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

  • #9,441
  • Aug 28, 2011 8:54pm Aug 28, 2011 8:54pm
Quoting patguchi
"you will never go broke taking a profit" - hopefully this is finally sinking in to my greedy head!!!
http://www.forexfactory.com/images/icons/icon7.gif
anyways in my mt4 it shows a gap up from 1806 to 1827. the reason being that my current broker closed 1 hr before the U.S. market closed thus not registering the last hour's gains. i am assuming that this is not a true gap. (my broker just sucks) am i right?
My charts (Market Analyst) and trading platforms (Spectrum Live, IG MArkets) don't show that gap at all. I wouldn't recommend Spectrum Live (they don't finalise trades for up to a day after you execute them - I only use them because IG won't take on Self Managed Super Funds) - I am not sure that I am competent enough yet to recommend anything to you experts here, but so far I have found IG to be good & helpful.......
  • #9,442
  • Edited 1:09am Aug 29, 2011 12:58am | Edited 1:09am
mon. daily silver
44.16
41.44
39.01
weekly silver
44.45
40.86
37.27
bias for week is up from 40.86 and 1799-1812 for gold.
  • #9,443
  • Aug 29, 2011 12:59am Aug 29, 2011 12:59am
What is the gold prediction for today? Going up to 1850 or going down to 1800?

It's unpredictable since sometimes goes up and goes down..
  • #9,444
  • Aug 29, 2011 1:05am Aug 29, 2011 1:05am
the bearish flags on M5 and M15 shows that its going down..but i am not sure what happens next...
Quoting vp920b
What is the gold prediction for today? Going up to 1850 or going down to 1800?

It's unpredictable since sometimes goes up and goes down..
  • #9,445
  • Edited 1:33am Aug 29, 2011 1:12am | Edited 1:33am
Quoting vp920b
What is the gold prediction for today? Going up to 1850 or going down to 1800?

It's unpredictable since sometimes goes up and goes down..
both,unless she changes her mind as to direction and drops below 1800. they both will show us the way on the 5 min.

here we are 40.86 the weekly pivot and stronger trend guide, bouncing down from daily pivot 41.44 area .
gold 1810, eyes open .
view of gold on previous page.
  • #9,446
  • Aug 29, 2011 1:34am Aug 29, 2011 1:34am
Quoting Newbie300
Hi all, I'm in a spot of bother here...

I have 6 short positions on XAU/USD totalling 2 lots.
I got called away to an emergency on Friday and wasn't able to close out or put in stop losses - I know I should have done that at the time of taking the trades but there you go...you live and learn!

I'm trying to figure out how I should react to the potential gap each way at the open:

If it gaps up, I'm wondering whether I should buy 2 lots today at the open to hedge my shorts, expecting it to hit the 61.8 fib level at around 1830 before reversing...
where did you sell? 1700? 1800? Hedging doesn't do it for me.

if you think "oh not gonna get margin call on my shorts until it reaches 2000".... it's not working too...because when it does, it does.

my damage control involving close a portion of my positions and keep an eye on what's happening. Wait until NY opens, opening up my charts and other peoples', check out fundamentals, and then decide.
trading is my zen
  • #9,447
  • Aug 29, 2011 1:37am Aug 29, 2011 1:37am
Quoting ShirleyLo
where did you sell? 1700? 1800? Hedging doesn't do it for me.

if you think "oh not gonna get margin call on my shorts until it reaches 2000".... it's not working too...because when it does, it does.

my damage control involving close a portion of my positions and keep an eye on what's happening. Wait until NY opens, opening up my charts and other peoples', check out fundamentals, and then decide.
hows mm ?
what % down ?
how many more lots you have to pull yourself out ?
where are orders ?

oops meant for newbie.
  • #9,448
  • Aug 29, 2011 1:50am Aug 29, 2011 1:50am
It's approaching the 61.8 retracement of the 1911-->1702 move. It bounced off it earlier but is looking a bit ascending triangle~ish.

It would be very nice to see 1850 act as strong support with my 1830 underwater position and 1797 both at BE and profits locked in..
Attached Image (click to enlarge)
Click to Enlarge Name: gold1h.gif Size: 18 KB
Anything can happen.
  • #9,449
  • Aug 29, 2011 2:49am Aug 29, 2011 2:49am
http://i51.tinypic.com/2co4u4h.gif

bullish triangle forming at 30 min chart

my client ordered me to short. he said he wants to test it out =P
  • #9,450
  • Aug 29, 2011 3:41am Aug 29, 2011 3:41am
I don't trade gold.....and I don't put a lot of faith into head and shoulders patterns either, however.....it is what it is.....or what it might become....
Attached Image (click to enlarge)
Click to Enlarge Name: gold.jpg Size: 107 KB
Doing what you like is Freedom. Liking what you do is Happiness.
  • #9,451
  • Aug 29, 2011 4:48am Aug 29, 2011 4:48am
Quoting realjumper
I don't trade gold.....and I don't put a lot of faith into head and shoulders patterns either, however.....it is what it is.....or what it might become....

Agree - as pointed out in post # 9516....



beeb
  • #9,452
  • Aug 29, 2011 4:55am Aug 29, 2011 4:55am
Quoting realjumper
I don't trade gold.....and I don't put a lot of faith into head and shoulders patterns either, however.....it is what it is.....or what it might become....
hi , friend ... its been a long time since i last posted ....

just curious ... why did u select the 4hr chart ?.... how is the scenario for longer term ?

with the downgrade AA+ rating for US ... and the piling up of casualties in Europe : ireland , portugal . etc ... won't gold be glittering as a safe haven ...?

just curious ... eager to hear ur thoughts on gold ... : )
  • #9,453
  • Aug 29, 2011 4:59am Aug 29, 2011 4:59am
Quoting TheArcher
hi , friend ... its been a long time since i last posted ....

just curious ... why did u select the 4hr chart ?.... how is the scenario for lomger term ?

with the downgrade AA+ rating for US ... and the piling up of casualties in Europe : ireland , portugal . etc ... won't gold be glittering as a safe haven ...?

just curious ... eager to hear ur thoughts on gold ... : )
It should probably go up, but the investors are afraid after the last big drop. Maybe after this week things can calm down and define an uptrend for all this volatibility.
  • #9,454
  • Aug 29, 2011 5:05am Aug 29, 2011 5:05am
agree on the head and shoulder. points (from fibo) they might approach are shown on chart.

then again, as realjumper, not a fan of head n shoulder.....not the shampoo.

Let's wait for new york. a dip to the first support should be a good buy.
Attached Image (click to enlarge)
Click to Enlarge Name: gold evening all.jpg Size: 60 KB
trading is my zen
  • #9,455
  • Edited 8:46am Aug 29, 2011 5:17am | Edited 8:46am
Quoting Newbie300
Hi all, I'm in a spot of bother here...

I have 6 short positions on XAU/USD totalling 2 lots.
I got called away to an emergency on Friday and wasn't able to close out or put in stop losses - I know I should have done that at the time of taking the trades but there you go...you live and learn!

I'm trying to figure out how I should react to the potential gap each way at the open:

If it gaps up, I'm wondering whether I should buy 2 lots today at the open to hedge my shorts, expecting it to hit the 61.8 fib level at around 1830 before reversing...
My advice is: what the the price now is what you have, no matter where you entried, no matter short or long. just forget the pass, make the decision base on what the chart is telling now.

we have triangle forming on H1, if your look something short term, the triangle break out upside will be 1862ish, and downside is 1775 to 178ish.
what to do next is really depends on your money menagement, it's not seems is clear for now.

If I am in this sticky situation, i will do following:
if price drop to downside, close 60% of cargo and place stop at 1785.
if price break up, close half at 1840 and close half at 1866 if H1 bar close above that level. start fresh

reminder: this is my take only, it's your decision to make and count on. the best thing is to avoild mistake at the first place.
Attached Image (click to enlarge)
Click to Enlarge Name: gold h1.jpg Size: 87 KB
seeing through
  • #9,456
  • Aug 29, 2011 5:26am Aug 29, 2011 5:26am
Quoting TheArcher
hi , friend ... its been a long time since i last posted ....

just curious ... why did u select the 4hr chart ?.... how is the scenario for longer term ?

with the downgrade AA+ rating for US ... and the piling up of casualties in Europe : ireland , portugal . etc ... won't gold be glittering as a safe haven ...?

just curious ... eager to hear ur thoughts on gold ... : )
Hello Archer.....yes, long time. I don't post very often.....I see no point in talking just for the sake of talking!

The H4 chart just shows what may or may not become a valid H & S pattern. There is no other reason that I chose it. I'm well aware that every analyst out there says 'buy gold'.......and I'm also aware that H & S patterns fail as often as they succeed. However, I don't much care what analysts say, and if the H&S pattern turns out to be valid, it would be a nice little earner for the gold traders.

Fundamentally, gold is a strange beast......it's pretty much a useless metal.....and it's only worth what people are prepared to pay for it.....and 'people' are notoriously unreliable.

Will gold go up forever?......I doubt it.

Have we reached the top?......Maybe, but there's no way I'd short this here.

The trend probably won't change until the USD recovers, and (to a lesser extent) the Euro recovers. For me, I don't trade gold because (imo) it's movement is a by-product of the currency moves......so I'd rather just trade the currency movers themselves!!

So, for advice on trading gold, there's plenty of people around here with more experience than me!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #9,457
  • Aug 29, 2011 9:23am Aug 29, 2011 9:23am
Dow Jones11,474.50 +189.96 (1.68%)
S&P 5001,199.75 +22.95 (1.95%)
Nasdaq2,533.67 +53.82 (2.17%)

....
....
....

GOLD DOWN.
The Black Swan: The Impact of the Highly Improbable
  • #9,458
  • Aug 29, 2011 9:23am Aug 29, 2011 9:23am
wait for break, test, begin break before taking a position!!! i need to burn that into my head!
  • #9,459
  • Aug 29, 2011 10:36am Aug 29, 2011 10:36am
Quoting ShirleyLo
FXCM and OANDA. They both aren't good, lagging, hard to read, colorful (fxcm) feels like I'm playing lego.
Oanda is good in many reasons like that:
1) Very fast excecution - mt4 lagging fatally.
2) Summary position mangement - great thing for scalping.
3) Nonstandart timeframes - 5s, 10s, 30s & so on.
4) Onchart changing stops, profits.

I keep both platforms opened.
  • #9,460
  • Aug 29, 2011 10:57am Aug 29, 2011 10:57am
I don't know what to say or do just yet? head and shoulder pattern is completed on D1?
trading is my zen
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