XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 627 | Metals Mine

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

  • #12,521
  • Oct 25, 2011 2:52pm Oct 25, 2011 2:52pm
Wheels, that was a good article you posted, all the thugs are in that list
  • #12,522
  • Oct 25, 2011 2:58pm Oct 25, 2011 2:58pm
Now I'm not sure what is afoot, but bearish candle volume has increased closer to the 1700.XX level.
  • #12,523
  • Oct 25, 2011 3:40pm Oct 25, 2011 3:40pm
The ailing dollar was UP today.
  • #12,524
  • Oct 25, 2011 3:42pm Oct 25, 2011 3:42pm
That is interesting.

Guess enough $$$ was dumped into gold to counteract the effects of a stronger dollar.
  • #12,525
  • Oct 25, 2011 3:43pm Oct 25, 2011 3:43pm
In my part of the world, Ommmmm Occupy Miami for a laugh:

http://www.miaminewtimes.com/2011-10...ead-can-dance/

Note this is a leftie rag. Not no right wing-nut reporter.
  • #12,526
  • Oct 25, 2011 4:09pm Oct 25, 2011 4:09pm
Hmm I wonder if some inside knowledge about what is going to come out of the Eurozone debt crisis meetings is being priced in here... Hard to call because maybe this is a orchestrated whipsaw in action, and the weak shorts are being gobbled up, whilst the weak bulls are being drawn in, which I can imagine, before lift off.

I am still going to be keenly watching what comes, or doesn't come out out of Europe tomorrow.. and how this effects general sentiment and risk , and how it effects the USD and EURO, whilst I am not saying the correlations are still in place, you cannot deny that the markets are linked, and depending on what comes out of Europe tomorrow, or not and they just faff us for a few more days, weeks, or if the news is good, or should I say interpreted as bullish for gold, or bad, bearish for gold, then this will effect the PA in gold...

That being said the near vertical rise in Gold earlier today, I cannot help but think it has got to draw back at least a little, one way or another, before resuming upwards, I for one am still cautious... but at this point vigilant, eyeballing 1705
  • #12,527
  • Oct 25, 2011 4:20pm Oct 25, 2011 4:20pm
Although there is only a passing mention of US Gold reserves on page 3 this is an interesting story:

NY Fed's $40 Billion Iraqi Money Trail

http://www.cnbc.com/id/45031100
  • #12,528
  • Oct 25, 2011 4:58pm Oct 25, 2011 4:58pm
No use in taking unecessary drawdown, why fight the smart money?

Quoting Wheels
THIS IS ALWAYS GAMBLING! Even the best of the best admit that this is a game of educated gambling. The market can always turn.

The winners limit their losses.
  • #12,529
  • Oct 25, 2011 5:02pm Oct 25, 2011 5:02pm
Quoting SunTrader
Although there is only a passing mention of US Gold reserves on page 3 this is an interesting story:

NY Fed's $40 Billion Iraqi Money Trail

http://www.cnbc.com/id/45031100
Cool article.
  • #12,530
  • Oct 25, 2011 5:05pm Oct 25, 2011 5:05pm
Quoting Blud4oilPrgm
No use in taking unecessary drawdown, why fight the smart money?
I agree. But once you set sail, all you can do is hold tight with your stop.

No indicator will predict price action so there is always a gamble.

You improve your odds by limiting your losses.
  • #12,531
  • Oct 25, 2011 5:20pm Oct 25, 2011 5:20pm
And back down the hill Jack & Jill go....
  • #12,532
  • Oct 25, 2011 5:30pm Oct 25, 2011 5:30pm
Well that didn't take long to start dropping. Thanks for the skepticism I sold my position for a profit. now short

Attached Image (click to enlarge)
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Quoting Wheels
I agree. But once you set sail, all you can do is hold tight with your stop.

No indicator will predict price action so there is always a gamble.

You improve your odds by limiting your losses.
  • #12,533
  • Oct 25, 2011 5:50pm Oct 25, 2011 5:50pm
Quoting Ravissek
With demo acc you will learn to risk and trade demo money.LOL.
Demos are for pussies
Hey....be nice
Demos are a good way to learn....smarter than losing yer ass to start
Life's a bitch....so be a dog and cover it!
  • #12,534
  • Oct 25, 2011 5:51pm Oct 25, 2011 5:51pm
Quoting SunTrader
hehehe
Life's a bitch....so be a dog and cover it!
  • #12,535
  • Oct 25, 2011 5:55pm Oct 25, 2011 5:55pm
Quoting Blud4oilPrgm
Well that didn't take long to start dropping. Thanks for the skepticism I sold my position for a profit. now short

Attachment
Good for you on the profit.

A little bounce.

Another tease?

I always wonder whether it is a matter of where the smart money resides in these interim movements, or whether it is a matter of where the majority of the weak positions ("dumb money") lie. You know these institutions are about maximizing their gains. For example - people who buy in at the top of a move are likely to feel the pain.

Or maybe it is really just a matter of supply and demand...
  • #12,536
  • Oct 25, 2011 6:26pm Oct 25, 2011 6:26pm
Gold's PA is still following Bemac's ICCE charts from post # 12468, almost to the $.......
  • #12,537
  • Oct 25, 2011 6:27pm Oct 25, 2011 6:27pm
Today was very interesting, any good trader should have enjoyed this week action, at least we can say "interesting". One of todays movers was Gold,XAU/USD. In my opinion we have not seen the top of gold yet, and todays actions favours a longish position if we analize it with my primarly tools that are Price Action and VSA.

Here you can see todays Gold,XAU/USD chart.

Now we have to look for entrys and Risk management.

I have entered Long at 1.695, have put my Stop loss at 1.691, risking 1,5% of my account. My TP is now at 2.000. This mean that the trade has a Risk:Reward of 1:70. That means if it works more than 1,43% of times this trade has Postive Expected Value. Also means we will increase the account with a 105% of our trading capital if we achieve the TP.


**** In case we hit Stop loss I would look for more longs 1.663 and 1.673.


Have a nice day.
Greetings, BeLikewater
  • #12,538
  • Oct 25, 2011 6:43pm Oct 25, 2011 6:43pm
Quoting BeLikeWater
.... I have entered Long at 1.695, have put my Stop loss at 1.691, risking 1,5% of my account. My TP is now at 2.000.
I don't get it. Use PA to determine entry and money management for risk but just throw out there a target of 2000.

Targets and trailing stops should be PA based as well if you are going to do it correctly, otherwise a number is a number whether or not it is a whole number that everybody (95%'ers especially) will be watching..
  • #12,539
  • Oct 25, 2011 7:33pm Oct 25, 2011 7:33pm
Gold went up +$50 this US session due to the festival of Diwali starts in India from the 26th to the 28th. India is the biggest importer and consumer of gold in the world, and demand and purchase of gold jewelry is at peak in that country during this festival.
  • #12,540
  • Oct 25, 2011 7:39pm Oct 25, 2011 7:39pm
Quoting zam4ever
Mine is $1680 with SL @ 1640, and now closed @ 1703. No more posts and still waiting for price to touch 61% fibo before entering short.

cheers
I would say that is a pretty sound strategy....fibs are very powerful.
As is the 4hr chart.
Life's a bitch....so be a dog and cover it!
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