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

  • #9,141
  • Aug 24, 2011 11:19am Aug 24, 2011 11:19am
Quoting G_Man
FYI

(Dow Jones) Gold is falling hard and fast, undermining what's become common wisdom in global markets: that you're putting your money in a safe place when you're putting it in gold. Based on the speed of the fall, it appears that much of it is computerized trading based on stop-loss orders. Meaning, investors who got in within the past days are probably cutting their losses. At one point in the day, gold futures were down $97.50 but have since pared losses and recently traded $77.30, or 4.1%, lower at about $1,784 an ounce.
Shanghai upped the margin requirements on gold, hence the sell off. They basically pulled a CME in Asia. It'll be interesting to see if the CME ups the margins again.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,142
  • Aug 24, 2011 11:20am Aug 24, 2011 11:20am
Quoting hermanforex
Are you guys going long, short, or waiting?
my position right now are
5 long (averaging)
1 short
  • #9,143
  • Aug 24, 2011 11:23am Aug 24, 2011 11:23am
my positions are 4 long 4 short
  • #9,144
  • Aug 24, 2011 11:33am Aug 24, 2011 11:33am
my trades. check out the sl on my shorts. I added to my short positions as soon as b.e. sl got placed. then I trailed the stops to half the amount of profit. If Im sure enough for price to go up or if a breakeout happens I want to place a new long order and at $7 place a s.l at breakeven and then open a new long and repeat steps above. as price goes up again my shorts will get stopped out.
  • #9,145
  • Aug 24, 2011 11:36am Aug 24, 2011 11:36am
read explanation above
Attached Image
  • #9,146
  • Aug 24, 2011 11:49am Aug 24, 2011 11:49am
Quoting hermanforex
read explanation above
OMG IS your all account wiped yet?
Trading by EA
  • #9,147
  • Aug 24, 2011 11:52am Aug 24, 2011 11:52am
Quoting mmudasir
OMG IS your all account wiped yet?
I see hedging till the fog clears but I also see dead men walking nonetheless :/ I try to stay away from trouble for some time.
  • #9,148
  • Aug 24, 2011 11:59am Aug 24, 2011 11:59am
Quoting mmudasir
OMG IS your all account wiped yet?
no and it wont get wiped either.
  • #9,149
  • Aug 24, 2011 12:02pm Aug 24, 2011 12:02pm
OMG, what happened

Thank you all for posting your advices, oppinions charts and everything. All that kept me out of trade, even when it was temping after few candles pointing north, I was calm and waiting to be absolutely sure (well as sure as possible). It was tempting to buy at 1850 level, but I stayed out.

So thank you all for advices, from the bottom of my hart and from every cent I kept on account
  • #9,150
  • Aug 24, 2011 12:28pm Aug 24, 2011 12:28pm
wow, 1754... and still falling..

lots of people tought they bought at bottom when they went long at 1810. be careful, people.
The Black Swan: The Impact of the Highly Improbable
  • #9,151
  • Aug 24, 2011 12:32pm Aug 24, 2011 12:32pm
Quoting clc4x
Attachment
what is that m.a. type indicator with the red dots acting as support on the screenshot? do you mind posting it please?
  • #9,152
  • Aug 24, 2011 12:48pm Aug 24, 2011 12:48pm
Just watch the charts...you don't have to trade EVERY move..

beeb
  • #9,153
  • Aug 24, 2011 12:57pm Aug 24, 2011 12:57pm
A correction of almost 200 dollars is quite big.
The Black Swan: The Impact of the Highly Improbable
  • #9,154
  • Aug 24, 2011 1:00pm Aug 24, 2011 1:00pm
Quoting llrickkll
As stated on my title, Head and shoulder can be seen on Gold timeframe 1 HR and 4 HR.

Whats ur take on this shirleylo, xtrade, beeb and bermac?

Thanks,

rick
As said, H N S took effect and gold went down.

Correction period is good to load up some longs, however i would wait further around 1600s area since gold move $400 in 2 months.

What's your view on this, guys?

Tc

Rick~
  • #9,155
  • Aug 24, 2011 1:44pm Aug 24, 2011 1:44pm
Quoting hermanforex
no and it wont get wiped either.
This depends on the definition of "wiped".

If my account were down 80% (like yours from from 370 to 70) then I would call it wiped.
  • #9,156
  • Aug 24, 2011 1:51pm Aug 24, 2011 1:51pm
Maybe tomorrow....
Attached Image (click to enlarge)
Click to Enlarge Name: 1ag.gif Size: 12 KB
  • #9,157
  • Aug 24, 2011 1:56pm Aug 24, 2011 1:56pm
You have too many open lots. You are pushing your margin to the limit.

Trim the fat.

Take a look from the outside in.

There may be some great entries coming up soon.

Instead of having 3 lots open at multiple random prices wait till there is a good buying opp and take ONE trade with lot size .03

Then after a good run TP on one lot and look for the next dip. This can work short or long more to your favor.

Just my 1 silver dollar.
Quoting hermanforex
read explanation above
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,158
  • Aug 24, 2011 1:58pm Aug 24, 2011 1:58pm
Silver on a semi support level now at
39.50 I don't see much more down for this afternoon.

May look to enter here.


Gold right on target at first area of interest 1750 . Going to wait a bit.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #9,159
  • Aug 24, 2011 2:16pm Aug 24, 2011 2:16pm
well said, problem is when we go long thinking we bought at the bottom, and then it keeps falling. then we don't have more margin to add more longs and we need to wait until it goes up again and take profit.
The Black Swan: The Impact of the Highly Improbable
  • #9,160
  • Aug 24, 2011 2:18pm Aug 24, 2011 2:18pm
I thought a 200 dollars correction in 48 hours was massive and some people are saying a 300 dollar correction is possible this week? wow.
The Black Swan: The Impact of the Highly Improbable
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