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

  • #9,261
  • Aug 25, 2011 1:11pm Aug 25, 2011 1:11pm
Quoting rozario173
I'm in a gold hedge and would like to get out if possible.
I have a long @ 1858 and a short @ 1849, what is best
way to get out? I now know I could have closed when gold
was down this morning around 1700. I know idea is to close
sell @ support, and then let buy run till it gets to resistance.

Thanks,
rozario173
have target price/profit. then check your risk tolerance. basically that's knowing how much are you willing to lose just incase.

simply releasing at a support can be dangerous because there is a risk of the price action piercing through a support. there is also a chance that you can get whip-sawed out of position. look for chart patterns not only support and resistances. a good time to release your sell might be during a pull back to a support from a rally. or you can look for bullflags. use stops!
we actually have the same predicament.

read the first page of this thread. the link that says break, test, begin break. that can help you a lot
  • #9,262
  • Aug 25, 2011 1:12pm Aug 25, 2011 1:12pm
1. Nobody should give you advice as we don't know your objectives, risk-tolerances or situation.
2. You would be wise not to follow others' advice as you don't know their competence or intentions.
3. Opex, month end, London bank holiday, NFP approaching
4. There are 9300+ messages on this thread - have you looked at any of them? There should be enough there to help you make your own mind up.
5. If you can't do so, I suggest you think about employing a fund manager to make your decisions.

beeb
  • #9,263
  • Aug 25, 2011 1:17pm Aug 25, 2011 1:17pm
Quoting ddinnov
This could be promising, best looking green 4h candle in the last 2 days if it closes bullish..
I'll take this as the strong green 4h candle.. in for a long, looking to get out/BE at the fist sign of trouble. 1780 looks like an FTA..
Attached Image (click to enlarge)
Click to Enlarge Name: gold4h.gif Size: 19 KB
Anything can happen.
  • #9,264
  • Aug 25, 2011 1:24pm Aug 25, 2011 1:24pm
dow jones and others in RED today and GOLD back up...

I still believe 2000 can be reached in september...

What about you, people? What do you think about the 2000 mark? September or end of year?
The Black Swan: The Impact of the Highly Improbable
  • #9,265
  • Aug 25, 2011 1:28pm Aug 25, 2011 1:28pm
Ok, thanks Beeb and patguchi
  • #9,266
  • Aug 25, 2011 1:34pm Aug 25, 2011 1:34pm
I wonder if the 1H will give us a reverse H&S with the right shoulder off the 61.8?..

Not predicting anything just playing with a theory
Attached Image (click to enlarge)
Click to Enlarge Name: gold1h.gif Size: 18 KB
Anything can happen.
  • #9,267
  • Edited 2:13pm Aug 25, 2011 1:37pm | Edited 2:13pm
Quoting beeb
1. Nobody should give you advice as we don't know your objectives, risk-tolerances or situation.
2. You would be wise not to follow others' advice as you don't know their competence or intentions.
3. Opex, month end, London bank holiday, NFP approaching
4. There are 9300+ messages on this thread - have you looked at any of them? There should be enough there to help you make your own mind up.
5. If you can't do so, I suggest you think about employing a fund manager to make your decisions.

beeb
i used to be one of those who just keeps asking advice from people about gold trading. lost a lot of money. i came close to becoming bitter and blaming those who gave me advice about gold. but the end of the day it was simply my fault because i was the one who pulled the trigger.

trading involves juggling fear, greed, pride, large balls! with technical, fundamental analysis and research. asking advice just means that you want to by-pass all those elements of trading. but juggling these elements are NECESSARY. one thing i realized...YOU WILL NEVER LEARN NOR BE SUCCESSFUL in trading if you keep asking for advice. ask to learn!

you have to do your part.
  • #9,268
  • Aug 25, 2011 1:41pm Aug 25, 2011 1:41pm
Quoting ddinnov
I wonder if the 1H will give us a reverse H&S with the right shoulder off the 61.8?..

Not predicting anything just playing with a theory
looks like a double bottom from a 15min chart
  • #9,269
  • Aug 25, 2011 1:41pm Aug 25, 2011 1:41pm
I'm not predicting here or anything, but in my opinion, the little draw up in the last couple hours may as well come back down, and if it does I will short it. a down trend will be confirmed by doing so. It's been way over sold, but it might as well keep on that trend if it keeps on going there. The only thing is that today, the dow jones nasdaq and s&p 500 are going down, so people might go a bit more into gold.
  • #9,270
  • Aug 25, 2011 2:02pm Aug 25, 2011 2:02pm
Quoting Squaretrader
I'm not predicting here or anything, but in my opinion, the little draw up in the last couple hours may as well come back down, and if it does I will short it. a down trend will be confirmed by doing so. It's been way over sold, but it might as well keep on that trend if it keeps on going there. The only thing is that today, the dow jones nasdaq and s&p 500 are going down, so people might go a bit more into gold.
http://i56.tinypic.com/2s7yxq9.gif

looks like a text book bull flag forming at the 15min chart.

http://i52.tinypic.com/ak7sdv.gif

if it closes this way it looks like a bullish hammer at the daily
  • #9,271
  • Aug 25, 2011 2:03pm Aug 25, 2011 2:03pm
Quoting patguchi
http://i56.tinypic.com/2s7yxq9.gif

looks like a text book bull flag forming at the 15min chart.

http://i52.tinypic.com/ak7sdv.gif

if it closes this way it looks like a bullish hammer at the daily
I just saw the daily Pin - looks like a beauty..
Anything can happen.
  • #9,272
  • Aug 25, 2011 2:13pm Aug 25, 2011 2:13pm
I also had a look at the hammer on D1 chart. The candle stil has 6 hours to go or 25% I also want to see where it closes. Can I have some oppinions please. Where would you like to see the dayly candle's close to know its over with the downtrend? 1760? 1793? .....???
  • #9,273
  • Aug 25, 2011 2:17pm Aug 25, 2011 2:17pm
Quoting hermanforex
I also had a look at the hammer on D1 chart. The candle stil has 6 hours to go or 25% I also want to see where it closes. Can I have some oppinions please. Where would you like to see the dayly candle's close to know its over with the downtrend? 1760? 1793? .....???
above 1765 seems to be good enough for me. but it's having such a hard time piercing it.
  • #9,274
  • Edited 2:50pm Aug 25, 2011 2:37pm | Edited 2:50pm
on my chart Resistance is as follows: R1 is at 1740 R2 is at 1760 price is above 1760 already I still have my Long postitions open. I took profits on all my shorts at once. When I saw price stopping around 1755-1767 I opened 3 short positions again. If price goes up I either want to close the new shorts with a small loss. or maybe close one short and open a long, close another short and open another long untill its all closed
Attached Image
  • #9,275
  • Aug 25, 2011 2:48pm Aug 25, 2011 2:48pm
Quoting hermanforex
on my chart Resistance is as follows: R1 is at 1740 R2 is at 1760 price is above 1760 already I still have my Long postitions open. I took profits on all my shorts at once. When I saw price stopping around 1755-1767 I opened 3 short positions again. If price goes up I either want to close the new shorts with a small loss. or maybe close one short open and open a long, close another short open a long and untill its all closed
I would just trade one way and with one position then add to it while you're safely in the green - your account looks like it will go bang soon otherwise.
Anything can happen.
  • #9,276
  • Aug 25, 2011 2:50pm Aug 25, 2011 2:50pm
Quoting ddinnov
I would just trade one way and with one position then add to it while you're safely in the green - your account looks like it will go bang soon otherwise.
i agree completely
  • #9,277
  • Aug 25, 2011 2:53pm Aug 25, 2011 2:53pm
Pierced through 100SMA on H4 chart.

If price keeps above 1768 for 7 more minutes, the candle will close above the MA.
  • #9,278
  • Aug 25, 2011 2:55pm Aug 25, 2011 2:55pm
Quoting hermanforex
on my chart Resistance is as follows: R1 is at 1740 R2 is at 1760 price is above 1760 already I still have my Long postitions open. I took profits on all my shorts at once. When I saw price stopping around 1755-1767 I opened 3 short positions again. If price goes up I either want to close the new shorts with a small loss. or maybe close one short and open a long, close another short and open another long untill its all closed
by the way dont be too much in a hurry to gain back what you lost.
  • #9,279
  • Edited 3:10pm Aug 25, 2011 2:56pm | Edited 3:10pm
Quoting lilpip
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.
silvers rotation back up to daily trend guide is noted.
thur. daily
43.52
40.97
38.42
gold up from daily lows 1726 heading towards yesterdays breakout 1773 and weekly trend guide or pivot for fridays finish, bias is with the momentum down from 1773-7 and 40.97
thur daily
1880
1807
1726
weekly
1912
1777
1642
  • #9,280
  • Aug 25, 2011 3:04pm Aug 25, 2011 3:04pm
Quoting ddinnov
I would just trade one way and with one position then add to it while you're safely in the green - your account looks like it will go bang soon otherwise.
I only had one open then baught $ dip then $30 dip. gold kept on going down so I hedged my account. Ill trade safer in future as my account grows. I like opening a 0.01 and adding to it. thats how I traded this month. I started this month with a $50 deposit. survived the $80 corection, but I traded a lot worse with the $80 drop
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