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

both @ daily trend guides 1639 and 29.83 area, although bias is down on the weekly from 1655 and 30.26 , bias is up from pivots on the daily, eyes open on 5 min. to response.

i dont know if my 1610 magic number still would be reached.




stop to +4 implied



over next week i expect weakness as venus goes into pisces in the 6th house (weakest).


just try to hold out as long as i can and ride the wave instead of last time - taking profits too fast. target is 1x2 line still.

parralel aspects are new to the picture of my study - and i researched on all previous htis of moon parralel mars - it seems valid aspect for gold harmonics.

btw - live account.

Fell too quickly so i'm out at 1635. Might reload on the retracement. Hope I made good decision.
Nice run

to each their own, just my own experience...
the idea of the post was to say, why not wait an hour or two and see the direction of the market instead of trying to grab the top 3 or 4 times and get stopped out? Do you want to be right... or make money?

How about this fish?

This *could* be a good time to watch for the reaction and make a risky decision if you are a news trader.

I would get out of EURUSD sells, or at least play them cautiously.

This could be nothing, but I'm watching this like a hawk (at least until bedtime).

Just the kind of news that takes pressure off the Euro fiasco.

http://www.bbc.co.uk/news/business-16539811

Don't know how I missed this.

http://www.cftc.gov/ucm/groups/publi...011-32841a.pdf

The "final order" on Dodd-Frank swap regulation.

Some interesting notes:

1. The compliance deadline pushed into July 2012 (not really a shocker)
2. Swaps between parent and subsidiary need not be reported
3. Caps placed on swaps over a set amount of $$$ that need to be reported (this could mean that we know there are silver swaps between swap dealers and major swap participants, but the total value will be unknown, as well as the identity of the SDs and MSPs...)

Cheers

shorted at 46.71 as we seemed to have reached top of the downsloping channel and 5M bearish engulfing, tight stop = low risk/reward.
EDIT: stopped out for -1.40

Its interesting to see that many people are considering selling at this stage...
..........Lets see:

1) The LT fundamentals are positive,
2) we have just bounced from major weekly and daily resistance,
3) central banks are continually increasing their holdings

4) price retraces down to previous resistance/support at 1635

...a perfect buying opportunity..

My disclosure? Long as per chart below...



When I was a rookie, my biggest failure was to be shaken out strong trends because of fear....If we keep the bigger picture in mind, it pays far more to hang on...

there are many ways to skin a cat: I made over 15 USD yesterday, mostly with trades on the short side ... yes, some didn't work and blew up in my face, and it took a few times to finally get a real nice one but if I had only been looking at long trades I would have hardly made anything.

helpfull link for Big Boy Technical analysis of FX and Gold- silver.
http://www.migbank.com/research-depa...ical-analysis/

Hello guys,

I am long-term bullish on gold, but not yet sure if the bottom of the present correction has been met. Weekly and monthly charts show a downtrend, (lower highs, lower lows) daily chart shows that the bottom may have been 1522, being in an uptrend now. Time will tell.

I expect the first major resistance to be near 1680, then wait for the weekly trend reversal if price goes above 1700 after the expected correction near the 1680 level.

Recession is a big fundamental enemy, but judging from today's insecurity in world markets, I think that the yellow metal will look like a safer place for peoples money, eventhough global commodity prices have to get lower.

I also think that the 1,2T debt ceiling raise to be anounced from the US government is also bullish. USA will create 1,2T out of thin air, that is pure inflation. What do you guys think of that?

Yesterday's fall looked like a head and shoulders pattern that broke, I assume several people had to take profits from that sharp rise. Also many bears would wait at the psychological level of 1650 to sell some. I would expect the break to be at about 10$, as the distance from the base to the high of the head, but he have to consider the small timeframe (5M) making it less reliable and the previous sharp rise, creating more fear to the bulls that already held profits.

I chose to buy some more at 1637 with a small initial stop (1634) because I thought that at that not so volatile time, maybe the stops under the 200day SMA (1637) were being attacked and that would be a false breakout with a nice R/R ratio. As I type this gold has already bumped once on the trendline at 1647. I will wait and see if it is capable of breaking it early London session.

EDIT: Exited at 1645, after the trendline failed to break for two consecutive times.

Could someone explain to me why we had a gap earlier today in Gold and Silver? And what exactly is happenning when there is a gap?
Thanx for any replies

Gann: "How to make profits trading in commodities" - you will also learn about entries when the weight of the market is with you.

Gaps increase with some markets more than others. Can you think why?

p.s. ta Bemac. Are you a Great Britain guy or a Scottish guy in a devoluted way?

Price moves according to supply and demand.

If gold trades at 1600/1600.5 (bid/ask) assuming a 0.5 dollars spread and someone places a sell order at 1600 for example, then someone at 1600.5 (the equivalent ask price) must buy the EXACT amount for the price to remain the same. If the buyers are willing to buy less than the sellers are selling, the price moves down to find more buyers.

If there is one seller selling 1000 ounces at 1600 and there are buyers buying 100 ounces at that level(1600.5 for buy), the price moves lower searching for more buyers.
Lets says there are some buy limits for 1600(that's 1599.5 bid) for 400 ounces and other buyers are waiting lower at the 1599 level with 500 ounces.

So, for the initial order of 1600 bid 1000 ounces move to be filled, the price moves to 1598.5 (1599 ask price) because that order alove moved the price. If during that order your charting program was finishing formatting a candle and was starting a new one then a gap should be depicted. Think of it like this: Your 1Min candle closes at just when the seller placed the bid (1600), when the next one opens the price is 1598.5, there is a 1.5 dollar gap between them.

Gaps by nature occur when the market is low on liquidity and the price must move instantly to find sellers/buyers.

You can see bigger gaps after weekends when the market digests new information and orders are placed accordingly so the Monday opening finds the price shifted. Gold and silver spot market are not traded between from 21:00 GMT to 22:00 GMT. This 1 hour period allows orders to be accumulated and the price to gap as described.

Took RSI divergence while 5M did a key-reversal, but didn't manage my trade too well, still looking bearish though in the short term untill proven differently.

Gann: "How to make profits trading in commodities"

...."short term price patterns and opening range breakout" deals with gaps also as well as other useful information.

No need for getting technical.

If there is a open gap on your chart intraday it is because the data is WRONG.

Come on 1630!! I said end of the day (my time), well it's 10PM. 2 hours left so not looking good.
Disclaimer: I don't hold any position right now.
Night.

good advice....my experience too