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

  • #9,021
  • Aug 22, 2011 11:53am Aug 22, 2011 11:53am
There was a confirmed myth some yars ago that upon NY open the gold price constantly went down a little. 1-2 hours duration max. People tested this on 5year average full day historic M30/H1 charts and the price was most often going down around the time NY opened. Do you think this is true to the day? (today's dip was in that timeframe also). I personally think that this was/is a strategic weakening over time to allow constant and further up move for the greater good.
  • #9,022
  • Edited 3:15pm Aug 22, 2011 12:14pm | Edited 3:15pm
Quoting Icosahedron
You might want to check this thread: http://www.forexfactory.com/showthread.php?t=291622

If you haven't already, of course.
I was thinking of buying at the same spot, but I've already had open longs.

Thanks but I don't follow other peoples' systems ....

beeb
  • #9,023
  • Aug 22, 2011 12:16pm Aug 22, 2011 12:16pm
Quoting beeb
Thanks but I don't follow other peoples' systems ....

beeb
I would rather understand it as an explanation of how certain indicators can work in conjunction, but whatever.
  • #9,024
  • Aug 22, 2011 12:20pm Aug 22, 2011 12:20pm
Quoting Icosahedron
I would rather understand it as an explanation of how certain indicators can work in conjunction, but whatever.
Well I looked at the first page and it came across as a system to me (I stopped there) - but if you want to explain how it relates to the entry I was asking about, please do.....

beeb
  • #9,025
  • Aug 22, 2011 12:34pm Aug 22, 2011 12:34pm
Quoting beeb
Well I looked at the first page and it came across as a system to me (I stopped there) - but if you want to explain how it relates to the entry I was asking about, please do.....

beeb
It is indeed written as a system, but I take it as an explanation.

Anyway, the theory behind the entry is the following:

The green-red line indicator is Traders Dynamic Index.
If you haven't seen it yet, here is how it works is that the green line represents RSI movement, so basically you're watching its direction for signals, and you're triggering when it crosses the red line (green goes above red - long, below red - short). TDI is much more than that, but I'm using only 2 features.
Candles on the chart are Heiken Ashi. Stoch is 8/3/3.

Basically, green line turned up and crossed red, stoch started going up, HA turned positive and touched 5SMA. Strong signal.
  • #9,026
  • Aug 22, 2011 1:03pm Aug 22, 2011 1:03pm
Do you think the small correction is expected after we break 1900?
The Black Swan: The Impact of the Highly Improbable
  • #9,027
  • Aug 22, 2011 1:04pm Aug 22, 2011 1:04pm
looks like it's having a hard time piercing through 1895. i getting impatient a bit
  • #9,028
  • Aug 22, 2011 1:11pm Aug 22, 2011 1:11pm
Quoting Icosahedron
It is indeed written as a system, but I take it as an explanation.

Anyway, the theory behind the entry is the following:

The green-red line indicator is Traders Dynamic Index.
If you haven't seen it yet, here is how it works is that the green line represents RSI movement, so basically you're watching its direction for signals, and you're triggering when it crosses the red line (green goes above red - long, below red - short). TDI is much more than that, but I'm using only 2 features.
Candles on the chart are Heiken Ashi. Stoch is 8/3/3.

Basically,...

lol
your "explanation" seems to be that the "system" said buy.........
let's just leave it at that...

beeb
  • #9,029
  • Aug 22, 2011 3:45pm Aug 22, 2011 3:45pm
praise God, my profit for last month is 363% vs 500% this month
  • #9,030
  • Aug 22, 2011 4:40pm Aug 22, 2011 4:40pm
Quoting hermanforex
praise God, my profit for last month is 363% vs 500% this month

Well I tend to praise technical analysis

beeb
  • #9,031
  • Aug 22, 2011 5:13pm Aug 22, 2011 5:13pm
1910... amazing.. truly amazing.
The Black Swan: The Impact of the Highly Improbable
  • #9,032
  • Edited 6:51pm Aug 22, 2011 6:19pm | Edited 6:51pm
Quoting XTrade
Obviously that is maintaining that the global recession, consistent credit downgrades of countries, US unemployment and money printing, don't change overnight.



I would look for entries on dips that are enforced by some justifiable support,
Technical.

There are forecasts well beyond 2000.

I always find it interesting to look at the less traded futures contract prices and volumes.

For instance Gold for delivery in
Dec 2016 = 2004
Jun 2017 = 2036

The price of gold in 2017 will likely be closer to 3k thus buying that contract now would...
I agree & foresee 1,927 before it takes a breather.
Attached Image (click to enlarge)
Click to Enlarge Name: daily 1927 @ 100% move.gif Size: 30 KB


Meanwhile, For the general reader; If you don't know Futures, you certainly don't know Options. so Stay Away ! Like... Not Even with YOUR 10' Pole Away.

I know this is confusing... The reason being... It Is...Don't PLAY with this for it is more volatile than Nitro on a Hearse trail. Freudian? Perhaps. but I'm leaving it.

For the others... I see a doorway.
Sell Spring 2012 1,650 PUTS.odr Buy Callsabove 1,700.

Attached Image (click to enlarge)
Click to Enlarge Name: Aug 22 Options Gold 1650.combined 2..GIF Size: 29 KB

Stay in Tune & continue.
B
  • #9,033
  • Aug 22, 2011 8:55pm Aug 22, 2011 8:55pm
AGREED AGAIN BEMAC!!!

If you are a newbie GOLD / SILVER trader stay as far away from options as you can. It is basically, "skillfully playing both sides - long and short - at the same time. If you lose, you are going to lose bigger than you gain.

I'd say that's enough for now on options.

An old and wise trader once told me the guys' brain you want to pick are the
BOND traders, - - - NOT - - - because they trade BONDS, yet more due to their understanding of international money flow, idea projections, and the underlying
FUNDAMENTALS.

Only reason I brought it up was FUNDAMENTALS. LEARN THEM, know them, go to the bookstore and buy the fattest book you can find on GOLD - read it, then maybe post some of your newfound knowledge here!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,034
  • Aug 22, 2011 8:58pm Aug 22, 2011 8:58pm
I try not to quote myself in the hope that you are reading my posts.
I then again don't EVER and I will say NEVER HOPE in trading,
Yet,
I do HOPE some of you took this trade???!!!!
Please do tell if you took the signal.

Quoting XTrade
So, here we are.
The price has made a new high and now looks to have retraced a bit towards closing of the market open gap.
Could be an entry here. Or around 1850 - there should be some medium term support at 1835. The chart is a bit funky and as someone else mentioned a bit tricky to see clear support / rez and targets.

Not a news driven day. Something like 3 releases - I would watch the NZD
inflation expectations tonight. If you trade that pair.

Not sure how much weight the HSBC CNY release holds. so...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,035
  • Edited 9:03pm Aug 22, 2011 9:01pm | Edited 9:03pm
This is GREAT! We are starting Finally to form some significant levels of interest - meaning support and resistance to trade off of.

The entry posted, above was appx 1860 your exit should have been appx 1900 if not surpassing it to the NEW HIGH!!!
a $40+ usd move, is extreme! a ten dollar day trade is great and a five dollar scalp is wonderful.

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,036
  • Aug 22, 2011 9:04pm Aug 22, 2011 9:04pm
Of course, oh Guru!!!
  • #9,037
  • Aug 22, 2011 9:16pm Aug 22, 2011 9:16pm
Thank you for posting. I am sincerely glad that this thread and it;'s contributors have helped you to regain your margin.

Some things to remember:
1: You don't "always have to be in" the market
2: If you have a bias and pick a trade you are probably RIGHT - just don't close it if it moves a quick 30 pips against you, reason being the next move may be 90 pips up.
3: YOU NEED TO BE PATIENT
4: if you trade one session ie: london and win > don't trade the next session ie:usa you will likely give back most of your pips on stupid entries.

Quoting CathS
Dear XTrade
You must be psychic, you described (one of) my disasters perfectly!! - ("I am assuming you got long silver - way overleveraged at that.....Then it dropped from 50 to 40, you were margin called and lost a ton of money".) I have also lost on currency trades that I got in too early on - if I had more capital I could have ridden it out until it went the way I expected but that's life - I will get there eventually!!

Thanks to you guys though, I have recovered & banked my lost Super $ and some of my personal $ and am working...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,038
  • Aug 22, 2011 9:22pm Aug 22, 2011 9:22pm
Well you have hit my top 4 stupidities right on the head! I have lost count of the times that I have gone from elation to devastation within 24 hours due to (2) & (4) - I am slowly working on controlling them - I am sure it will be so much easier when I have cash to spare and can ride out the short term dips!! - I have missed out on many thousands of Gold $ due exactly to that - hopefully no more!!
  • #9,039
  • Aug 22, 2011 9:26pm Aug 22, 2011 9:26pm
Actually I am not so concerned about the dips that go against my fundamentals & techs now because there is always a voice of reason on this thread now to drown out my self doubts (or confirm them early if I am wrong!!)
  • #9,040
  • Edited 10:46pm Aug 22, 2011 9:33pm | Edited 10:46pm
this week watching how the 1912 - 1936 (higher timeframe) area responds.
Personally I would not be adding longs til this area is resolved as the extended yearly highs (1936) area would normally rotate back at least to sept.monthly trend guide .
a daily close (1897) above monday daily highs (1891) and retest of the 1891 area is noted as she acts like she wants to continue north.
tuesday will be watching how 1912-20 area responds.
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