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

frankly, i think gold may be going into a range next few hours.

two pending oco orders set:

buy 1761 tp 10 pips or when signal to get out

sell 1749 tp 10 pips or when signal to get out

stop 12 pips on each.

A question: Which data feed do you use?

FXCM bid high is 1759,75.

In my charts 1760 isn't touched yet.

Where can we expect to buy the dips?

1749-50?
1742-43?
1736-37?

i've closed my short when price rich daily fibopivot
you can see in my 1$/brick chart

http://gyazo.com/faaa0d8b69ad855a1f063c262395fb28.png

now pending buy @1734 between weekly resistance 1 and kijunsen (5$/brick chart)

http://gyazo.com/ec67eeba71f286e3c159ef4d44ad0829.png

Almost the same. I closed @ daily pivot.

I see RSI and MACD bearish divergence in H1, but I'm not sure.

Let's see if 1753-54 zone which acted as support for these last hours becomes resistance, or if bullishness remains intact.

I agree with your 1761 breakout trade but not with your 1749 sell. Price broke out from 1749 yesterday, and it makes sense in the uptrend to go back and retest that level. just my opinion. I have a pending buy open at 1748, SL 1738.

well, the idea is if price breaks out 1761 then sell at 1749 will be cancelled.


however, if sell at 1749 is triggered first, it should move at least 5-10 pips down before reversing up. so those few pips are for the taking. this is my way of scalping.



regards

I can see what you are trying to do and I know you've done it before, you have posted it. For me if I was trying to scalp on the short side, I would have sold from around 57 and TP @ 50 as the S/R lies at 1760 and 1747. I like to trade within the range for the scalp...

A stop in Gold cannot be 12 pips.
Pips are a dollar point calculation.

120 pips in gold is $1.20 on the chart in terms of move.
12 pips would be 12 cents. Which is less than a spread on gold via FX broker.


You want to also keep in mind even if you are scalping Good risk reward.

Gold will often dip through supports and resistances on reaction trading throughout the day.

Even if a support / rez has a clear line on say the 50 mark you should afford for at least 3 bucks past the S/R I would say to make 6.

For instance if I sold 1760 and place my stop at 1761.50 think about how easily the market could turn around and take that out.

You also don't want to try and predict a broken support by placing an order too close the the support/resistance, and the market comes,
picks up your order then reverses the opposite way back to the range top and you get screwed.

ONLY SCALP IN RANGE. And Scalping In FAVOR of the Medium and LONG term trend is always advisable - this way if a huge move happens
you will already be positioned properly and not sitting there with a -$100 USD move.

Lastly, when the spread is at least 50 cents scalping for anything in the 1 USD zone is not worth the time and effort.

Do this for several days and unless you are trading HUGE lots and an Almost PRO scalper with a decisive system, your account will be either of the 2

1. Down due to too many trades
2. Down due to too much risk taken and poor R/R

------

Not picking on you but these are good examples.

You should never RISK more to make LESS and scalpers often do.

Your trades below should be at least
RISK 1.50 to make $3.00 = 1:2 RR

Which I don't recommend either. The market has already dipped once today from last night and returned to the price where it fell.
Today already
1. Thus you could have bought 1750 and be up $6+ USD
2. if you set a sell at 1749 you would be negative because the market dipped through this minor Pivot / Support of 1750 and reversed
3. LAST if you had an order set to buy 1750 from last night with a 1.50 USD stop you would have been filled at a nice price then stopped out
as the market hit 1748.90 something.

What is a good strategy to calculate a stop-buy entry level?

I have existing longs. I see the next level to break through to be 1763.25. How do I calculate where to add longs and avoid a fake breakout?

you can do one of 2 things.
1. wait for price to break from 1763 and come down and retest. If that level holds and you see price moving up, add to your longs and set your stop slightly below the last lowest price (plus your spread). The problem with this is you may not get your trade if price doesn't come back to retest.
2. draw a horizontal S/R line on a daily chart where YOU see the most price action - for example 1762...set a pending buy at 1765 with a stop just below the line plus your spread.

Option #2 is how I traded the breakout from the last range. Pending order at 1738(just above top of consolidation) , SL at 1733, TP at 1748 (just below old resistance) risk/reward $4: $10

so basically... your stops have to be at S/R levels, not at a set dollar figure. If your stop needs to be $12 because that is where the last S/R was, then you should be looking for $18-$24. If you don't see price moving that far then wait for price to pull back to a S/R level where you can have a smaller stop - Maybe $6 and then you look for $12.

Anyway that's what I look for, hope it helps.

Thanks for that.

In the last break I set my stop-buy at 1739 which is close to yours. I dont use stop-buys too much. I use them if I cant be at the computer AND the level has been tested many times before or has been tested along time before and has failed to give.

Hi everyone,

Just wanted to introduce myself as a long-time lurker but only a recently registered member! I graduated from university last June but have been seriously trading for about 18 months now using technicals. I have already learnt a lot from this thread, and hope that this can continue for a long while yet!

The way I see it at the moment, there has been a succession of lower highs and an upward trend line since September 2011 (bar the obvious anomaly in the chart; however once the trend was restarted there are still support points along the line drawn). Medium term I am short with a tp 1735 at the moment given the and the RSI indicating overbuying.

After that, wait and see what the future holds! More inclined to say a rebound back northwards rather than bearish.

duzza

BREAKOUT.

Oh, Come on!!!!

No dips! I was expecting to buy @ 1743.

Well it seems that when it smells like bullish it is bullish! No time for waiting!

Any idea why?

You can look at old price action and draw a bunch of trendlines.

Note how the price has behaved in the area before, you'll find supports, and resistances.

Then use the proper RR.

If you wanted to catch this , you could simply have added say $2 USD above where the price stalled, it dipped and then hit the rezs again now it has broken out.

NOTE TO ALL -------- THIS IS WHY YOU SCALP IN THE DIRECTION OF THE TREND> Not a pretty scalp short with no stop.....

http://goldsilver.com/news/another-p...-all-its-gold/