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

  • #9,041
  • Edited 9:52pm Aug 22, 2011 9:48pm | Edited 9:52pm
These are ALWAYS AREAS TO WATCH

9
and
20 appx below the round number IE: 1900

Just had a bounce off support, below, DON't get hung up on the psychological Number, it has proven time and time again to be of mere support, rather at times a stronger resistance at times. AND easily passed thru time and time again during any given trading day.

YET,
Below, 9 ie: 1391 / 1380 support for 1400
ie: 1191/ 80 support for 1200

ie: see charts below, LINE charts are extremely true when it comes to support, don't use for stops or TPs due to the reaction highs and lows not shown by the line,

Yet, use for order placement, keep in mind when placing orders you want to get filled, the price may come close to the S/R level, FIBO, Gann, Channel bottom / top, don't be greedy, set an order that will get filled on a dip.

Likewise if you are in front of the CPU place a market order and GET IN if you see the trigger, FIRE, have mental stops and tps in place. A good rule of thumb when taking a trade is risk 1: MAKE :2 better yet if you can risk 1 to make 3...

Yet, 50 to 100 will make you money even if you are only RIGHT 60 % of the time and not overleveraged or over, over over...................
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold 8 22 new support.GIF Size: 26 KB
Click to Enlarge Name: Gold 8 22 new support LINE.GIF Size: 22 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,042
  • Aug 22, 2011 9:53pm Aug 22, 2011 9:53pm
Post added to - line chart added. could suggest a test of the line in yellow....
The candle has tested it already.

Post will be deleted.

refresh to see changes above
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,043
  • Aug 23, 2011 1:35am Aug 23, 2011 1:35am
Bought another one at 1900
Attached Image (click to enlarge)
Click to Enlarge Name: gold1h.gif Size: 18 KB
Anything can happen.
  • #9,044
  • Edited 2:01am Aug 23, 2011 1:49am | Edited 2:01am
Quoting ddinnov
Bought another one at 1900
any reason for that long?
RSI shows that going downtrend for a while.
  • #9,045
  • Aug 23, 2011 2:14am Aug 23, 2011 2:14am
Think it's ready for a bounce to somewhere between 1920 and 1935.

Seems like it found support on 30SMA on H1 chart. Proved to be strong one, making gold bounce off of it.

A bit worried about enormous outbreak on M15 tho.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold1.gif Size: 30 KB
Click to Enlarge Name: gold2.gif Size: 29 KB
  • #9,046
  • Aug 23, 2011 2:16am Aug 23, 2011 2:16am
gold is dipping
  • #9,047
  • Aug 23, 2011 2:18am Aug 23, 2011 2:18am
You don't have to tell me Im holding Long possitions

I'm also havin some silver possitions, not looking good
  • #9,048
  • Aug 23, 2011 2:21am Aug 23, 2011 2:21am
"gold is dipping" - big time - so the question is whether this is a buying opportunity or a time to stay away......
  • #9,049
  • Aug 23, 2011 2:24am Aug 23, 2011 2:24am
lol what the F$^# just happened.. aud going north (dont know why) and metals got dropped 25usd pretty quickly.. cannot just be profit taking, i can only guess some big commercial shorts.

either way; buying op.
  • #9,050
  • Aug 23, 2011 2:27am Aug 23, 2011 2:27am
Thank you so much Mitchoss, I thought that but still needed confirmation (won't blame u if it goes the other way!!).
C
  • #9,051
  • Aug 23, 2011 2:32am Aug 23, 2011 2:32am
Could be profit taking and stop hunting? I bought at 1878 a green 15m candle
Anything can happen.
  • #9,052
  • Aug 23, 2011 2:38am Aug 23, 2011 2:38am
Quoting ddinnov
Could be profit taking and stop hunting? I bought at 1878 a green 15m candle
got 1879. I think we could get another $20 today.
  • #9,053
  • Aug 23, 2011 2:45am Aug 23, 2011 2:45am
GM all

Just a word of warning - trade your timeframes with appropriate stops....

Gold has had a VERY strong run and is overbought on all longer timeframes. Basically it's due a correction - has been for quite a while in fact.....It can stay overbought in a bull run, but given the time of the month I would suggest some appropriate caution.

By all means take the trades if you see them but USE STOPS....

beeb
  • #9,054
  • Aug 23, 2011 2:46am Aug 23, 2011 2:46am
Quoting CathS
Thank you so much Mitchoss, I thought that but still needed confirmation (won't blame u if it goes the other way!!).
C
i lost 3k dollars because of revenge trading on my personal account today. for those of you who don't know revenge trading is when you keep repositioning after every losing trade without out proper analysis of good entry/exit points in the hopes of getting back what you previously lost. i got cocky because i've been in a winning streak. i'm tired and barely slept right now. it's time for me to take the side lines and not worry about missing any opportunity for today. there will always be other opportunities anyways

just like to share because most of my losses in my whole trading life (8months) was because of this. revenge trading makes you chase the market, buying high and liquidating at a loss with high margines. it's a painful habit and i am now desperately unlearning it.

for newbie gold traders like me... try not to pick up this habit. because, again, it's a painful habit to break
  • #9,055
  • Aug 23, 2011 2:54am Aug 23, 2011 2:54am
Quoting patguchi
i lost 3k dollars because of revenge trading on my personal account today. for those of you who don't know revenge trading is when you keep repositioning after every losing trade without out proper analysis of good entry/exit points in the hopes of getting back what you previously lost. i got cocky because i've been in a winning streak. i'm tired and barely slept right now. it's time for me to take the side lines and not worry about missing any opportunity for today. there will always be other opportunities anyways

just like to share because most...
Sorry to hear that patguchi

IMHO you're very wise to step away and reassess later - and as you correctly say, there is always another trade out there.......

Worth mentioning the other side of the coin as well, by which I mean the feeling of invinciblity after a really good trade. Again very dangerous and always better to take a "Time Out"........

beeb
  • #9,056
  • Edited 3:47am Aug 23, 2011 3:00am | Edited 3:47am
I was stopped by SL, lost some serious money. That like trading gold. It looked very nice few days ago, but, eventualy, didn't took profit, lowered SL waiting for bounce, it didn't happened, gold droped more and more, I moved SL lower and lower, when finally decided I can't hold loss any more.

Edit:
What a bad decision. My stop was at 1871.5, and after that price was recovered. How stupid, nervous and ..... I was. It would be better that I didn't do anything. But, that's the lecture I'm paying for being feared. I hope that I will do better next time
  • #9,057
  • Edited 8:24am Aug 23, 2011 3:52am | Edited 8:24am
Quoting ProreX
I was stopped by SL, lost some serious money. That like trading gold. It looked very nice few days ago, but, eventualy, didn't took profit, lowered SL waiting for bounce, it didn't happened, gold droped more and more, I moved SL lower and lower, when finally decided I can't hold loss any more.

Edit:
What a bad decision. My stop was at 1871.5, and after that price was recovered. How stupid, nervous and ..... I was. It would be better that I didn't do anything. But, that's the lecture I'm paying for being feared. I hope that I will do better next...

Some of the first things I learnt about trading were:

1. Get your entry correct.

2. Know your target price

3. Set your stop loss and LEAVE IT ALONE....If the stop loss was correct for your entry then nothing has changed.
You can guarantee that if you start moving your stop loss the market will chase it, hit it and reverse.....Always happens. Far better to take a smaller loss and live to fight again..

Sorry about the loss, but Mr Market only teaches expensive lessons...

beeb
  • #9,058
  • Aug 23, 2011 4:10am Aug 23, 2011 4:10am
Quoting beeb
Some of the first things I learnt about trading were:

1. Get your entry correct.

2. Know your target price

3. Set your stop loss and LEAVE IT ALONE....If the stop loss was correct for your entry then nothing has changed.
You can guarantee that if you start moving your stop loss the market will chase it, hit it and reverse.....Always happens. Far better to take a smaller loss and live to fight again..

Sorry about the loss but Mr Market teaches expensive lessons...

beeb
Lesson learned. I was greedy. Before it started going down I was holding three positions with +3700, +3500 and +1000 pips. And my stops were to get +2200, +2000 and -1000 pips. But, I was greedy, and lost all profit, and lost even more because moving stops. but, that kind of lessons stays in mind for longer period than one I read about. There is a sentance saying that smart people learning from other people mistakes, and fools learning from their own. I think I'm in second group. But hopefully, I believe I can switch to first group before my account is wiped.
  • #9,059
  • Aug 23, 2011 4:40am Aug 23, 2011 4:40am
Quoting ProreX
Lesson learned. I was greedy. Before it started going down I was holding three positions with +3700, +3500 and +1000 pips. And my stops were to get +2200, +2000 and -1000 pips. But, I was greedy, and lost all profit, and lost even more because moving stops. but, that kind of lessons stays in mind for longer period than one I read about. There is a sentance saying that smart people learning from other people mistakes, and fools learning from their own. I think I'm in second group. But hopefully, I believe I can switch to first group before my account...
Don't put yourself down and continue to learn what you can....

Forget about pips in gold ( I don't have a clue how much a pip is) - think in terms of dollars....

beeb
  • #9,060
  • Aug 23, 2011 4:51am Aug 23, 2011 4:51am
Quoting beeb
Forget about pips in gold ( I don't have a clue how much a pip is) - think in terms of dollars....

beeb
I'm just embaressed to admit how much money was that I know that pips is not important in gold, but just to be more concrete, 100 pips is 1$ price difference. So, I lost 32$*lots. Not good. But, I stay away for a while, I don't want to get caught in revenge trading, and to loose more money. That was enough for today. Untill 99% sure trade I will stay out of gold.

Demo account is looking great. I opened it and just bought some gold and silver 2 weeks ago, and that account is 6x bigger than initial deposit. That encouraged me to do similar with live account, but unfortunately with 2 weeks delay. That costed me. It is easy to enter trade with demo account, watching it grows, and foolish to copy that move with 2 week delay. If I done the same with live account 2 weeks ago, this move down would just made 6x gain to 4.5x gain of initial deposit.

Thank you all for posting here, I would pay more attention to this trade before entering trades, and stay out of risky trades. Just sure things (as sure as it can be in FX)
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