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

  • #8,761
  • Aug 10, 2011 3:03am Aug 10, 2011 3:03am
hello ; isnt it alike diamond formation
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  • #8,762
  • Aug 10, 2011 3:35am Aug 10, 2011 3:35am
Update of 20min GC fork shown previously - note the double tap support rising in the fork as well as the lowering of resistance - looks like a wedge forming...

http://www.screencast.com/t/PoO4Zhuh26L

beeb

edit - this is a "scalper" not an "investor"
  • #8,763
  • Aug 10, 2011 4:37am Aug 10, 2011 4:37am
Sure does. Good call - gold loves to form wedges! Usu. Bullish!

Quoting beeb
Update of 20min GC fork shown previously - note the double tap support rising in the fork as well as the lowering of resistance - looks like a wedge forming...

http://www.screencast.com/t/PoO4Zhuh26L

beeb

edit - this is a "scalper" not an "investor"
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,764
  • Aug 10, 2011 4:42am Aug 10, 2011 4:42am
There are some things you need to realize about spot FX gold.

Just b/c the market FX opens at 5 spot Gold does not. I believe the quotes start flowing at 5:45. So it should say market closed. or off quotes.

Now if you can place an order and u are getting those messages than something is wrong.

OIL. for instance Brent Crude. Does not trade 24 hrs a day like a currency, there are often gaps from one session to the next. Thus, when the market is closed the broker cant stream quotes or take orders.





Quoting patguchi
OMG everytime i try to liquidate partial profits during "gap mondays" my platform says the same thing, " invalid prices ", " market close "

i need to transfer
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,765
  • Aug 10, 2011 5:25am Aug 10, 2011 5:25am
Quoting fantom
hello ; isnt it alike diamond formation
using a line graph it looks like an ascending triangle to me
http://i51.tinypic.com/2n03uk7.png
  • #8,766
  • Aug 10, 2011 5:42am Aug 10, 2011 5:42am
Quoting XTrade
There are some things you need to realize about spot FX gold.

Just b/c the market FX opens at 5 spot Gold does not. I believe the quotes start flowing at 5:45. So it should say market closed. or off quotes.

Now if you can place an order and u are getting those messages than something is wrong.

OIL. for instance Brent Crude. Does not trade 24 hrs a day like a currency, there are often gaps from one session to the next. Thus, when the market is closed the broker cant stream quotes or take orders.
here in the philippines the U.S. market closes at 5am and the asian market resumes at 7am. for two hours the market is closed.

but that's the thing, when the market opened i can see the prices moving. for example when the price opened at 1623 (gap from 1602) it started dropping. so i decided to liquidate partial profits. i was able to liquidate my position at 1619 because the market kept saying it was closed. i'm not sure if this is normal.

or

let say when the market hits a key support i start hitting the buy button but it keeps requoting, or when i try to exit a position in mid trading day with volatile price action it keeps requoting too.

not sure if this is what you mean
  • #8,767
  • Aug 10, 2011 6:09am Aug 10, 2011 6:09am
yes those are typical ways brokers screw you out of profit or let you exit with less.

Best way to beat it is long term trading. TP and Buy on slow hours. Set buy limits / sell stops etc.

Reqoutes are BS.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,768
  • Aug 10, 2011 6:11am Aug 10, 2011 6:11am
Is there normally a gap on the NY open for Gold

I have only been playing gold and silver since April and I want to thank all here for their input. In the past I have taken physical silver and plan to in the future from profits made here but till then.....


I am very happy with the % up on my account. I have a couple silver trades hanging that I bought at too high and am riding it out but I know it will get there sooner or later
  • #8,769
  • Aug 10, 2011 7:32am Aug 10, 2011 7:32am
Going long here in small qty. Stop at 1740. Target 1810.
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Trends I Love Finding
  • #8,770
  • Aug 10, 2011 7:58am Aug 10, 2011 7:58am
Quoting Tilf
Going long here in small qty. Stop at 1740. Target 1810.
$25 stop loss with a $40 target ????

too risky for me

beeb
  • #8,771
  • Aug 10, 2011 9:06am Aug 10, 2011 9:06am
May be 1800 is coming
MMMYYYKKK
  • #8,772
  • Aug 10, 2011 9:10am Aug 10, 2011 9:10am
Looks like a topside break so far. Some resistance marked in yellow.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,773
  • Aug 10, 2011 9:35am Aug 10, 2011 9:35am
It looks like we are going directly to 1800...

It keeps testing 1780 for the third time in 48 hours.
The Black Swan: The Impact of the Highly Improbable
  • #8,774
  • Aug 10, 2011 10:37am Aug 10, 2011 10:37am
Quoting beeb
$25 stop loss with a $40 target ????

too risky for me

beeb
True on the risk if you follow your normal position size. Normally I prefer a $15 stop for a $35 TP but for this trade I am only long 25% of my original position size.

I can't help keeping a large stop due to such wide swings in Gold.

Moved stop to swing low 1752.

First resistance at 1791.5-1794.5
Trends I Love Finding
  • #8,775
  • Aug 10, 2011 10:45am Aug 10, 2011 10:45am
Quoting Tilf
True on the risk if you follow your normal position size. Normally I prefer a $15 stop for a $35 TP but for this trade I am only long 25% of my original position size.

I can't help keeping a large stop due to such wide swings in Gold.

Moved stop to swing low 1752.

First resistance at 1791.5-1794.5

OK each to their own....

FWIW I use a minimum of 1:3 risk/reward and very rarely use stops over $10 even on dailies...

beeb
  • #8,776
  • Aug 10, 2011 10:51am Aug 10, 2011 10:51am
Ok people.. we are almost at 1800.. !!!
The Black Swan: The Impact of the Highly Improbable
  • #8,777
  • Aug 10, 2011 10:51am Aug 10, 2011 10:51am
Quoting beeb
OK each to their own....

FWIW I use a minimum of 1:3 risk/reward and very rarely use stops over $10 even on dailies...

beeb
Every one has a different risk appetite probably. Well as long as it works for each of us its ok.

gold at 1797 . I did not expect it so early.

Still upset on missing my buy limit at 1719 ... I was not at the screen either.
Trends I Love Finding
  • #8,778
  • Aug 10, 2011 11:11am Aug 10, 2011 11:11am
GC 20 mins just hit over 1800 and because I'm in a good mood here's a 20min chart with a couple of forks I've been trading. Note the thick blue SP from the previous high holding the last spike...

If you've read any of my previous posts you can probably see areas to get long and areas to lighten......



beeb
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  • #8,779
  • Aug 10, 2011 4:27pm Aug 10, 2011 4:27pm
GC 20 mins - have modified the red fork in the light of subsequent action as it fits better. Old fork would still work well but as the moves develop this seems to have better harmony. The "art" that goes with the "science" in action - lol

Still taking main inference from the blue fork though...

beeb
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  • #8,780
  • Aug 10, 2011 5:39pm Aug 10, 2011 5:39pm
Quoting Bemac
...

Meanwhile;
a Fresh New Box on another One Hour is telling me >18 is coming.
1,814 or so, possibly within the next 24 Hours.
.
Stay in Front of the Market as best you can & hope It comes to you.

B
I still have another 20 Minutes or so.
Well... There it is.

Attached Image (click to enlarge)
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That's what I mean by staying In Front.

B
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