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

  • #18,281
  • Apr 6, 2012 6:12am Apr 6, 2012 6:12am
Abstract expressionism on the 1m

Attached Image (click to enlarge)
Click to Enlarge Name: abstract.png Size: 29 KB


This piece represents 'confusion'.
"Don't Panic..."
  • #18,282
  • Apr 6, 2012 6:19am Apr 6, 2012 6:19am
Quoting beeb
OK - Let me try and explain it to you briefly but please note these forks are only shown to distinguish different types and are not meant to be accurate re price.......

A fork goes from alternate pivots starting from a swing high (or low). It goes high-low-high or low-high-low.

Chart 1 shows an Andrews fork (named after the person who developed it) with A being the swing high, B the next swing low and C the next swing high....

Chart 2 shows a Schiff or Unmodified Schiff (again named after the developer) where the point of origin is moved...

Going to bookmark this post learning.


breeze
  • #18,283
  • Apr 6, 2012 6:31am Apr 6, 2012 6:31am
Quoting beeb
OK - Let me try and explain it to you briefly but please note these forks are only shown to distinguish different types and are not meant to be accurate re price.......

A fork goes from alternate pivots starting from a swing high (or low). It goes high-low-high or low-high-low.

Chart 1 shows an Andrews fork (named after the person who developed it) with A being the swing high, B the next swing low and C the next swing high....

Chart 2 shows a Schiff or Unmodified Schiff (again named after the developer) where the point of origin is moved...

Thanks beeb, this was driving me crazy. My confusion begins with the fact that the platform I'm using only has Andrew's Pitchfork.

In Marketscope, as soon as you click on A, the line of the handle is being drawn from that point, so I was not aware of the other two types of forks.

I already requested Schiff and Modified Schiff pitchfork to be added to Marketscope.

Meanwhile it can be done with fib 50% retracements.

Thanks a lot.
  • #18,284
  • Apr 6, 2012 7:32am Apr 6, 2012 7:32am
wowwwww NFP just released and is wayyyy less than 200k..

but 120k?!!

I'm long since yesterday.. up we goo next week
  • #18,285
  • Apr 6, 2012 8:04am Apr 6, 2012 8:04am
Quoting farn
can explain further? not quite understand ur answer
Wednesday XAU fell. Many traders were short XAU. At Thursday ahead of closing time traders would profit on their shorts. They do that by "buying". This is called Short Covering. They did that so as to take profit and not expose themselves to several no-trading days as a surprising NFP number, or some other event could move XAU greatly against their positions.
I have no enemy; I make Incautiousness my Enemy.
  • #18,286
  • Apr 6, 2012 9:02am Apr 6, 2012 9:02am
It is weird.

FXCMs charts are out of sync.

H1 is showing price near 1640. Since NFP release it's interesting.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 20120406.png Size: 124 KB
  • #18,287
  • Apr 6, 2012 9:11am Apr 6, 2012 9:11am
http://forexforums.dailyfx.com/order...th-2012-a.html
Trader from Croatia
  • #18,288
  • Apr 6, 2012 9:25am Apr 6, 2012 9:25am
Thanks for the link, Geene.

Still, charts are out of sync. They should be all locked or all updating price movements.
  • #18,289
  • Apr 6, 2012 9:27am Apr 6, 2012 9:27am
Whys gold spread is 556 in my broker roboforex..?
Big news...?
  • #18,290
  • Apr 6, 2012 9:37am Apr 6, 2012 9:37am
Quoting mua
Whys gold spread is 556 in my broker roboforex..?
Big news...?
according to gene's provided link above, gold trading is closed today since it is a holiday. Thats why gold spread will be bigger compared to normal trading days.
  • #18,291
  • Apr 6, 2012 10:12am Apr 6, 2012 10:12am
There must be brokers working out there. Price is moving.

I realized what happened.

I left open my demo account, not the real one.

Real data charts are ok.
Attached Image (click to enlarge)
Click to Enlarge Name: xau20120406.png Size: 149 KB
  • #18,292
  • Edited 12:56pm Apr 6, 2012 10:21am | Edited 12:56pm
Here's a very special Easter present......

This is a link to a one hour video by Paul Coghlan of Coghlan Capital of his twice weekly forks charting webinar. It is usually only available to his subscribers but he has given me permission to post the vid as a one-off.

This is from yesterday and deals extensively with precious metals. IMHO it's is the kind of analysis everyone should aspire to .....

http://www.coghlancapital.com/node/2984

btw I am NOT Paul nor do I have any financial or other interest in his company - I just think it's the best technical analysis available....

beeb
  • #18,293
  • Apr 6, 2012 10:22am Apr 6, 2012 10:22am
Thanks beeb
  • #18,294
  • Apr 6, 2012 1:06pm Apr 6, 2012 1:06pm
Good lesson for me to learn and observe how the forks are working...thanks for sharing beeb. :X
  • #18,295
  • Apr 6, 2012 3:25pm Apr 6, 2012 3:25pm
Bernanke is scheduled to speak two times next week; first on Monday and second on Friday. Check FF calendar for your local times.
I suggest caution with open trades during those times.
  • #18,296
  • Apr 6, 2012 3:28pm Apr 6, 2012 3:28pm
beeb, I must say again thanks a lot for this video. It is very useful.
  • #18,297
  • Apr 6, 2012 5:47pm Apr 6, 2012 5:47pm
Thank you for the link Beeb! I learned more today than the last two months and I have been busy trying to learn Your posts are much appreciated.
  • #18,298
  • Apr 6, 2012 11:28pm Apr 6, 2012 11:28pm


Artistic it is, I love art, as an artist / designer, But thanks for reminding me why I don't watch this chart!!!!


----------------------------


Battling computer problems, going to shut the trading PC down completely for the weekend and hope the keyboard starts working again.

Macs are so much easier to take apart than PCs. I nearly broke the thing just trying to get under the hood and clean a spill.


--------------


Beeb thanks for all the posts mate

X
Quoting Halifax
Abstract expressionism on the 1m

Attachment

This piece represents 'confusion'.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18,299
  • Apr 6, 2012 11:37pm Apr 6, 2012 11:37pm
Gold is in range. I love how some get all excited just because we are a few hundred from the record high and the chart is moving sideways, ridiculous numbers, like 1350 and 1200 are just thrown around....

Let me remind everyone we are still in a weekly rising channel from 2008.

As time goes by and although the price has been rising and falling, the weekly SMAs are getting higher and in pin straight lines with the channel.

The 50 has already tracked on to one of the channel lines and below the "dip line" is the 100 WEEK SMA..

But I suppose that won't offer any support....

Let's see how the inconsistent US news pans out.... Just to name one factor that MIGHT lend a clue as to the future price besides the many opinions of technical analysis.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18,300
  • Apr 6, 2012 11:50pm Apr 6, 2012 11:50pm
If Gold were to attempt hitting anywhere in the range of 1200 in the near future, all shorts would be massively, especially the "naked" shorts (they would just explode in loss) would be squeezed out so fast by the physical demand alone.

It is simple, it's called supply and demand, so much new and old money would enter this market on the long side in the form of
A. Physical purchases - By Central Banks, the IMF, Large and Small Cap spex and just about anyone who trades.
B. See A.
C. GLD, or other ETFs - who don't have enough metal any way.. but that's a whole nother' story.
D. Miners Large and small / GDX

The shortage of physical gold alone would be staggering, no dealer would have anything and those that are willing to sell would have a six month delivery with a 100+ USD over spot premium attached.

Similar to what happened to silver in 2008. You COULD NOT BUY AN OZt.
anywhere.

The COMEX would likely be a disaster with likely not enough metal to settle contract taken to delivery due to all the "open interest by the naked shorts".

Why do those that preach 800 USD gold never speak of silver, platinum or palladium I wonder? they are all related.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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