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

  • #16,201
  • Feb 7, 2012 9:47am Feb 7, 2012 9:47am
Quoting XTrade
LilPip If you are there the average of my midpoint lines at current bar is 1710.

Now even with a test yesterday it appears as the midline is holding as support,
suggesting a run for channel top, appx 1800 in the coming sessions. See chart.
yup, looks like retest 1735 and then....1750, mate?! ;p
happy surfin'!
-sit back, relax, and maximize my profits with just a trade a day-
  • #16,202
  • Feb 7, 2012 11:46am Feb 7, 2012 11:46am
is it strong enough to beat 1750 now? I dont think so.
  • #16,203
  • Feb 7, 2012 12:23pm Feb 7, 2012 12:23pm
There are obviously always 2 scenarios, let's analyze for both.
As BP has stated this may very well be a pullback in a larger downtrend. I am targeting 1614-1643. We have had quite a run up from 1522 to 1764 so a 50%-62% fib pullback is not out of the question.

The 2nd scenario which I would much rather see is a small pullback from today's move to around 1730 and then go long to 1822-1880. 1710 was approximately the 50% pullback from 1648 to 1764 and 1822 is the 150% projection, 1880 being the 200%.

at time of writing price is 1744.
  • #16,204
  • Feb 7, 2012 1:04pm Feb 7, 2012 1:04pm
Quoting XTrade
Little dip and entry opp down to 1709.

Nice recovery back to 1730.

Looks like it may go for a further push to 1750

Solid call there X man
  • #16,205
  • Feb 7, 2012 2:09pm Feb 7, 2012 2:09pm
Bounce at the bottom of the channel in H4 chart.

Now it is testing midline.

I still think price could drop a little more before going up, although so far Bernanke's mouth seems to be the worst enemy of USD and best friend of gold.
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  • #16,206
  • Feb 7, 2012 8:30pm Feb 7, 2012 8:30pm
Quoting lilpip
tue daily
1757
1731
1705
just as we had eyes open to pa on the 5 min. fri. levels same for tue. at the days lows and weekly pivot level 1705-1708 area.
just as it is a normal pattern to extend out and rotate back to weekly trendguide be mindful of mm as it is also normal to rotate back to monthly trendguide 1680-89 and extend out at the begining of a new monthly timeframe.
tue. started testing daily trend guide 1731 and bouncing south to days lows which lined up with the stronger weekly trendguide 1705-08 area.
with rotation back from last fri. weekly highs 1759 area lets see if we can extend out to this weeks highs 1777.
Bias is up from wed. daily trend guide 1739.
wed. daily
1765
1739
1713
  • #16,207
  • Feb 7, 2012 8:50pm Feb 7, 2012 8:50pm
Hello Guys i am .. Well That doesn't Matter,
i am on sell for atleast 1735 first target then maybe 1725 second.
have 2 open positons opened right now before 5 minutes at 1747
Lets See..
i dont trade gold much other then my own Account,
people are affraid of this Pair but if you can analyse and if you are good at fundamentals also then you will Find GOLD is the best way to make money fast i trade for short tern mostly 15min and 30 min chart.
and i mostly get what i want.
Thank You..

Pip.Sniper
Don't compare your Trades with Others
  • #16,208
  • Feb 7, 2012 8:51pm Feb 7, 2012 8:51pm
To each is own but your midline is a bit high, I draw the midline by using the most areas of support and resistance hit.

Usually it ends up near the middle (hence midline lol)

But you are a bit high on some of the older support.

I have already broken the midline and now tested it once with the price hovering just above it.

However I drew on the Weekly/Daily I have about 80 bucks on the top half and in the low 70's in the bottom. Drawing it in the middle (not saying you did) just to be technically split in half ignores the price and therefore where this /S/R pivot "midline" should be located to trade off of.

Try lowering it a bit, then the recent PA might make more sense.

I also have horizontal resistance noted at 1754 which was hit. Midline broken on my chart from the 80 USD weekly bar.
Quoting jsr
Bounce at the bottom of the channel in H4 chart.

Now it is testing midline.

I still think price could drop a little more before going up, although so far Bernanke's mouth seems to be the worst enemy of USD and best friend of gold.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,209
  • Feb 7, 2012 8:52pm Feb 7, 2012 8:52pm
Quoting forexfacts
Hello Jaimini and Chaini, both of you ave very nice dis play pictures
Thanku my f riend
this is my reaction most of the time
when I see charts
  • #16,210
  • Feb 7, 2012 8:57pm Feb 7, 2012 8:57pm
Quoting jaimini
closed lower buy @BE
looks like we are ready for another dive into the sea
learning from this trade
don't look at lower timeframe when you take trade based on higher timeframe
I took trade based on daily demand
and closed my trade after looking big candle in 5m chart
  • #16,211
  • Feb 7, 2012 9:03pm Feb 7, 2012 9:03pm
Here is what I mean in a chart
Attached Image (click to enlarge)
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,212
  • Feb 7, 2012 9:06pm Feb 7, 2012 9:06pm
Correct DO NOT DO THAT>

Big candle on M5 = SQUAT on H4
Quoting jaimini
learning from this trade
don't look at lower timeframe when you take trade based on higher timeframe
I took trade based on daily demand
and closed my trade after looking big candle in 5m chart
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,213
  • Feb 7, 2012 9:12pm Feb 7, 2012 9:12pm
Unless I am scalping currency for 1.00 USD or Gold for 3.00 to 5 USD I have far more success trading higher time frames.

A great pair to learn how to trade the daily on is Swissy.

It can be traded often with only support and resistance,
Try trading it on a lower TF like 5 or 10 and your bias will change every minute.

Often swissy will dive say 100 pips, then come up 50 to 75 before going down another 150.

On the daily all the noise is gone.

Edit, also once Swissy breaks one way support or resistance it will go back sometimes immediately and visit the broken area and be rejected.

So you can smash and grab, in and out, or ride the prevailing trend sometimes for days/weeks.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,214
  • Feb 7, 2012 11:00pm Feb 7, 2012 11:00pm
Quoting Sreym33
...this may very well be a pullback in a larger downtrend. I am targeting 1614-1643. We have had quite a run up from 1522 to 1764 so a 50%-62% fib pullback is not out of the question.

The 2nd scenario which I would much rather see is a small pullback from today's move to around 1730 and then go long to 1822-1880. 1710 was approximately the 50% pullback from 1648 to 1764 and 1822 is the 150% projection, 1880 being the 200%.
I am short at 1748.18, target 1736, just above the pivot and then we'll see what happens from there.

As you can see, i have tweaked my method slightly- removed '35 period' trend line as I found it to be redundant and changed the '65 period' line to 100. For this trade I used the '20' curve, the trend line break, and the upper last brown dot on top of the slight pullback for my entry. For my exit i have drawn in the lines that connect the dots which coincide with the pivot point. Take in consideration the spread plus a bit and I get my target. The 4TF-HAS on the bottom is there for convenience instead of switching timeframes. SL set at 1752 on the other side of the 'big 3'.

This trade goes against 1 rule that I have... never trade against the '100' curve (which in my earlier post was the '65' curve). The safest way to trade is to wait for the pullback from the large move and trade only in the direction of the 100.

Hope this helps understand my method.
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  • #16,215
  • Feb 8, 2012 2:38am Feb 8, 2012 2:38am
Hi guys,
i know for some this might be off topic for some ppl
but I see big correlation b/w USDX and Gold

can we say that flag continuation pattern cleared the daily demand?
next target i see is 76.510

which mean atleast 1800 for gold
any comments
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  • #16,216
  • Feb 8, 2012 2:50am Feb 8, 2012 2:50am
Quoting jaimini
Hi guys,
i know for some this might be off topic for some ppl
but I see big correlation b/w USDX and Gold

can we say that flag continuation pattern cleared the daily demand?
next target i see is 76.510

which mean atleast 1800 for gold
any comments
demand is never cleared until it is.
Have I got something on my face, SOLDIER?
  • #16,217
  • Feb 8, 2012 3:27am Feb 8, 2012 3:27am
Quoting bumapatria
demand is never cleared until it is.
I do agree with you
but is flag pattern correct?
or i'm missing something
  • #16,218
  • Feb 8, 2012 3:38am Feb 8, 2012 3:38am
Quoting jaimini
I do agree with you
but is flag pattern correct?
or i'm missing something
price channels down at the bottom of a downtrend - more times than less its a fake.

thats not really a flag.

its the pattern i talked about on earlier posts.
careful trading those in their 'supposed' direction.

ure R/r is better of going long usd at demand at whatever signal with PA or any other setups rather than going short there. if u were short usd u shouldve done before and not now.

just my view jai

u may be right -i may be right. its fx this is hell.
Have I got something on my face, SOLDIER?
  • #16,219
  • Feb 8, 2012 3:42am Feb 8, 2012 3:42am
Quoting bumapatria
price channels down at the bottom of a downtrend - more times than less its a fake.

thats not really a flag.

its the pattern i talked about on earlier posts.
careful trading those in their 'supposed' direction.

ure R/r is better of going long usd at demand at whatever signal with PA or any other setups rather than going short there. if u were short usd u shouldve done before and not now.

just my view jai

u may be right -i may be right. its fx this is hell.
thanks buma
i'm not planning to short usd
i have 2 order running
xau buy @1793
and clh2 buy @97
I'm just trying to anticipate market move for my clh2 buy
  • #16,220
  • Feb 8, 2012 5:04am Feb 8, 2012 5:04am
Thanks for the advice XTrade.

It really was a crappy use of Andrew's Pitchfork indi. It is supposed to be used connecting Hi-Lo-Hi or Lo-Hi-Lo at the end of a trend. But as i was drawing a channel I was curious and wanted to see if there was some reaction at a midline, so I forced it. lol

This H1 chart has a Hi-Lo-Hi Andrew's Pitchfork.

btw, price is still well below that H1 channel.
Attached Image (click to enlarge)
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