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  • #11,241
  • Sep 28, 2011 11:40am Sep 28, 2011 11:40am
if price closes under 1633.50 it will give another good hit down
hourly down fractal break
Old Habits Die Hard.
  • #11,242
  • Sep 28, 2011 11:45am Sep 28, 2011 11:45am
Demand??? Price earlier never went beyond yesterday's high.

Now it is trading on the day's low.

Can't be any plainer.
  • #11,243
  • Sep 28, 2011 11:59am Sep 28, 2011 11:59am
Quoting forexfacts
The support we have seen today is not speculative, it is real demand driven.
Every support is demand. Otherwise price would just fall through and not be supported.

A descending triangle is *always* a reason for me to *immediately* open a short position, target is the support line minus the height of the triangle plus a few pips. Stop depends on how confident I feel about it, maximum stop is the top of the triangle plus a few pips (if this level is broken it would not be a triangle anymore).
  • #11,244
  • Sep 28, 2011 12:09pm Sep 28, 2011 12:09pm
Quoting 7bit
Every support is demand. Otherwise price would just fall through and not be supported.

A descending triangle is *always* a reason for me to *immediately* open a short position, target is the support line minus the height of the triangle plus a few pips. Stop depends on how confident I feel about it, maximum stop is the top of the triangle plus a few pips (if this level is broken it would not be a triangle anymore).
Thanks for the lesson 7bit



Quote
Demand??? Price earlier never went beyond yesterday's high.

Now it is trading on the day's low.

Can't be any plainer.

Thanks for the explanation, im learning
  • #11,245
  • Sep 28, 2011 12:21pm Sep 28, 2011 12:21pm
the pending short i had set earlier at 1630 got triggered.

looking at around 25 pips tp for this one. fingers crossed.
  • #11,246
  • Sep 28, 2011 12:32pm Sep 28, 2011 12:32pm
Quoting MapleLeaf
Gold ATM Hits Beijing.

http://english.cri.cn/6909/2011/09/28/2941s660379.htm

What do you think?

The machine is faulty -$10 from my side
  • #11,247
  • Sep 28, 2011 12:34pm Sep 28, 2011 12:34pm
Quoting Doncex
Im shorting
gold reached tp

it is begining of bear steps now fellas
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold short.gif Size: 21 KB
Click to Enlarge Name: gold targer reached.gif Size: 24 KB
  • #11,248
  • Sep 28, 2011 12:52pm Sep 28, 2011 12:52pm
Quoting khan101
1 Short opened @ 1648 will keep opening till 1667 stop loss is 1672 and TP is undecided

Reason bearish triangle
Profit taken 1606 .

Pips up today 42 this trade 4 pips in previous i posted .
  • #11,249
  • Sep 28, 2011 12:54pm Sep 28, 2011 12:54pm
Buy entered @1607 stop loss 1597 tp 1617

Though be cautious as the break of triangle should take it to 1552
  • #11,250
  • Sep 28, 2011 1:04pm Sep 28, 2011 1:04pm
my short at 1630 at +22 pips profit.

moved stop to B.E.

taken half the position off. will let the other half run on....
  • #11,251
  • Sep 28, 2011 1:12pm Sep 28, 2011 1:12pm
Quoting khan101
Buy entered @1607 stop loss 1597 tp 1617

Though be cautious as the break of triangle should take it to 1552
fellas 95% that gold will go down until 1597 level and more
  • #11,252
  • Sep 28, 2011 1:18pm Sep 28, 2011 1:18pm
Quoting Doncex
fellas 95% that gold will go down until 1597 level and more
Dropped $68 from the earlier high. We are almost there so I think you might be right but where does this 95% number come from?
  • #11,253
  • Sep 28, 2011 1:31pm Sep 28, 2011 1:31pm
Quoting Doncex
fellas 95% that gold will go down until 1597 level and more
I know it was a stupid entry i thought of some support at 1600 but you are right i always keep better stop losses this stop loss isn't good enough coz they hunt mostly till 95

i have added 1 more buy here 1601 stop loss still 1597 will get out as soon as i can n wait till the next range
  • #11,254
  • Sep 28, 2011 1:48pm Sep 28, 2011 1:48pm
Quoting Bootleger
Beware of China’s Pan Asia Gold Exchange


Gold markets will never be the same again once China establishes the so called Pan Asia Gold Exchange (PAGE), scheduled to open in June, 2012, analysts predicted.
China actually encourages its citizens to buy gold and silver as part of their savings today. I'd imagine an exchange like this will launch gold in the stratosphere.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #11,255
  • Sep 28, 2011 1:53pm Sep 28, 2011 1:53pm
Quoting khan101
I know it was a stupid entry i thought of some support at 1600 but you are right i always keep better stop losses this stop loss isn't good enough coz they hunt mostly till 95

i have added 1 more buy here 1601 stop loss still 1597 will get out as soon as i can n wait till the next range
Sold both trades 1610.3 (I trade dec contract so price is 1.5 dollar higher )
12 pips more profit total for day
4+42+12 = 58 pips .

Dont take me wrong guyz i am not trying to proof anything i am posting my trades here coz in that way i stick to them so i am helping myself too otherwise my main problem is that i shift my targets and stop losses . so hope fully i can help some people as i am a good short term trader and a big flop on longer term trades.
  • #11,256
  • Sep 28, 2011 1:56pm Sep 28, 2011 1:56pm
Quoting whatfx
my short at 1630 at +22 pips profit.

moved stop to B.E.

taken half the position off. will let the other half run on....
Rly dont know what you uys mean by "pips"
Say your $$ profit
  • #11,257
  • Sep 28, 2011 2:02pm Sep 28, 2011 2:02pm
Quoting Ravissek
Rly dont know what you uys mean by "pips"
Say your $$ profit

Yes, leave pips to forex or the kiddies.
  • #11,258
  • Sep 28, 2011 2:03pm Sep 28, 2011 2:03pm
Ravi for gold ppl usually take 1 $ as 1 pip

This is the bearish triangle though there might be few bumps before we reach 1552
Attached Image (click to enlarge)
Click to Enlarge Name: my documents.gif Size: 29 KB
  • #11,259
  • Sep 28, 2011 2:04pm Sep 28, 2011 2:04pm
Quoting SunTrader

Yes, leave pips to forex or the kiddies.
Yea.When I have 5pips+ and you 5pips +.Its not the same amount of $$.
  • #11,260
  • Sep 28, 2011 2:09pm Sep 28, 2011 2:09pm
Quoting khan101
Ravi for gold ppl usually take 1 $ as 1 pip

This is the bearish triangle though there might be few bumps before we reach 1552
You are telling me that guy wha have 1k post+ will write on forum that he made22$? Ohh man.Thats a lot of money!
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