appreciates Walt's charts and thoughts 
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #14,604
- Dec 17, 2011 10:27am Dec 17, 2011 10:27am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
I'm just seeing this post now, so all the profit from the full contracts on the 275 appx USD run up you had got wiped out because of more buy orders added?
If I can give you some advice, when you've had a good run like that, DON'T Start adding higher, it will destroy your average buy in price and the second part is,
Once you see gold hit a resistance and count either 4-5 H4 or daily bars not breaking it, take profit and expect some correction.
When trading shorter time frames, I would use the 5th H1 bar as the exit.
We know when she sells off it's much more violent than the rising -- usually-- The best thing to do if your not short is stay FAR away until the dust settles or a MAJOR support is hit..
Sorry to hear
If I can give you some advice, when you've had a good run like that, DON'T Start adding higher, it will destroy your average buy in price and the second part is,
Once you see gold hit a resistance and count either 4-5 H4 or daily bars not breaking it, take profit and expect some correction.
When trading shorter time frames, I would use the 5th H1 bar as the exit.
We know when she sells off it's much more violent than the rising -- usually-- The best thing to do if your not short is stay FAR away until the dust settles or a MAJOR support is hit..
Sorry to hear
Damn! Unlucky!!
I'm so not keen jumping in!!! Gold has been my best trade, and also holds my worse trade too!
Rode a three full contracts from 1611 to 1891, added another 2 longs only to see that mega correction! wiped out all my winnings.
what happened was that I set more buy in's and while I was at work, they got triggered, and slammed my stops within the hour - and the stops were around 50pips each!!
Got slammed on that day... I will never forget that day
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,605
- Dec 17, 2011 10:29am Dec 17, 2011 10:29am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,606
- Dec 17, 2011 10:54am Dec 17, 2011 10:54am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,608
- Dec 17, 2011 12:04pm Dec 17, 2011 12:04pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,609
- Dec 17, 2011 12:08pm Dec 17, 2011 12:08pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,610
- Dec 17, 2011 12:10pm Dec 17, 2011 12:10pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,611
- Dec 17, 2011 12:31pm Dec 17, 2011 12:31pm
If the Euro were to have another massive fallout, at some point the Eurozone and it's people commercial and non would turn to gold
as they did before.
Gold may be safe heaven...And this time it not looks like
I hope you are right and gold will move up...
- #14,612
- Dec 17, 2011 12:48pm Dec 17, 2011 12:48pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
If I knew the answer to that I would be on a beach in Paradise surrounded by women and margaritas.
There is no direct reason or not. The best examples I can give you is that the market is like an ocean it ebbs and flows (goes out and comes in) like the waves we see on charts.
Think of it like this. Two watches one ever so slightly faster than the next are running, at some point the faster watch will overlap the slow one and the two will come together in harmony.
Some other examples. Although, the correlation of many many years Gold down USD up has been broken, it is certainly not forgotten.
Gold although a safe haven is still considered risk. When "risk is off" traders look to cut potentially dangerous positions.
Although it has epic problems when risk is really really off and the market is scared everyone floods to the dollar. It still is the world reserve currency.
There is no direct reason or not. The best examples I can give you is that the market is like an ocean it ebbs and flows (goes out and comes in) like the waves we see on charts.
Think of it like this. Two watches one ever so slightly faster than the next are running, at some point the faster watch will overlap the slow one and the two will come together in harmony.
Some other examples. Although, the correlation of many many years Gold down USD up has been broken, it is certainly not forgotten.
Gold although a safe haven is still considered risk. When "risk is off" traders look to cut potentially dangerous positions.
Although it has epic problems when risk is really really off and the market is scared everyone floods to the dollar. It still is the world reserve currency.
I hope so.Why gold Is and was correlated now and when it will drop more it will not be corelated? I know i have stupid questions but still.
Gold may be safe heaven...And this time it not looks like
I hope you are right and gold will move up...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #14,616
- Edited 8:12am Dec 18, 2011 7:27am | Edited 8:12am
Looking at the cot data, open interest is dropping since weeks, meaning no new "big" buyer stepping in. Commercials positions are rising and far from the extremes. The big speculators (M. Soros and C°) are selling.
As for Directionnal movement: -DI>ADX>+DI, with ADX above 23, suggesting we might be in rather an established bearish trend.
Therefore I certainly don't expect gold to reach the 2.000 figure any time soon.
As for Directionnal movement: -DI>ADX>+DI, with ADX above 23, suggesting we might be in rather an established bearish trend.
Therefore I certainly don't expect gold to reach the 2.000 figure any time soon.
what i think its year close and to maintain their balance sheets big giants are busy in the same.
so i think we might see nice bullish move in jan 1st to 3rd week
Patience is magic
I doubt if there is anything "strong bearish" or "strong bullish" at the moment.
I don't have confidence in paper be it Dollar or Euro.
Silver is at such a good price, less than one dollar for one gram
(Note: Please do not take my words as they hold no value because i am not an expert, neither am i a daily trader)
I don't have confidence in paper be it Dollar or Euro.
Silver is at such a good price, less than one dollar for one gram
(Note: Please do not take my words as they hold no value because i am not an expert, neither am i a daily trader)
- #14,619
- Dec 18, 2011 8:36am Dec 18, 2011 8:36am
I doubt if there is anything "strong bearish" or "strong bullish" at the moment.
I don't have confidence in paper be it Dollar or Euro.
Silver is at such a good price, less than one dollar for one gram
(Note: Please do not take my words as they hold no value because i am not an expert, neither am i a daily trader)
- #14,620
- Dec 18, 2011 11:02am Dec 18, 2011 11:02am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News