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

  • #16,221
  • Feb 8, 2012 6:14am Feb 8, 2012 6:14am
are we moving thru ?
once again at the single year trendguide 34.50 area.
weekly highs 34.95
feb. highs 36.21
bounce up from daily guide 1739 area noted.
week highs 1777
feb highs 1826
  • #16,222
  • Edited 11:21am Feb 8, 2012 8:56am | Edited 11:21am
Quoting Sreym33
I am short at 1748.18, target 1736, just above the pivot and then we'll see what happens from there.
out at BE(set last night before going to sleep). wait for next setup-no movement. Palladium actually did what I figured was going to happen on gold.

Wow. Just came back to the charts after a break. i guess my first analysis was good, shouldn't have set BE. proves i need to be more patient sometimes.
  • #16,223
  • Feb 8, 2012 6:45pm Feb 8, 2012 6:45pm
Internet down all day and intermittent issues yesterday.

Finally seems to be over,
how's everyone doing in here tonight?


Positions?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,224
  • Feb 8, 2012 6:47pm Feb 8, 2012 6:47pm
As expected resistance at a test of 1754, still above channel midline.

Price may coil in-between. Let's see how tonight opens up...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,225
  • Feb 8, 2012 6:58pm Feb 8, 2012 6:58pm
Patience is key in trading.

This is why I suggest higher time frames (just one of the many reasons).

Also, I R A R E L Y use break even as a trading technique. Unless I have multiple trades on the same pair.

The price - I feel more OFTEN than not - will come back to your entry, especially if you are a support and resistance trader, TEST IT,

Make sure the area is broken, seal it up like a wound and move on, all the while you will have been taken out at BE while the price moves beyond you,
leaving you in the dust.

Also BE basically narrows your chances of winning to 1/2 success rate of regular trading.

Stops are there for a reason, you should have a pre determined, even if it's just mental for a bit, of what you are willing to risk and what you can AFFORD to risk to make what amount.
Thus, BE serves no purpose other than paying the broker the spread and making no money.

Think of it like this, if you had to pay commission, (Like an ECN broker charges) and a spread of whatever size, would you really want to BE?

You actually are losing in this instance b/c BE or not they are taking the commission out. Plus you have just helped another trader and the broker get a bit richer.

Lastly, trades need room to breath, nothing is perfect and even if you have the best entry there is still a chance the price will touch it before moving.

Quoting Sreym33
out at BE(set last night before going to sleep). wait for next setup-no movement. Palladium actually did what I figured was going to happen on gold.

Wow. Just came back to the charts after a break. i guess my first analysis was good, shouldn't have set BE. proves i need to be more patient sometimes.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,226
  • Feb 8, 2012 7:02pm Feb 8, 2012 7:02pm
Quoting XTrade
Patience is key in trading.

This is why I suggest higher time frames (just one of the many reasons).

Also, I R A R E L Y use break even as a trading technique. Unless I have multiple trades on the same pair.

The price - I feel more OFTEN than not - will come back to your entry, especially if you are a support and resistance trader, TEST IT,

Make sure the area is broken, seal it up like a wound and move on, all the while you will have been taken out at BE while the price moves beyond you,
leaving you in the dust.

Also BE basically...

Golden words !
  • #16,227
  • Feb 8, 2012 7:09pm Feb 8, 2012 7:09pm
1723 -1717 should be interim support areas on this dip.

Afterwards, if we come up there will likely be another test of 1754

IF 1717 is breached and flipped to resistance I could see a potential test in the zone of 1705/00.

Let's see how she pans out.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,228
  • Feb 8, 2012 7:24pm Feb 8, 2012 7:24pm
I expect a Bear Drop to Close @ or > 1,706 With a Tail dangling to 1,694.
Reasons? ICCE.
How top Support this Theory?
Read it.

Attached Image (click to enlarge)
Click to Enlarge Name: feb 8 gold in buy.gif Size: 34 KB

That puts me int a Short Term Seller.
A Med Tm: yeah South yet
Long Term: Challange 1,800's.
Then Decide where the Future Lies.


b
  • #16,229
  • Feb 8, 2012 7:45pm Feb 8, 2012 7:45pm
Quoting XTrade
Patience is key in trading.

Also BE basically narrows your chances of winning to 1/2 success rate of regular trading....
Thanks X, I agree with you trades need a chance to breath. I have been stopped out at BE more times than I can count... I guess it is my conservative nature. I get a great entry point based on some good solid analysis, get stopped out and then have to get back into the same trade at an entry point worse than my original. I just hate leaving a trade open with a stop loss at bed time when it is in the positive!! Gotta work on that.
  • #16,230
  • Feb 8, 2012 8:07pm Feb 8, 2012 8:07pm
caught the dip last night, lower high to Target at next high. 13.58 Dollar profit. Have a short on E/$ that i failed to go to BE. Looking like a stop out if current momentum keeps up.

scfx
Attached Image (click to enlarge)
Click to Enlarge Name: gold 02 12.gif Size: 33 KB
The best indicator is price.
  • #16,231
  • Feb 8, 2012 8:57pm Feb 8, 2012 8:57pm
e/$ stopped out.

Gold plus E/$ showing fair bit of buying momentum, looking at a buy on gold.

scfx
The best indicator is price.
  • #16,232
  • Feb 8, 2012 9:08pm Feb 8, 2012 9:08pm
Took the buy signal, had a 1-2 point double bottom off the swing high.. see chat.

ent 1733.77
SL 1724.95 Pattern low
TP 1750.35 just under yesterdays high.

scfx
Attached Image (click to enlarge)
Click to Enlarge Name: gold 02 12.gif Size: 34 KB
The best indicator is price.
  • #16,233
  • Edited Feb 9, 2012 9:16pm Feb 8, 2012 11:24pm | Edited Feb 9, 2012 9:16pm
Quoting lilpip
are we moving thru ?
once again at the single year trendguide 34.50 area.
weekly highs 34.95
feb. highs 36.21
bounce up from daily guide 1739 area noted.
week highs 1777
feb highs 1826
no movin thru wed. as both stayed south from the 34.50 area.
thur daily
34.56
33.80
33.04
daily
1752
1735
1709
silver bounce up at 33.80, waiting on sis to cross over 1735 and start trading above.
what, is she telling us no? Come on 1735 make up your mind, which way ?.
  • #16,234
  • Feb 9, 2012 12:21am Feb 9, 2012 12:21am
ent at 1.3276, higher low reversal off the selling push last night this morning. making a new weekly high today about to move stop to BE.

scfx
Attached Image (click to enlarge)
Click to Enlarge Name: eur 02 12.jpg Size: 152 KB
The best indicator is price.
  • #16,235
  • Feb 9, 2012 2:05am Feb 9, 2012 2:05am
long 1/3 @ 1733.5, stop = 1709. Will add at 1745 and 1757. Target = 1817.

Theory: we're in wave 5 that could potentially go to 1825. wave 4 ended at 1709.

Honestly, I don't like this trade, but you gotta take all the signals! Reason I don't like it is because the big money was made from 1630 to 1740. Now the crowd has joined in the bullishness(which is why its wave 5) and wave 5 normally lacks the intensity of 3. But I guess the more I don't like the trade, the more chances it will be a big winner!! That's how it usually works right?
  • #16,236
  • Feb 9, 2012 2:56am Feb 9, 2012 2:56am
Could this be flag pattern with upcoming down move???
Attached Image (click to enlarge)
Click to Enlarge Name: 5.gif Size: 39 KB
  • #16,237
  • Feb 9, 2012 3:39am Feb 9, 2012 3:39am
ok folks. 14 year old forex trader bumapatria made a bad comment on another thread about the fact that apparently i dont post my trades in advance. so iam back after a brief absence to post my gold trades, so he cannot complain no more ! even if it is only for a short period - as iam far to busy.

good to be back anyway.

iam long gold at 1735. stop 1724. tp anything between 5-10 pips, or maybe more. presently set at 15 pips.

i see all the regulars are still here. good trading to you all.....
  • #16,238
  • Feb 9, 2012 4:45am Feb 9, 2012 4:45am
Welcome back whatFX man, nice to see you
  • #16,239
  • Feb 9, 2012 5:23am Feb 9, 2012 5:23am
Hey Xtrade and where is Beeb?

I just drew pitchfork for gold. What do you guys think?

Let me know if i do it correctly...

If its right, it seems that gold is still in the ascending support, rising slowly but surely...

Thanks guys
Attached Image (click to enlarge)
Click to Enlarge Name: pitchfork xau.gif Size: 23 KB
  • #16,240
  • Feb 9, 2012 6:12am Feb 9, 2012 6:12am
Price seems to be in a triangle with 1734.50-1739.50 acting as pivot zone.

50% retracement of February Hi-Lo is @ 1736.49.

If price closes below 1724, the ascending channel seen on H4 charts will be broken.

As Bemac and XTrade are expecting prices well below that, I have to ask: Are we talking about a significant downside move?
Attached Image (click to enlarge)
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