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

  • #12,581
  • Oct 26, 2011 3:51pm Oct 26, 2011 3:51pm
looks like it is getting ready to push thru resistance 2 at 1726. 2nd test of that res today....think I might open a scalp buy....gonna use silver as a leading indicator.
I expect it to make its way up to 1750 before it retraces.

gonna wait until after 0020hr gmt to see where it is at.
Life's a bitch....so be a dog and cover it!
  • #12,582
  • Oct 26, 2011 4:34pm Oct 26, 2011 4:34pm
Quoting lilpip
If we can break this 33.22-28 she just might.
I have this 33.28 area as a monthly pivot and 35.15 as quarterly pivot.
ok 1714 and 33.22-28 what do ya have ?
wed bias is up from tues. break and wed pivot area 1672 -80
wed.daily
1724
1672
1620
slvr daily
33.89
32.20
30.47
bias is up from days pivot and tue. days break 32.20-51
wed daily highs hit.
bias up from 1685-93 area
thur.daily
1740-45
1685-93
1650
  • #12,583
  • Oct 26, 2011 9:49pm Oct 26, 2011 9:49pm
Quoting fawaol
Hit BE .....
Better BE than a loss!
  • #12,584
  • Oct 27, 2011 12:12am Oct 27, 2011 12:12am
i need you guys opinion, i have open sell at 1650 and now i dont know whether to hold this sell or just cut it ?
  • #12,585
  • Oct 27, 2011 12:49am Oct 27, 2011 12:49am
Quoting imiebcm
i need you guys opinion, i have open sell at 1650 and now i dont know whether to hold this sell or just cut it ?
When you hold sell you are dumbass.You can hold long.Sell only with SL.
  • #12,586
  • Oct 27, 2011 1:55am Oct 27, 2011 1:55am
Quoting Ravissek
When you hold sell you are dumbass.You can hold long.Sell only with SL.
the trend is your friend... don't go against her. she will eat you alive
  • #12,587
  • Oct 27, 2011 2:46am Oct 27, 2011 2:46am
Quoting imiebcm
i need you guys opinion, i have open sell at 1650 and now i dont know whether to hold this sell or just cut it ?
Yeah, I've put on trades with no plan before (first learning) and it is a crappy feeling when things don't go the way you pictured it.

"I feel your pain." ~ Bill Clinton
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #12,588
  • Oct 27, 2011 3:28am Oct 27, 2011 3:28am
Quoting LasVahGoose
Yeah, I've put on trades with no plan before (first learning) and it is a crappy feeling when things don't go the way you pictured it.

"I feel your pain." ~ Bill Clinton
yeah you are right, im new in forex and this is a good lesson for me...
now i just close my position first
  • #12,589
  • Oct 27, 2011 4:14am Oct 27, 2011 4:14am
Quoting imiebcm
yeah you are right, im new in forex and this is a good lesson for me...
now i just close my position first
Consider the money lost as an investment. Most people learn from losing money in this business, as long as you learn form the mistake it's money well spent
Anything can happen.
  • #12,590
  • Oct 27, 2011 4:18am Oct 27, 2011 4:18am
I'm wondering if gold has switched from risk on to risk off or if we are just taking a breather after the recent breakout - or going back into a range..

I read something (bastard thread) about this EU deal opening a back door to QE3 which would explain the recent rally in gold and commodities..
Anything can happen.
  • #12,591
  • Oct 27, 2011 6:26am Oct 27, 2011 6:26am
Quoting ddinnov
Consider the money lost as an investment. Most people learn from losing money in this business, as long as you learn form the mistake it's money well spent
for my friends and i we call it "tuition fee". it's like paying to learn so essentially you didn't lose anything because you ended up learning something.

...or because you simply just been schooled by the market.
  • #12,592
  • Oct 27, 2011 6:37am Oct 27, 2011 6:37am
Quoting patguchi
for my friends and i we call it "tuition fee". it's like paying to learn so essentially you didn't lose anything because you ended up learning something.

...or because you simply just been schooled by the market.
I don't know how may times I've read about certain rules (stops, money management etc) and had it drummed into me but still had to learn the hard way that no I'm not different and yes these rules are there for a very good reason..

I think I might not be alone in this as well..

Back on topic - I'm long both targeting the recent highs, would love to see a B/O but a scalp to 1628/$34ish would be great. I still see upward momentum...
Anything can happen.
  • #12,593
  • Oct 27, 2011 6:45am Oct 27, 2011 6:45am
just staring at the chart ....

fibo and parallel trend lines ...

technical versus fundamental ...

a case of strong euro, weak usd , strong gold ... ?

or pump and then dump (as in bear flag ) ...?
Attached Image (click to enlarge)
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Attached Image
  • #12,594
  • Oct 27, 2011 6:56am Oct 27, 2011 6:56am
trying to be a bit cheeky ...

is this a camel pattern ?

( remember reading somewhere in forexfactory about this pattern ...for fun or otherwise ... how is this interpreted ...? )

** wide grin **
Attached Image
  • #12,595
  • Oct 27, 2011 7:12am Oct 27, 2011 7:12am
Quoting TheArcher
trying to be a bit cheeky ...

is this a camel pattern ?

( remember reading somewhere in forexfactory about this pattern ...for fun or otherwise ... how is this interpreted ...? )

** wide grin **

Looks like a camel to me, i can see its rear leg and tail, head is still incomplete and no front leg!
  • #12,596
  • Oct 27, 2011 7:50am Oct 27, 2011 7:50am
Quoting ddinnov
I don't know how may times I've read about certain rules (stops, money management etc) and had it drummed into me but still had to learn the hard way that no I'm not different and yes these rules are there for a very good reason..

I think I might not be alone in this as well..

Back on topic - I'm long both targeting the recent highs, would love to see a B/O but a scalp to 1628/$34ish would be great. I still see upward momentum...
- Now we just need them both to break out
Anything can happen.
  • #12,597
  • Oct 27, 2011 8:17am Oct 27, 2011 8:17am
Seems to be a fair amount of upward pressure on these resistance levels $1725ish/$34. They might breach soon.....
Anything can happen.
  • #12,598
  • Oct 27, 2011 9:17am Oct 27, 2011 9:17am
http://www.ft.com/cms/s/0/eb342ad4-d...#axzz1bzRnYzfp


Quote
The conclusion is that the volume of gold traded in London is ten times what is implied by the clearing statistics: 10.9bn ounces of gold, worth $15,200bn, changed hands in the first quarter of this year, according to the LBMA’s estimate.

That is 125 times the annual output of the world’s gold mines – and twice the quantity of gold that has ever been mined.

My question is, if there existed Only physical buying and selling what would be the price of gold at present?
  • #12,599
  • Oct 27, 2011 9:19am Oct 27, 2011 9:19am
We might be off to the races again
Anything can happen.
  • #12,600
  • Edited 11:12am Oct 27, 2011 9:51am | Edited 11:12am
opened a buy at 1728.....looking for resistance and close at around 1750

Pretty heavy resistance expected at around 1735 restistance 2 fib level

Res 3 is actually at about 1747.

so expecting it to be a bit choppy on the ride up.

Once it hit around 1750...I expect a large correction coz it is at the top channel on the weekly chart....so correction expected down to lower channel....and back to sma 150 on the daily chart.

got take profit set to 1747 on one order.....gonna let the other one ride with $12 trailing stop.
Attached Image(s) (click to enlarge)
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Life's a bitch....so be a dog and cover it!
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