I would not recommend to go short now. I think 1830 could be a base. I have just opened a long position at 1830,60. If the price should go further down to 1820 I will open another long position there (Take Profit 1830,60).
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #9,082
- Aug 23, 2011 2:55pm Aug 23, 2011 2:55pm
- Joined Dec 2010 | Status: Foook Bollinger-dr.Kegel knows! | 9,794 Posts
People, will like to share my opinion for this week.
I see two scenarious:
1. To get up to 1.900 to get some SLs and TPs and run it down to 1864 level where I see major resistance in my FIB collection.
2. Price to be rejected by 1880 level and test 1820 level this week.
It is really hard to predict higher levels just to say that psyhological levels could be in place. I agree that these FIB levels are not playing major role on GOLD trading - at least for now. On such a bull trend it is really hard to "catch a falling knife" which is...
OK, went out in plus.
Was buying and selling and buying and more selling 
Will stay out of GOLD for now!
Yes, Bearish engulfing - Friday Bernanke show. It looks pretty sold out to me for now. 1815 next 15m target. Back to FX for me!
Good luck to all!
- #9,083
- Aug 23, 2011 3:41pm Aug 23, 2011 3:41pm
I wouldn't feel bad if your SL was hit and or you lost money during that volatile US session. the selling started before the margin increase was announced; that combined with a well overdue correction just caused alot of the people who bought in the mid-high 1800's to close at BE or for a small profit sparking more downside as the buying interest retreated. I myself ended up down for the night on both gold and silver, BE on my silver long which I bought at 42.1 and intended to keep as an investment long for 6months was taken out, now im re-entering at 41.55 hoping we can hold and regain above 42 which is important to hold this 'breakout' confirmation we desperately wanted in silver.
As for gold.. it may fall back to 1810.. I hope not as silver will take another beating.. but for now im long again at 1825 with SL at 1820. Holding 1810 is important.
Currently I'm holding a long at 1683 which is quite large and I'm trying to not over-trade (something xtrade/beeb taught me) as I burnt my a$$ last time we went through a correction, emptied my account then got left on the sideline as both metals sky rocketed from 1480-1610 in gold, and 34-38 in silver. Lesson Learnt!!!!
DO NOT OVERTRADE, USE STOPS, DONT REVENGE TRADE!
/end wall of text and good luck today
Mitch
As for gold.. it may fall back to 1810.. I hope not as silver will take another beating.. but for now im long again at 1825 with SL at 1820. Holding 1810 is important.
Currently I'm holding a long at 1683 which is quite large and I'm trying to not over-trade (something xtrade/beeb taught me) as I burnt my a$$ last time we went through a correction, emptied my account then got left on the sideline as both metals sky rocketed from 1480-1610 in gold, and 34-38 in silver. Lesson Learnt!!!!
DO NOT OVERTRADE, USE STOPS, DONT REVENGE TRADE!
/end wall of text and good luck today
Mitch
- #9,089
- Aug 23, 2011 5:12pm Aug 23, 2011 5:12pm
- | Commercial User | Joined Oct 2010 | 1,778 Posts
Just to say thanks to Xtrade and Beeb. Beebs warning earlier stopped me from losing money on the gold correction
Glad to have helped.....
20 min GC :
http://www.screencast.com/t/9Qzcoux5
The blue line giving support is the LP of the fork I've been showing for over a week - still working and showing support and resistance.
Be careful and watch the charts for direction - it's nearing opex and end of month + London is on holiday next Monday (thin market is one that can be manipulated)
beeb
- #9,094
- Aug 23, 2011 5:43pm Aug 23, 2011 5:43pm
- | Commercial User | Joined Oct 2010 | 1,778 Posts
this is the trend line i was talking about - 30min chart.
if it fails ill be out of my long.
Attachment
Nice spot Mitch
If I was cynical I would suggest that the trend line is "too" obvious and that anyone trying to trigger stops on longs might try to ensure a quick spike below the line to do so........But I'm not really that cynical..
beeb
- #9,095
- Aug 23, 2011 5:46pm Aug 23, 2011 5:46pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
Charts:
Remember this one?
Notice the Buy Limit dashed Line. (the lower of the 3 Horiz Dashed Lines)
I haven't Added just yet but I'll take it if it comes my way.
Check out where the 4 Hr Standard Fib Extension bounced.
47.21%
I'm comfy long & may Add even if it doesn't Trip my Buy.
I suppose I will observe the fight for 1,840 to decide.
B
ps. As a student, I would like to ask Mike & JJ how they read the 4Hr Pin at the current peak. Was it a giveaway or a Hmmm... Maybe...
Seriously. I'd like to know because that one looks tight for tolerance.
tx again.
B
Remember this one?
Notice the Buy Limit dashed Line. (the lower of the 3 Horiz Dashed Lines)
I haven't Added just yet but I'll take it if it comes my way.
Check out where the 4 Hr Standard Fib Extension bounced.
47.21%
I'm comfy long & may Add even if it doesn't Trip my Buy.
I suppose I will observe the fight for 1,840 to decide.
B
ps. As a student, I would like to ask Mike & JJ how they read the 4Hr Pin at the current peak. Was it a giveaway or a Hmmm... Maybe...
Seriously. I'd like to know because that one looks tight for tolerance.
tx again.
B