XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 674 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD, Silver/USD

Similar Threads

Gold futures & XAU 78 replies

GoldenEuro Cross (XAU/EUR) GoldenAussi Cross (XAU/AUD) 51 replies

Daytrade - XAU/USD & XAG/USD 14 replies

XAU/JPY & XAG/JPY 13 replies

Successful XAU/USD traders 7 replies

Attachments: XAU/USD & XAG/USD - Gold & Silver Traders Thread
Exit Attachments

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

  • #13,461
  • Nov 22, 2011 3:32am Nov 22, 2011 3:32am
Quoting FX Tsunami
I do guess she moves to 1700 where i see a fib 38.2 resistance an also a pshyc level.

I also see the trend line being broken and what is happening now, is a good retracement for short again @ 1700...

Any contradictions???


Chart attached.
I'm targeting the recent bar lows at around 1714/15ish. Just pumping and dumping at the moment.
Anything can happen.
  • #13,462
  • Nov 22, 2011 3:40am Nov 22, 2011 3:40am
Quoting ddinnov
I'm targeting the recent bar lows at around 1714/15ish. Just pumping and dumping at the moment.


I am gonna stay away from gold now, as i already got a short in AUD.

Really, the market is scaring me buddy
  • #13,463
  • Nov 22, 2011 4:57am Nov 22, 2011 4:57am
will gold fall down without touching 1710?
I am sell side.. waiting for big leg down.
To Your Success!!
  • #13,464
  • Nov 22, 2011 5:34am Nov 22, 2011 5:34am
While all this EUR intervention is happening it's very hard to make sense of anything right now..
Anything can happen.
  • #13,465
  • Nov 22, 2011 5:38am Nov 22, 2011 5:38am
Quoting ddinnov
While all this EUR intervention is happening it's very hard to make sense of anything right now..
I am with you there!!
  • #13,466
  • Nov 22, 2011 7:38am Nov 22, 2011 7:38am
Quoting XTrade
I am usually in favor of correction before moving higher to keep the chart healthy and not ahead of itself. Look at what happened the last time we went too high too fast.
I am with you on that sentiment. Looking for a drop down to 1680 now before taking off above 1700, maybe 1730ish.
  • #13,467
  • Nov 22, 2011 8:24am Nov 22, 2011 8:24am
Quoting ddinnov
I used to think that as well but I noticed that most people will drag from the left hand to the right either if it's from a swing high to a swing low or vice versa so I do the same..........

I'm probably doing it wrong though.
Then whomever most people are are wrong as well. But my experience they don't.

It is a retracement tool so it measures retracements. Market was going higher till Ot 28 high (from either Sept 26 or Oct 20 lows - whichever you choose to measure from) so measuring how far down the retracement will go means what percent of the move up will retrace back down - i.e. a minor retrace 38.2% or a major retrace 61.8% or even 100% or greater.

But a market can't retrace for example 61.8% and then 38.2% - mathematically impossible. BTW 50% no matter the direction is the same and 38.2% and 61.8% are mirror images of each other. But then so is 1200 noon and 1200 midnight. So there is a difference if you want others to understand you correctly.
  • #13,468
  • Nov 22, 2011 8:25am Nov 22, 2011 8:25am
doji on 4h.This means change of direction?
http://upload.wikimedia.org/wikipedi...eutral.svg.png
  • #13,469
  • Nov 22, 2011 8:37am Nov 22, 2011 8:37am
Quoting bumapatria
the first chart is the orthodox way of doing it......... but definitely the normal orthodox way is the 1st hchart
No not just the orthodox way, the correct way.

Any drawing tool can be used "as you like" but first off not when you are trying to make a point with others who use it the correct way. And secondly in order for a technique to work each time rules have to be followed so it isn't this time it works and the next time maybe not.

In an upmove a retracement is only one direction - down and in a downmove a retracement is only one direction - up. Simple.
  • #13,470
  • Nov 22, 2011 8:45am Nov 22, 2011 8:45am
i aint entered any trade today so far. waiting and observing ....
  • #13,471
  • Nov 22, 2011 8:50am Nov 22, 2011 8:50am
Quoting whatfx
i aint entered any trade today so far. waiting and observing ....
what do you expecting? Down move ? to 1640 or 1620?
  • #13,472
  • Nov 22, 2011 8:51am Nov 22, 2011 8:51am
What is your reasoning for "the big leg down"?

We have just hit a viable weekly pivot and the price is rising.

No currency is in good shape. Sooo.

Quoting ndsouz
will gold fall down without touching 1710?
I am sell side.. waiting for big leg down.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #13,473
  • Nov 22, 2011 8:55am Nov 22, 2011 8:55am
Quoting Ravissek
what do you expecting? Down move ? to 1640 or 1620?

cant be sure at the moment...
  • #13,474
  • Nov 22, 2011 8:57am Nov 22, 2011 8:57am
This is only a minor trendline. For the strong lines look at the weekly channel.

I posted it in my second to last post.

Here it is today.

Quoting FX Tsunami
I do guess she moves to 1700 where i see a fib 38.2 resistance an also a pshyc level.

I also see the trend line being broken and what is happening now, is a good retracement for short again @ 1700...

Any contradictions???


Chart attached.
Attached Image (click to enlarge)
Click to Enlarge Name: gold channel weekly nov late.GIF Size: 32 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #13,475
  • Nov 22, 2011 8:59am Nov 22, 2011 8:59am
i dont see much steam left on buys for at least the next 2-3 hours. could see a small fall in the meantime.
  • #13,476
  • Nov 22, 2011 9:00am Nov 22, 2011 9:00am
Quoting whatfx
i dont see much steam left on buys for at least the next 2-3 hours. could see a small fall in the meantime.
Agree
  • #13,477
  • Nov 22, 2011 9:00am Nov 22, 2011 9:00am
One could take this as the classic 4 bar setup.

Especially b/c it's on the daily.

Enter on 4th bar all bars formed on support usually suggests an upmove.

see below. We need to break

32.70 area to get out of this funk
Attached Image (click to enlarge)
Click to Enlarge Name: silver 4 bar setup.GIF Size: 23 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #13,478
  • Nov 22, 2011 9:05am Nov 22, 2011 9:05am
The big blue line in the silver chart is an old TL from the last run up to 50.

we have a small LTL rising and some horizontal resistance noted in last post coming up.

The two lines could theoretically form a new upward channel.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #13,479
  • Nov 22, 2011 9:07am Nov 22, 2011 9:07am
US stox just opened a half hour ago and london is not closed.

Once the ETFs get pumping the price can start moving.

Always be aware of a dip around noon when London signs off and possibly takes profit.

Quoting whatfx
i dont see much steam left on buys for at least the next 2-3 hours. could see a small fall in the meantime.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #13,480
  • Nov 22, 2011 9:12am Nov 22, 2011 9:12am
A rise and hold above 1700 could trigger buying due to reinforced support.

We are 70 cents away at current post.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
104 traders viewing now