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

I don't quite understand with the above 1830, sneak some small longs. What does it mean?

Sorry I didn't quite get it..

Thanks

Thanks a lot, Real good words of wisdom and support. It really means a lot.

I wish you very good luck and may the success all be yours. I am going back to my demo account which i started with 10k and is now on 679k, only which made me believe i can do it in real market too but maybe there is much more for me to learn, and this surely was a good lesson.

wow... buy limit was hit at 1800 while I was asleep, was it really closed at 1827? I can only check out from bloomberg.com as I'm outside away from MT4!

Have a nice weekend, everyone. A nice shoot up to 2000 won't be surprising anymore......................

Thanks Bemac for noticing my post and taking the time to reply, i really liked your posts and analysis.

i am indeed ready to work harder then before and play by the rules. I honestly dont expect to make my 10k back overnight, all i cant do now is more loss. I have 1 year to make it back till my wedding and i guess making 10k in 1 year is not an unreasonable demand, is it?

I will be trading in small lots (STRICTLY) but my problem is that now i have lost confidence of reading charts to decide the entry point and sls and tps. Until last week i thought i was getting better in reading charts but now i doubt my own knowledge and judgement.

Most of the people here like you, xtrade, beep, ShirleyLo, patguchi and many more do a very good analysis of market, i thought i was about 10% as good as you guys but now i am all doubts. It might be an unreasonable request but if you guys can share your entry points and any tips, reading material, any advice would be great. You can post here or message me directly. This way i can compare my chart reading with yours and sometimes if i cant read it at all i can try to understand how you read it.

Last but not the least i would once again thank all of you for your support to my message with the bottom of my heart. It really meant a lot to me and reduced my depression. Before posting on here i didnt expect people would care, but its a very nice feeling to see the people who are spending time to help someone. Thank you all. I hope you are rewarded by the power who runs the universe and offcourse by the market.

P.s Bemac I just have collected some material to study this weekend and then i am ready for your advice.

Hey Beeb, sorry for not commenting properly, but I think probably at least 5 views of that particular fork were mine - sometimes I have 3 or 4 of your forks open at once, studying their progressions, trying to replicate them on my charts and see how they fit with fibos and all the other terms new to me - I am soaking up all I can from you and Bemac, Lilpip and everyone else kind enough to share their systems and rules etc. The various 'rules' that have been detailed this week are stuck to my screens (my husband thought it inappropriate to staple them to my forehead or tattoo them on my arm) and read several times daily - I have never been so disciplined, thanks to you guys.

Please don't take my rudeness / ignorance as not appreciating your efforts to teach - if not for people like you I would definitely have cleaned myself out this past week, but now the small losses I made almost seem like profits, I am so relieved, and unlike previous clean-outs I KNOW that with your teachings I will be back in overall profit again soon - thank you so much!

cheers Cath

it's funny that i have to practically be awake for 36 hours or more to finally get a decent entry point while our mentors can sleep soundly while they make money

time to put that on my vision board. "sleep and make lots of money like the peeps in gold forums"

Good Day Everyone,

Just would like to introduce myself here. I am new to FX and just about as raw as they come. Started trading gold using an MT4 about 2 months ago and this thread has proven invaluable. Look forward to learning more from all the veterans here.

So far have not been able to take any profit. Account keeps going up and down. My only achievement (if it can be called that at all) so far was being able to avoid a margin call during this most recent retrace.

As usual with forums, I will do my best to read through the earlier posts and search the forums before posting in advance but I apologize should I post a question that has been asked 3,564 times.

Regards

This is my plan for gold next week if this continues. My only concern is that it's moving a bit hard and fast, would prefer if it plodded along..

"time to put that on my vision board. "sleep and make lots of money like the peeps in gold forums" (Patguchi)

....now that would be worth stapling to my forehead or tattooing on !!!

Thanks for all the positive comments after I withdrew a chart and flounced off lol. I suppose I was a bit peeved that I had taken time out from an extremely busy dealing day to post a chart that I thought gave context to what was going on and after 40 minutes and 117 views nobody had responded.....I'm glad some people got some benefit from it, though I don't know whether to be pleased or insulted that Bemac considers me one of his “wingmen” lol.....

So I thought I would at least spend some time showing those that are interested how I found long positions in a market that had dropped so far. I hope this isn't too technical......

I had commented that when shorter timeframes are getting swamped you need to look at longer timeframes and as I posted in #9339 I thought I had found possible support off an old 240 min GC fork.

Chart 1 - This is an Unmodified Schiff (google it) off late Jan lows which I had discarded as the ascent out of it had been very steep. From the red circles you can see that it had been very much in harmony with price – esp the July touch on the outer quartile. I also liked the early Aug gap circled in green at the red outer quartile where resistance became support. The green arrow shows where I first noticed it and posted about it.

Chart 2 shows it in detail – note how the arrowed bar at the red quartile closes at the very top of the range – this put me on red alert for a long.....

Chart 3 shows what happened next and as you can see there is a second bar at the red quartile. In order to find a long I went down to a 1 minute chart.

Chart 4 is that 1 minute chart. Purple horizontal is 1700 level (big round number useful for hiding stops behind). Point A is the low of the first 240 minute bar – note how there are two other touches at that level and how point 3 does not get that low.
I was drawing numerous upforks but the black one caught my eye because of the support along the LP as shown by the green line. I was hoping that price would revisit the lows so when I saw point 2 was not as high in the fork as point 1 (despite being higher horizontally) I was alerted to the possibility of weakness. The yellow downfork is the result and that seemed to define price very well. When price hit the LP of the yellow fork at 3 and bounced and I saw that the low was above the lows at A and C, I was ready to take the long. I took it on the bar with the red arrow and put my stop below previous lows and the 1700 round number. When price did not reach any lower in the fork than it did at 4 before moving higher I was pretty sure that the lows were in. On seeing the bounce at 5 I moved the stop for the original entry to breakeven and went long again. The same situation happened at 6.

Chart 5 is back to the 240 minute and you can see price moved strongly away from the red quartile. Not surprisingly to those who use forks it found resistance at the green SP.

What happens from here is anybody's guess – it could open with a gap up or down by $50 – or it could go sideways. Obviously there are those who will see a dip from here as being evidence of a head and shoulders formation. All I would say is be cautious on Monday as it is a London bank holiday and much of the depth of the market will be missing – for newbies read up on the London Spot market as it is far bigger than comex. Fundamentals for gold are still very bullish but as we have seen the market can move violently in both directions. Imperative to use stops appropriate to the timescale you are trading.

I hope this long winded account has been useful to some – obviously my trading style is not suited to all – but I think it is more reasoned than the “It's gone down so it will go up” (or vice versa) approach........


beeb

Thank you Beeb, I will work through these for sure, really appreciate it. Coming from a fundamentals background i guess to start with it looked like u could draw lines anywhere along a chart and have prices touch it - it is taking a while to accept that these lines can predict future prices also - quite an exciting concept for me !! (And just quietly, I reckon being a trader like Bemac's wingman would be just about the ultimate traders honor!!)

Thanks beeb again for your time and expertise.

Very helpful and detailed explanation thank you.
Questions: Am i right to see double bottom and double tops in your graphs? Do you believe in them? How much importance will you give to the closing point being on resistance?

I need some reading material to understand forks better. Unless someone is willing to explain it in detail here?

Thank you beeb !

http://lcchong.files.wordpress.com/2...ng?w=877&h=397

http://lcchong.files.wordpress.com/2...ng?w=877&h=397

WE ARE GOING INTO A HURRICANE IN THE WEST COAST USA.

Gold Friday trade.

Great charts beeb thanks.

I've been following ur advice and went to my M1 or M5 charts to determine a bigger move. I also have learnt from a few online eds and your charts to use forks nicely. It has given me nice profits from its good entry and exit points (I sucked at this before, no, really sucked).

I do have one q though: I actually drew my forks from W1 if I want to see D1 price movement. and say I wanna see H4 price movement, I'd draw fork on D1 chart. I don't know if I'm doing it right?

It seems to work when used together with daily pivot points from IBFX (as you know I mentioned a few times how I love them). Say the R1 in my IBFX is 1800, it's like 1798 or 1803 in my forks.

But wouldn't that mean I work the total opposite of your methods? hmm...I may swallowed too much gold flakes last month from Japanese sake with gold flakes in it. GOLD FLAKES in sake! Talk about uranium radiation eroding my brain!

Shirly Lo.
I wouldn't personally put to much weight in using the M1 to determine "bigger moves" especially with gold.

At times an average size screen with an average size chart can be completely misleading in not only the direction, but also the entries, sometimes just (especially in range) look like a bunch of NoIzZzZzZzE.

There are plenty of headfakes and false entries presented on the M1 that can sometimes lead to one buing or selling 5 or 6 bucks away from the true support/ resistance.

Yes, trends can appear on the M1 / M5 before say the H1 chart due to the low time frame.

Yet, unless you are using MTF, be careful on relying to much on the M1 / 5 for true signals.

If you are scalping then obviously these charts are your best friend.