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

  • #6,821
  • May 27, 2011 10:25am May 27, 2011 10:25am
Quoting lilpip
I post areas of extra interest day to day and where I would consider enter and exit areas depending on candle formation in area.
for example todays post a heads up to a possible move down because of 1 coming up to the stronger weekly time frame cycle with weekly pivot at 38.44 and 2 daily highs reached.
with move down from weekly its also have a rotation back to daily pivot or trend guide where one would reenter as bias for day is up from 36.67 and down from on the daily.
However we keep in mind the stronger weekly trend guide at 38.44 where bias...
Hello lilpip
I am always amazing at seeing your post of monthly / weekly / daily pivot. How do you get them? I am using OANDA system but I can not find out those data.
thanks
  • #6,822
  • May 27, 2011 10:58am May 27, 2011 10:58am
Gold looking quite healthy after minor correction.

One can see on the charts clear support and resistance trading.

Price struggled around 1525 area - Now look at May 11th.
Rejected.

We broke the Sym T and went into bullish flag.
Flagpole top around 1517. Dip, then breach now both 1517 and 1525 have flipped support.

Next to tackle 1540
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,823
  • May 27, 2011 11:03am May 27, 2011 11:03am
Here is the corresponding chart.

Quoting XTrade
Gold looking quite healthy after minor correction.

One can see on the charts clear support and resistance trading.

Price struggled around 1525 area - Now look at May 11th.
Rejected.

We broke the Sym T and went into bullish flag.
Flagpole top around 1517. Dip, then breach now both 1517 and 1525 have flipped support.

Next to tackle 1540
Attached Image (click to enlarge)
Click to Enlarge Name: gold action.GIF Size: 41 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,824
  • May 27, 2011 11:16am May 27, 2011 11:16am
nice moves but am always wary going into long weekend.......

GC240 min showing good frequency and obvious entries:

http://www.screencast.com/t/Il7KeqSATg

GC20 min is what i've been playing today - again obvious:

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

beeb
  • #6,825
  • May 27, 2011 11:35am May 27, 2011 11:35am
Good point and good reminder. Could see some profit taking around 1:20 1:30 when COMEX closes / pit traders squaring up before the Holiday (US Memorial Day) weekend.

Quoting beeb
nice moves but am always wary going into long weekend.......

GC240 min showing good frequency and obvious entries:

http://www.screencast.com/t/Il7KeqSATg

GC20 min is what i've been playing today - again obvious:

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

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,826
  • May 27, 2011 11:41am May 27, 2011 11:41am
Quoting XTrade
Good point and good reminder. Could see some profit taking around 1:20 1:30 when COMEX closes / pit traders squaring up before the Holiday (US Memorial Day) weekend.

Also end of month AND futures rollover AND London is closed on Monday as well as NY......

beeb
  • #6,827
  • May 27, 2011 6:19pm May 27, 2011 6:19pm
Closes For the Holiday weekend.

Silver - Notes on chart.

Gold. Mild profit taking. Dip bought. Great close for the bulls. Sorry bears

1540 needs to go and be sustained next.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Silver working may.GIF Size: 24 KB
Click to Enlarge Name: gold close.GIF Size: 42 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,828
  • May 27, 2011 6:27pm May 27, 2011 6:27pm
Hey Goose How goes it?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,829
  • May 27, 2011 7:08pm May 27, 2011 7:08pm
Xtrade, great charts man. Thx everyone for the good stuff this week, i'm learning a ton.

Beeb, I got the andrews fork lessons and have been reading away like a madman. How do I get my graph to look like yours, they are simple and elegant. I know its has to be something easy I am missing to make those forks show up.

If its beyond 4th grade understanding, i tend to get lost in life... in pretty much all subject matters .

I took a couple hours this week to read the start/heart of the thread, didnt realize xtrade was such a pioneer at FF. Sorry beeb if you answered that question somewhere or anyone else using the forks did, I'm just excited to be here.

Have a good weekend all, and looking forward to next week.
  • #6,830
  • May 27, 2011 9:03pm May 27, 2011 9:03pm
Anytime man. This is my pleasure. I hope you are learning and making some profits. When in doubt stay out or use demo to test.

Thanks for the kind word as well. Beeb is the fork guy, I use channels more often. They can be very similar.

Check out the next post to see a simple fork.

Quoting M504
Xtrade, great charts man....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,831
  • May 27, 2011 9:55pm May 27, 2011 9:55pm
Go to insert > andrews p[ fork
SEE CHART 1

sEE CHART 2 FOR RESULTS.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold fork naked chart.GIF Size: 37 KB
Click to Enlarge Name: Gold foRK chart.GIF Size: 40 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,832
  • May 27, 2011 10:08pm May 27, 2011 10:08pm
Quoting XTrade
Go to insert > andrews p[ fork
SEE CHART 1

sEE CHART 2 FOR RESULTS.

Nice Charts. I posted a indicator to modify the built in Andrews Pitchfork somewhere in this thread. I should dig it back out a place it on a chart, there does appear something to these pitchforks, but I'm playing with ICCE right now.

Edit: HERE it is...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #6,833
  • May 27, 2011 10:26pm May 27, 2011 10:26pm
cOOL RESULts though HUH?

What is ICCE again Goose? sorry!

Quoting LasVahGoose
Nice Charts. I posted a indicator to modify the built in Andrews Pitchfork somewhere in this thread. I should dig it back out a place it on a chart, there does appear something to these pitchforks, but I'm playing with ICCE right now.

Edit: HERE it is...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,834
  • May 28, 2011 1:32am May 28, 2011 1:32am
Quoting XTrade
cOOL RESULts though HUH?

What is ICCE again Goose? sorry!
Intake
Compression
Combustion
Exhaust

It's an indicator that Bemac invented based on Fibonacci retracement and market behavior. I'm still trying to figure out how to trade with it. I've seen it hit levels months later to the pip.

I'm big on anything Fibonacci.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #6,835
  • May 28, 2011 3:03am May 28, 2011 3:03am
Quoting M504

Beeb, I got the andrews fork lessons and have been reading away like a madman. How do I get my graph to look like yours, they are simple and elegant. I know its has to be something easy I am missing to make those forks show up.
I use Ensign Windows charting package with Esignal feeds and am charting GC and SI rather than the cash market......They cost but IMHO are worth it - google them if you are interested.

Glad you are finding the charts useful

beeb
  • #6,836
  • Edited 3:31am May 28, 2011 3:11am | Edited 3:31am
Quoting XTrade
Go to insert > andrews p[ fork
SEE CHART 1

sEE CHART 2 FOR RESULTS.

XTrade - to be technically correct what you have drawn is a set of action/reaction lines. Forks are a modification and a more powerful iteration of the principles that apply to said lines.

Obviously if it works for you that's great and I don't want to interfere but to get the full benefit of the tool you should be drawing them from a swing low to the next swing high and the next swing low (or vice versa). As I have stated numerous times, there is art that goes with the science of forking so rules are not set in stone....

But, your second chart has a B point before your A point so is technically incorrect and is likely to be less effective than a "pure" fork as it is only a set of a/r lines....

Nothing wrong with that and certainly tradeable, but not a true example of a fork. However you don't get points (or bucks) for "artistic impression" only for effective trades lol

Have a good weekend

beeb
  • #6,837
  • May 28, 2011 3:21am May 28, 2011 3:21am
Hi To all of you guys

please Help me about your Experience that Will Gold or XAU will Touch 1490 or 1495 again as it has reached on 1538 on 28 th of May 2011 please please share your experience basis on technicals......................
Attached Image (click to enlarge)
Click to Enlarge Name: sxdsdf.JPG Size: 153 KB
  • #6,838
  • May 28, 2011 6:22am May 28, 2011 6:22am
Quoting bilal123
Hi To all of you guys

please Help me about your Experience that Will Gold or XAU will Touch 1490 or 1495 again as it has reached on 1538 on 28 th of May 2011 please please share your experience basis on technicals......................
My take on this is...the uptrend would continue next week (90% sure from technicals). Whether the uptrend would cease for a while and then the market would take a dip down to 1490 or 1495 is beyond me. If I (or anyone for that matter) could predict the future then I wouldn't be in FF...infact I would produce better results than the guy using NZT in Limitless.
All you can do is to be prepared for either situation...I don't bet where the market would go, I just follow whichever direction it leads.
Less is more...
  • #6,839
  • Edited 7:48am May 28, 2011 6:54am | Edited 7:48am
Quoting beeb
nice moves but am always wary going into long weekend.......

GC240 min showing good frequency and obvious entries:

http://www.screencast.com/t/Il7KeqSATg

GC20 min is what i've been playing today - again obvious:

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

beeb
Nice GC 240 beeb. Your Critical Point around the ML area would be an interesting area to watch I think. M20 gave a strong move to the quartile. I think after that folks started paying themselves.

All the best,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #6,840
  • Edited 1:32pm May 28, 2011 7:35am | Edited 1:32pm
Quoting FX4Newbies
Was looking at these charts earlier. The market is always right . Seems like they are under some pressure. Higher would require a forceful push.

All the best,

FX4
Well...the market did give the forceful push...see blue arrow on Xau-Usd H4. Notice the strength of that candle. Would not be surprised if it sold off a little, testing the red WL and green L-MLH around 1527.27. We'll see how the market heats up after the long weekend.

The second blue arrow (on earlier post) on the Xag-Usd H1 chart, showing an area where we might expect price to run out of steam, kicked in nicely. The area from around 38.84 to the teal L-MLH (lower parallel) looks interesting for a potential target...all depends on how price plays out in time.

Have a great weekend.

FX4

P.S. More lines shown for those interested in observing the "how/why" behind the moves...per pitchforks and related concepts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: xau-usd h4 may 27-11.gif Size: 29 KB
Click to Enlarge Name: xag-usd h1 may 27-11.gif Size: 24 KB
Trade what you see, not what you think or feel. Let the market come to you.
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