6,763
  • May 25, 2011 8:52am May 25, 2011 8:52am
GC 20 min - yellow SP gave entry:

http://www.screencast.com/t/zORx17ja

beeb
  • #6,764
  • May 25, 2011 9:21am May 25, 2011 9:21am
Through this but not sure
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MMMYYYKKK
  • #6,765
  • May 25, 2011 9:23am May 25, 2011 9:23am
Quoting myk
Through this but not sure

apologies if i came across a bit abrasive......was managing entry at same time...



beeb
  • #6,766
  • May 25, 2011 10:47am May 25, 2011 10:47am
Double top? No certainly not on the charts.

One rule of thumb to keep in mind.
The LOWER the TIME FRAME = The LOWER and WEAKER if even valid chart patterns are.

Cleared resistance at 1524. Important break.

We are still in the middle of working 2 patterns one of which is the reason of my post which I will go into now in another.

Working patterns.

Broken - On the Bullish side MAY SYMMETRICAL TRIANGLE and bullish flag that follows.

Quoting myk
I Think this may be a double top for gold
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,767
  • May 25, 2011 11:50am May 25, 2011 11:50am
This is the last chance for bears a close above 1530 or making a new high will be good bye for them n we then should see a new high but i guess bears wont let them pass

LOL I WAZNT EXPECTING A BREACH OF 1530 AND IT JUST TOOK MY STOP LOSS AT 1532 N DOWN AGAIN I HOPE IT MAKES A NEW HIGH LOL SO I CAN SLEEP
MMMYYYKKK
  • #6,768
  • May 25, 2011 11:56am May 25, 2011 11:56am
Quoting myk
This is the last chance for bears a close above 1530 or making a new high will be good bye for them n we then should see a new high but i guess bears wont let them pass

LOL I WAZNT EXPECTING A BREACH OF 1530 AND IT JUST TOOK MY STOP LOSS AT 1532 N DOWN AGAIN I HOPE IT MAKES A NEW HIGH LOL SO I CAN SLEEP
Or did you mean COL...?
Less is more...
  • #6,769
  • May 25, 2011 12:02pm May 25, 2011 12:02pm
Quoting ajantala
Or did you mean COL...?
ITS LOL I M LAUGHING ON MY LUCK
MMMYYYKKK
  • #6,770
  • May 25, 2011 1:17pm May 25, 2011 1:17pm
WHy were u short when the market is rising and just took out a resistance>??

Quoting myk
This is the last chance for bears a close above 1530 or making a new high will be good bye for them n we then should see a new high but i guess bears wont let them pass

LOL I WAZNT EXPECTING A BREACH OF 1530 AND IT JUST TOOK MY STOP LOSS AT 1532 N DOWN AGAIN I HOPE IT MAKES A NEW HIGH LOL SO I CAN SLEEP
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,771
  • May 25, 2011 1:34pm May 25, 2011 1:34pm
Quoting XTrade
WHy were u short when the market is rising and just took out a resistance>??
BRO I SHORTED AT 1525 AS IT WAS THE PREVIOUS HIGH BUT AFTER THT THE MARKET WAS CHOPPY AND RANGE BOUND SO I KEPT THE POSITION AND AT THE END U KNOW HOW IT ENDED .ITS MY MISTAKE COZ THAT WAZ THE BIGGEST POSITION I TOOK SO MY STOP LOSS WAS LESS .I SHORTED 9 BIG LOTS 9*100*7 = 6300 $ ANYWAY I WAZ TRADING WELL THIS WHOLE MONTH I SHOULDNT HAV DONE IT . BEST OF LUCK FOR YOUR LONGZ
MMMYYYKKK
  • #6,772
  • May 25, 2011 1:37pm May 25, 2011 1:37pm
you just can't short gold if it cleared 1525, period. It's a psych level, and also USDX made a tower top and also broke H1 triangle to the downside. USDX is done with the upside for this month, as I posted previously, so a rally in gold, euro and cable till the end of May won't surprise me at all.

USDX H4 currently looks as mutated bearish harami to me, so if USDX kicks in reverse gear don't be too surprised.
  • #6,773
  • May 25, 2011 1:45pm May 25, 2011 1:45pm
Quoting ruffryders
you just can't short gold if it cleared 1525, period. It's a psych level, and also USDX made a tower top and also broke H1 triangle to the downside. USDX is done with the upside for this month, as I posted previously, so a rally in gold, euro and cable till the end of May won't surprise me at all.

USDX H4 currently looks as mutated bearish harami to me, so if USDX kicks in reverse gear don't be too surprised.
THX FOR UR ADVICE MY REASON FOR THE SHORT WAZ A BIT DIFFERENT I M DONE FOR THIS MONTH .
AND YEH LOOKING AT 4h IT CAN RE VISIT 75
MMMYYYKKK
  • #6,774
  • May 25, 2011 1:52pm May 25, 2011 1:52pm
For all those longs a silly piece of advice from a silly person lol . A doji is forming on daily for gold so just be cautious .Best of luck
MMMYYYKKK
  • #6,775
  • May 25, 2011 2:06pm May 25, 2011 2:06pm
Quoting myk
For all those longs a silly piece of advice from a silly person lol . A doji is forming on daily for gold so just be cautious .Best of luck
Myk it's all about the patience man, you gotta stick with the game plan and be patient.

This chart is on light crude oil, pennant break out seems to be in place and the PA is favoring upside now - this will support higher prices on gold. + USDX H1 break out to the downside meaning more upside on gold.

The light crude oil pennant in on H4 timeframe btw

http://img101.imageshack.us/img101/350/oilpennant.png
  • #6,776
  • May 25, 2011 3:52pm May 25, 2011 3:52pm
Quoting myk
BRO I SHORTED AT 1525 AS IT WAS THE PREVIOUS HIGH BUT AFTER THT THE MARKET WAS CHOPPY AND RANGE BOUND SO I KEPT THE POSITION AND AT THE END U KNOW HOW IT ENDED .ITS MY MISTAKE COZ THAT WAZ THE BIGGEST POSITION I TOOK SO MY STOP LOSS WAS LESS .I SHORTED 9 BIG LOTS 9*100*7 = 6300 $ ANYWAY I WAZ TRADING WELL THIS WHOLE MONTH I SHOULDNT HAV DONE IT . BEST OF LUCK FOR YOUR LONGZ
Dude was that loss on a demo or a live account?
Less is more...
  • #6,777
  • May 25, 2011 4:35pm May 25, 2011 4:35pm
[quote=ajantala;4644406]Dude was that loss on a demo or a live account?[/QUOT

THAT WAZ ON A REAL ACCOUNT I NEVER USED DEMOS.
MMMYYYKKK
  • #6,778
  • Edited May 26, 2011 2:26am May 25, 2011 8:12pm | Edited May 26, 2011 2:26am
with the break of daily high 37.12 and the way she closed today it was just as yesterday acting like she wanted to go higher, which she has.
although a daily breakout indicates a continue trending, as she heads towards the weekly pivot at 38.44 I cant ignore that the fact that the last time she hit the daily high and the weekly trend guide area was 2 weeks ago at 39.48 area and she had a strong move down from there.
Lets see how she responds this time.
eyes open at weekly trend guide and daily highs 38.44-54.
daily chart
38.54
36.67
34.80
gold daily
1534-37
1514
1491
with eye on 1525 (response maybe a tip of the hand for direction with the 2 of them)
1506 if were in the area.
  • #6,779
  • May 26, 2011 2:42am May 26, 2011 2:42am
nobody here ? at least scare in this pull back time like this
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  • #6,780
  • May 26, 2011 4:33am May 26, 2011 4:33am
Quoting fawaol
Are we gonna see a confirmation of this triangle-breakout????
Experts???
So i'll ask you again
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