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

  • #18,421
  • Apr 12, 2012 12:21pm Apr 12, 2012 12:21pm
Well, that's all folks!
  • #18,422
  • Apr 12, 2012 12:46pm Apr 12, 2012 12:46pm
Quoting Exciter135
Hi buddies here,

I heard from a guy on internet said that Yellen hinted a QE3, is it true? Some you can confirm and where can I get the info. Many thanks!

Exciter135.
New York Federal Reserve vice chair Janet Yellen ...commented that the Fed has a variety of options if it decided to instigate its third round of asset purchases, or quantitative easing, and stated that it is too soon to say whether the economy was out of the woods.

http://bdaily.co.uk/news/finance/12-...ter-poor-data/
I have no enemy; I make Incautiousness my Enemy.
  • #18,423
  • Apr 12, 2012 4:09pm Apr 12, 2012 4:09pm
Quoting beeb
Would suggest being mindful of stops if going short as if the green LP becomes consistent support this thing could motor......

GC Daily:

http://www.screencast.com/t/pGaY76NCs

beeb

Just a few questions on your chart, please:

What constitutes consistent support? Three daily closes above LP enough?
Discretion and experience I suppose.

Same with using the bar marked A for the modifed Schiff rather than the pivot high.

What software package are you using for your charts? I see the bar closes are thickened compared to standard MT4. Do you draw in the forks by hand or are you using an indicator for that?

Thanks.
  • #18,424
  • Edited 5:47pm Apr 12, 2012 5:33pm | Edited 5:47pm
Quoting ikdenk
Just a few questions on your chart, please:

What constitutes consistent support? Three daily closes above LP enough?
Discretion and experience I suppose.

Same with using the bar marked A for the modifed Schiff rather than the pivot high.

What software package are you using for your charts? I see the bar closes are thickened compared to standard MT4. Do you draw in the forks by hand or are you using an indicator for that?

Thanks.
If you click on my name you will see that I use Ensign charting with Esignal feeds. It is expensive but in terms of the benefits I get from it I consider it money well spent. FWIW I think you should use the best package that you can justify for your trading.....

I have said many times before that I think there is an art to choosing forks as well as a science. I was drawing numerous different forks until I found the second touch on the UP in November. Having found that I watched it and was able to anticipate and go short at the next touch once I had seen confirmation.

Evidence of consistent support comes from watching the action of prce within the forks - whether trend is strengthening or weakening. However there is growing possibility that the green LP itself is now taking on the role of support. The red downfork has been in control for a long time and I would still consider it to be the more influential. However the green fork is looking promising. It's a continual process of judgment and evaluation and obviously smaller timeframes could be used to add detail to the thought process.....

Hope that helps

beeb
  • #18,425
  • Apr 12, 2012 6:06pm Apr 12, 2012 6:06pm
Tight stops are only good with gold if you are scalping and need to predetermine acceptable loss.

Otherwise they are killers that will get run and lose you money.

Look up fractals, add them to your chart,

Use them as a stop guide, the stop for the TF should be below the last fractal. Depending of course on how many there are.

Quoting jsr
I use very tight stops. 1679,50, just above the channel. If price breaks the channel I want to be out.

When the price fell, I placed a buy entry order @ 1612 and missed it by 0,70$.

My entry is @ 1676,50. FXCM High is 1676,33

I'm missing it by 0,17$ so far.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18,426
  • Apr 12, 2012 7:23pm Apr 12, 2012 7:23pm
Quoting beeb
If you click on my name you will see that I use Ensign charting with Esignal feeds. It is expensive but in terms of the benefits I get from it I consider it money well spent. FWIW I think you should use the best package that you can justify for your trading.....

I have said many times before that I think there is an art to choosing forks as well as a science. I was drawing numerous different forks until I found the second touch on the UP in November. Having found that I watched it and was able to anticipate and go short at the next touch once...
It certainly does, much appreciated!

Do you use multiple timeframes to trade off?

Attached are three silver charts: daily, hourly and 5 minutes.

I know you trade in the direction of the fork, but of course different timeframes have different directions (same as trends on different timeframes)

The blue downfork is dominant on the daily (please note your H&S suggestion posted earlier). The magenta upfork seems dominant on the hourly. The blue upfork seems dominant on the 5 minutes with the magenta just formed overnight.

I like the 5 minutes charts for intraday trading, also gives me more practice!
Attached Image(s) (click to enlarge)
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  • #18,427
  • Apr 12, 2012 8:09pm Apr 12, 2012 8:09pm
beeb how does the darkside look now that we regained the channel (2008) bottom, and no not the dip line.?

Chart when possible?
THX!
MATE!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18,428
  • Apr 12, 2012 8:25pm Apr 12, 2012 8:25pm
Quoting jimobiwan
New York Federal Reserve vice chair Janet Yellen ...commented that the Fed has a variety of options if it decided to instigate its third round of asset purchases, or quantitative easing, and stated that it is too soon to say whether the economy was out of the woods.

http://bdaily.co.uk/news/finance/12-...ter-poor-data/
Thank you jimobiwan for the info and reference. Good pips to you
  • #18,429
  • Apr 12, 2012 8:52pm Apr 12, 2012 8:52pm
Ahhh, the force of the darkside is just not strong enough!!!!!!!!!!

Quoting beeb
Would suggest being mindful of stops if going short as if the green LP becomes consistent support this thing could motor......

GC Daily:

http://www.screencast.com/t/pGaY76NCs

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18,430
  • Apr 12, 2012 9:11pm Apr 12, 2012 9:11pm
The Fed will hold rates low and will probably continue to buy bonds/asset backed securities but no QE III per se.

Gold doesn't need QE III to go higher though. Just uncertainty and crude to stay bullish.
  • #18,431
  • Apr 13, 2012 12:25am Apr 13, 2012 12:25am
True, gold went up in the past ( from 2008 at least), pretty fast and high and it didn't need any QE for that.
  • #18,432
  • Apr 13, 2012 1:49am Apr 13, 2012 1:49am
Quoting ikdenk
It certainly does, much appreciated!

Do you use multiple timeframes to trade off?

Attached are three silver charts: daily, hourly and 5 minutes.

I know you trade in the direction of the fork, but of course different timeframes have different directions (same as trends on different timeframes)

The blue downfork is dominant on the daily (please note your H&S suggestion posted earlier). The magenta upfork seems dominant on the hourly. The blue upfork seems dominant on the 5 minutes with the magenta just formed overnight.

I like the 5 minutes...

Glad to be of help....

I do trade in the direction of the fork and principally look at daily, 240 and 20 mins - however I tend to use 10mins for scalps.

If you haven't seen it I suggest you check out the video I posted over the weekend (click on my name to access my posted messages) which shows Paul Coghlan going through some metals analysis. His techniques are basically the ones I favour....

beeb
  • #18,433
  • Edited 2:13am Apr 13, 2012 2:02am | Edited 2:13am
Quoting beeb
Glad to be of help....

I do trade in the direction of the fork and principally look at daily, 240 and 20 mins - however I tend to use 10mins for scalps.

If you haven't seen it I suggest you check out the video I posted over the weekend (click on my name to access my posted messages) which shows Paul Coghlan going through some metals analysis. His techniques are basically the ones I favour....

beeb

I am signed up for his trading service via Andrew Maguire. Little rough around the edges but as this was the first week I will give him some time.
  • #18,434
  • Apr 13, 2012 7:29am Apr 13, 2012 7:29am
LIL overnight diperoo but looking healthy this am.

US figures out at 830.

Also looks like 2 bullish flags one on silver (nice one) H4
and Gold H4

no time for charts gotsta run.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #18,435
  • Apr 13, 2012 8:12am Apr 13, 2012 8:12am
Quoting XTrade
Tight stops are only good with gold if you are scalping and need to predetermine acceptable loss.

Otherwise they are killers that will get run and lose you money.

Look up fractals, add them to your chart,

Use them as a stop guide, the stop for the TF should be below the last fractal. Depending of course on how many there are.
X, I do this because I trade trendlines where there is confluence.

I place my stop loss where I think it can't be reached. Maybe I'm to optimistic, I'll try wider stop loss.

I like that trade, Once price went down, I did the same again. I'm short @ 1776,65 SL 1779,65. (1780 actually)

Why did I take that trade again?

1. Descending channel.
2. Ascending parallel around 1777 crossing the channel.
3. H4 200 sma @ 1775
4. Yesterday's M3 @ 1777.
5. Last week price consolidates around 1775 before the drop.

So for me price was not poised to reach 1779. Ok, it was hit. Maybe too much fundamentals at that time. Bad timing, I don't know.

My H1 chart is so loaded with lines that I think it is not readable for anyone else, so I put it into this 1 min chart, which I use to draw intraday resistance and supports. It works for me.

That black horizontal line is a key value for me as resistance since 04/04. This value was the apex of the triangle that preceded the drop.
Attached Image (click to enlarge)
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  • #18,436
  • Apr 13, 2012 8:19am Apr 13, 2012 8:19am
Numbers came in in-line with estimates. EUR slowly retracing yesterdays gains. G.CL is in small inside day range.

For XAU still at downward sloping line. Looking for small inside day today and perhaps a retest of 18dma at 1657 next week, keeping in recent range before moving out.

Just my few cents.
I have no enemy; I make Incautiousness my Enemy.
  • #18,437
  • Apr 13, 2012 9:08am Apr 13, 2012 9:08am
GBP, EUR back below yesterday"s DL.
I have no enemy; I make Incautiousness my Enemy.
  • #18,438
  • Apr 13, 2012 10:38am Apr 13, 2012 10:38am
Another example today of how Silver moves - down 2% while Gold is down 0.5%

So anyone who thinks Silver doesn't move, lately or otherwise, is not looking at percentages.
  • #18,439
  • Apr 13, 2012 2:22pm Apr 13, 2012 2:22pm
Quoting jimobiwan
GBP, EUR back below yesterday"s DL.
Yep, I made some money on that one yesterday. Going to be 300 pips in that sooner or later.
  • #18,440
  • Apr 13, 2012 10:46pm Apr 13, 2012 10:46pm
Be ready, guys. We will see a very nice GREEN period in GOLD very soon.

Don't say I didn't tell you.
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