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XAU/USD Spot Gold

  • #601
  • Aug 10, 2011 5:47pm Aug 10, 2011 5:47pm
Well 1814 and counting.
Congrats to the bulls!
Wherever this ends beats me, to me (sorry beeb) this is a huge blown up balloon which will explode.
Changing strategy, instead of trying to pinpoint tops and acting upon them and getting stopped (mostly @ BE) I've decided (in all my wisdom) that 1800 is the line in the sand.
Guys please remind me that 1800 it is and increasing that level is prohibited unless price is line in the sand + 110 creating a new line in the sand of 1900 and a corrected entry order is created, etc....
Placing an entry sell order @ 1800 with a SL @ 1805 and see what that does...
Don't be a hero. Don't have an ego. Always question yourself
  • #602
  • Aug 10, 2011 6:09pm Aug 10, 2011 6:09pm
If you think about it and look at the charts, who would buy long term or short term and expect a big payoff from 1800? ..... no major financial inst. or countries. We have a lonnnggg wayy to close that gap though haha.
  • #603
  • Aug 10, 2011 6:12pm Aug 10, 2011 6:12pm
Quoting USD-Bear
Well 1814 and counting.
Congrats to the bulls!
Wherever this ends beats me, to me (sorry beeb) this is a huge blown up balloon which will explode.
Changing strategy, instead of trying to pinpoint tops and acting upon them and getting stopped (mostly @ BE) I've decided (in all my wisdom) that 1800 is the line in the sand.
Guys please remind me that 1800 it is and increasing that level is prohibited unless price is line in the sand + 110 creating a new line in the sand of 1900 and a corrected entry order is created, etc....
Placing an entry sell order...
Damn, I'm already in my short @ 1800
Don't be a hero. Don't have an ego. Always question yourself
  • #604
  • Edited 6:40pm Aug 10, 2011 6:25pm | Edited 6:40pm
Quoting Byrd
If you think about it and look at the charts, who would buy long term or short term and expect a big payoff from 1800? ..... no major financial inst. or countries. We have a lonnnggg wayy to close that gap though haha.
on the other hand, they are bastards, changed stop to 1810, 1805 looks to sharpe
Don't be a hero. Don't have an ego. Always question yourself
  • #605
  • Aug 10, 2011 6:47pm Aug 10, 2011 6:47pm
Quoting USD-Bear
on the other hand, they are bastards, changed stop to 1810, 1805 looks to sharpe
stopped, give up fighting this "pair" good luck traders........
Don't be a hero. Don't have an ego. Always question yourself
  • #606
  • Aug 10, 2011 7:20pm Aug 10, 2011 7:20pm
right. thats it.

iam not listening to you guys ever again.

i will never short gold again, unless there is a clear reversal signal to sell.

my earlier short at 1777 got stopped out at 1805. thats a loss of nearly - 20 pips.

what a waste of 20 pips. i really did not want to short. i wanted to long it. but you guys............aaarghh ! ........i will never listen to again.
  • #607
  • Aug 10, 2011 7:38pm Aug 10, 2011 7:38pm
When gold hit the 1600 record, guys kept telling that gold will fall for 200 pips to 1400. Now they say that it will fall down to 1600. Few weeks later, they will say it will fall down to 1800

Central banks are buying gold; this means that they do not expect to lose their money. Gold is in its way to not only 2000 but also 3000.
  • #608
  • Aug 10, 2011 7:40pm Aug 10, 2011 7:40pm
Quoting whatfx
right. thats it.

iam not listening to you guys ever again.

i will never short gold again, unless there is a clear reversal signal to sell.

my earlier short at 1777 got stopped out at 1805. thats a loss of nearly - 20 pips.

what a waste of 20 pips. i really did not want to short. i wanted to long it. but you guys............aaarghh ! ........i will never listen to again.
If you stick to your pledge you're on your way to better trading. Trading is for individuals; it's not a team sport. There is no edge to following each others opinions on these threads. You can check in on what what people are saying when you're bored; that's what I do. If you're swayed in the least from doing what needs to be done though, you'd better stay away. Just hang out with us at the Video Store or Picture Tennis.
  • #609
  • Aug 10, 2011 7:41pm Aug 10, 2011 7:41pm
Maybe you can help!

Trading Experiment: 100 guesses on the price of gold by december should create an average mean guess that could be startlingly accurate!

I'll start: $2150

Please PM me guestimate to avoid cluttering the thread and will post results, doing it on zero hedge too.

Thanks
Money & Pain Respect the market, protect your capital, be patient
  • #610
  • Aug 10, 2011 7:44pm Aug 10, 2011 7:44pm
Quoting toyboy tramp
Trading Experiment: 100 guesses on the price of gold by december should create an average mean guess that could be startlingly accurate!
Please see the post above yours.
  • #611
  • Aug 10, 2011 7:52pm Aug 10, 2011 7:52pm
Quoting FXSurfer
Please see the post above yours.
I actually think the number could be meaningful and am keen to see the results for the experiment...
Money & Pain Respect the market, protect your capital, be patient
  • #612
  • Aug 10, 2011 7:54pm Aug 10, 2011 7:54pm
Come on guys, CME margin requirement increased by 22%, this should trigger some kind of pull-back on gold.
  • #613
  • Aug 10, 2011 9:59pm Aug 10, 2011 9:59pm
started selling yesterday at 1785 and up to 1807 and happy....just took profit at 1783, I will try to sell again around 1800

the drop should arrive into US session if equities recover

try to use mini lot and scale higher (or lower) rather than using wide stops
  • #614
  • Aug 10, 2011 11:15pm Aug 10, 2011 11:15pm
again first short entry at 1797.63

will increase up to the 1815 high if it moves up later

negative net change today makes me believe there could me more downside later, I believe area 1700 - 1720 could be seen next
  • #615
  • Aug 11, 2011 2:07am Aug 11, 2011 2:07am
Quoting whatfx
right. thats it.

iam not listening to you guys ever again.

i will never short gold again, unless there is a clear reversal signal to sell.

my earlier short at 1777 got stopped out at 1805. thats a loss of nearly - 20 pips.

what a waste of 20 pips. i really did not want to short. i wanted to long it. but you guys............aaarghh ! ........i will never listen to again.

Just trade what the charts tell you for the timeframe.......

Sorry about your loss - expensive lessons

beeb
  • #616
  • Aug 11, 2011 3:57am Aug 11, 2011 3:57am
Quoting fammira
again first short entry at 1797.63

will increase up to the 1815 high if it moves up later

negative net change today makes me believe there could me more downside later, I believe area 1700 - 1720 could be seen next

negative net change ? but its only been less than an hour since market opened here in the u.k.,

how do you decide the correlation, do you have a criteria you use ?

is it best not to wait until say midday to see the % change. then decide which way the market will move...
  • #617
  • Aug 11, 2011 4:18am Aug 11, 2011 4:18am
daily chart - overbought in the 'red alert' zone. i.e. way overbought.

me thinks a dip should occur either today or tomorrow.

i will hold back for the moment. no more shorting for me. if a dip does occur then , i will assess the situation for a further long position.....


  • #618
  • Aug 11, 2011 4:21am Aug 11, 2011 4:21am
Quoting whatfx
daily chart - overbought in the 'red alert' zone. i.e. way overbought.

me thinks a dip should occur either today or tomorrow.

i will hold back for the moment. no more shorting for me. if a dip does occur then , i will assess the situation for a further long position.....


Overbought in a bull run usually doesn't mean much, now oversold in a bull run. NOW THAT means something.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #619
  • Aug 11, 2011 4:35am Aug 11, 2011 4:35am
Couple of things worth noting on gold is volume, high volume surges with weak candle structures are things to look for, so a key reversal day on high volume would be a sign the smart money is selling into the rallys.

Gold stock usually follow gold however they have been declining as a group. Silver which usually tags along with gold has been struggling and has not passed its high.

No point in selling a market going up but it is worth watching for different patterns of behaviour, wait for it to put in a fall then watch what it does about trying to get back to the top again.
  • #620
  • Aug 11, 2011 4:35am Aug 11, 2011 4:35am
Quoting LasVahGoose
Overbought in a bull run usually doesn't mean much, now oversold in a bull run. NOW THAT means something.

actually my daily charts have shown overbought for many days. but today its different. it is actually showing overbought in the 'danger zone'. this usually means a dip or fall is imminent. albeit a brief one.

:nerd:
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