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

  • #9,201
  • Aug 25, 2011 4:13am Aug 25, 2011 4:13am
This two metals are sinking faster than Titanic
  • #9,202
  • Aug 25, 2011 4:21am Aug 25, 2011 4:21am
This downmove is actually a healthy sign of *maybe* economic recovery, temporary for at least lol.

I finally have one buy at 1708. Let's watch this.
trading is my zen
  • #9,203
  • Aug 25, 2011 4:28am Aug 25, 2011 4:28am
Markets ebb and flow.

This move should not have come as a major surprise given the strength of the move up and because of the time of month.

The positive fundamentals for gold have not changed.

At the risk of sounding like a broken record - if you must try and trade these moves, do so with stops appropriate to the timescale of your chart. Use smaller charts to indicate the beginnings of larger moves. Bottom picking can be a messy business.....

beeb
  • #9,204
  • Aug 25, 2011 4:43am Aug 25, 2011 4:43am
Quoting beeb
Markets ebb and flow.

This move should not have come as a major surprise given the strength of the move up and because of the time of month.

The positive fundamentals for gold have not changed.

At the risk of sounding like a broken record - if you must try and trade these moves, do so with stops appropriate to the timescale of your chart. Use smaller charts to indicate the beginnings of larger moves. Bottom picking can be a messy business.....

beeb
Now there's an image I could do without

I think there are a lot of people calling the 'bounce up to $2k' and the institutions might shake this tree until all the apples have fallen out of it.

I'm now waiting for some big green candles on the daily/4h. I'd rather miss a chunk of the move than keep getting faked out like I have about 3 times now over the last couple of days..
Anything can happen.
  • #9,205
  • Edited 4:56am Aug 25, 2011 4:46am | Edited 4:56am
her bias is noted with continued drop below 1726.
will be watching for days close above or below that price.
lets keep silver above 38.42 for the day and avoid a breakout.
  • #9,206
  • Aug 25, 2011 5:45am Aug 25, 2011 5:45am
Quoting lilpip
gold is acting like she should above 1551.
watch if aug. monthly breakout 1655-58 along with weekly breakout 1645 areas hold.
last years range of 385 added to 1551 is 1936 target for year unless shes lying to me.
her sis has been strait up the last 2 years, time will tell.
a reminder for those who have been quick to go long.
we have been working on a higher time frame pattern since 1551 (the yearly breakout ) and as she extendeds out shes rotates back.
one might even wait for a daily close and maybe even some daily confirmation that bulls are in the house.
Lets not forget silver just went back to test its yearly breakout.
A retest of aug. breakout would be the 1659 area for those riding back.
  • #9,207
  • Aug 25, 2011 6:10am Aug 25, 2011 6:10am
I'm hanging on to my underwater 1830 and pumped some money into the account to facilitate enough margin to drop all the way to 1500 and beyond. Also for some decent enough position sizes (within MM) for the way back up.

If this is a trend reversal into a bear trend I'm fakked...

This must be the last time I ever ever trade without a stop and ignore MM on bubble/euphoria.

Aside from holding this and getting into the bounce I'm going to take a break and have a full review of exactly why I broke so many rules and fell into the classic trap of buying bounces (on short timeframes) on the way down and knee jerk revenge trading. I'm going to type it all out, print it off and read it every day for a month.

It's helping me to air this stuff and I'd like the lost money to be in investment in trading education, psychology and discipline. If anyone else is feeling the same way please feel free to join in (if the thread seniors don't mind).
Anything can happen.
  • #9,208
  • Aug 25, 2011 6:14am Aug 25, 2011 6:14am
  •  G_Man
  • | Joined Aug 2009 | Status: getting ready for the next Battle | 781 Posts
next stop 1680, would go long just above if it gets there... dont think its gonna break 1680... atleast for this week
  • #9,209
  • Aug 25, 2011 6:37am Aug 25, 2011 6:37am
Quoting G_Man
next stop 1680, would go long just above if it gets there... dont think its gonna break 1680... atleast for this week

Can you give us reasons please.....

beeb
  • #9,210
  • Aug 25, 2011 6:48am Aug 25, 2011 6:48am
Quoting G_Man
next stop 1680, would go long just above if it gets there... dont think its gonna break 1680... atleast for this week
This thinking has cost me quite a lot over the last couple of days. I've changed it for big green candles on the daily/4h.

No more predicting for me..
Anything can happen.
  • #9,211
  • Aug 25, 2011 6:53am Aug 25, 2011 6:53am
Quoting hbkarakas
Seems that the drop targeted 1,69x area ?

Note: If it breaks the 1,720 area....

Found support at 1708 area. The case that I cant understand is what is the importance of that level... Any support zone? couldnt see? any suggestions ?

Edit: Sorry sorry sorry forgot.... That level is 200 EMA area 4H TF
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  • #9,212
  • Aug 25, 2011 6:56am Aug 25, 2011 6:56am
I'm just going to say that I think we've either hit the bottom at ~1700 or we're going to dip much, much more.

The price was strongly resisted by the 200EMA on H4 chart.

Chances are super high that, if a candle closes below it, we've only seen about 50% or 60% of the correction so far.

Once the price breaks 1800 again, I would call it (almost) certainly over. It's important psychological level, it's where the H1 200EMA is, and 23.6 Fib (Fib that was drawn from 5.5.2011. to the latest record).
  • #9,213
  • Aug 25, 2011 6:59am Aug 25, 2011 6:59am
Quoting hbkarakas
Found support at 1708 area. The case that I cant understand is what is the importance of that level... Any support zone? couldnt see? any suggestions ?

Edit: Sorry sorry sorry forgot.... That level is 200 EMA area 4H TF
Also a daily S1, but it's probably because of 200EMA as you said.
  • #9,214
  • Aug 25, 2011 7:07am Aug 25, 2011 7:07am
Possible pattern here for GC 240 min:

http://www.screencast.com/t/XYSPttHuSeW

This is an old fork which had worked very well. There might be some support forming above the outer quartile that was previous resistance.....Too early to tell but will watch it rather than just diving in.

Am also watching Daily 14,3,3 stochastics which have fallen very sharply. Though they have not reached the level yet, check how price has reacted in the past when they cross up from under 20 level.....

beeb
  • #9,215
  • Aug 25, 2011 7:12am Aug 25, 2011 7:12am
Is this another fake bounce where they can wipe some more money off the table?

Aren't we all waiting for this bernanke thing tomorrow anyway?
Anything can happen.
  • #9,216
  • Aug 25, 2011 7:14am Aug 25, 2011 7:14am
Quoting ddinnov
Is this another fake bounce where they can wipe some more money off the table?

Aren't we all waiting for this bernanke thing tomorrow anyway?
Honest and straight, gotta love ur comment.

yes. too anxious and t/p my 1708 at 1728. chickened out - check out ur m15, m30 and h1 candle stick. lol
trading is my zen
  • #9,217
  • Aug 25, 2011 7:17am Aug 25, 2011 7:17am
Quoting ddinnov
Is this another fake bounce where they can wipe some more money off the table?

Aren't we all waiting for this bernanke thing tomorrow anyway?
I would like to agree but you know market knows the best

1 H TF conducts shooting star. but it's too early to decide...
But after such a big fall, it has to have a rest i guess. maybe some sideway actions... Again I insist(also hope hehe) on 1,69x area support
  • #9,218
  • Aug 25, 2011 7:26am Aug 25, 2011 7:26am
red flag US data in 4 mins..
Anything can happen.
  • #9,219
  • Aug 25, 2011 7:27am Aug 25, 2011 7:27am
Quoting ShirleyLo
Honest and straight, gotta love ur comment.

yes. too anxious and t/p my 1708 at 1728. chickened out - check out ur m15, m30 and h1 candle stick. lol
Thanks - unfortunately I've fallen for it 3 times in the last 2 days.. I want to see some really strong PA and a decent move before risking long again
Anything can happen.
  • #9,220
  • Aug 25, 2011 7:44am Aug 25, 2011 7:44am
This is what I mean about trading with appropriate stops for the timeframe....

GC 1 min:

http://www.screencast.com/t/OQ30qIQw

green circle = buy
purple line = stop
red circle = sell

beeb
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