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

Sure is a pretty picture and a 10-4 on 1525 weekly lows area.
Once again will be watching how the primary trend guide 1598-1600 area responds as the month closes out.
the start of this week eye on 1568 for direction and candle formations around 1580 response .

$2000 is in the pipeline, when the race to wards the upside begin it will take days, but for now the mood is down.

I still see GC and SI in downtrends on the larger charts as previously mentioned.

Smaller timeframes are showing some possible uptrends - am watching the following forks:

GC 20 min - http://www.screencast.com/t/th1ytewQ6UY

SI 20 min - http://www.screencast.com/t/o3Bf1FPvznU1

beeb

EDIT - the system is obvious - make up your own mind lol.........

#193

XTrade is gonna love this

beeb

recently closed.. just taking few pips here n there..

there are no such a thing as tops and bottoms until it has established.. as you can see my previous gold scalp i failed to pick the current bottom [m15].. if i had the ability to pick tops and bottoms with some unknown magic that would make me a true wizard but unfortunately i don't have that capability..

my trading based on simple market mechanics.. we have buyers and sellers in any market place.. all we can do is try to locate where they are with the help of chart reading to a certain degree that's all there is to it

now, tell me SunTrader did i pick the top or there may be reason for closing here with quick 37 pips.. keep in mind just scalping in this account..

here is a follow up.. was i picking the top.. why did i closed it with 45 pips here..





ps/. i may have closed early, which happens quite often, but i'm happy with it for a scalp trade

KennyZ uses Supply and Demand concepts which I too found very helpful.
check his thread RTP and PIE thread
he helped alot in learning these basics economy concept which applied to trading as well.

damn.. i picked the bottom again.. just one more for the road.. closed at 102p

I've been watching gold futures as well as spot and at that spike lower just now gold futures started the movement down about 2 secs before the spot price.

this one is for marvelous Marv..




edit:

here where it ended.. sorry it had to be a dot stuff.. sometimes screen caps may cost pips

It going to test 1551.74. Thats a good place to take your profit and wait for a small retrace. If it breaks 1548.50 area that a good sign to sell in an take profit around 1537.95. it it jumps pass that are then here we go!!!!!!!!!!

Order no.3 opening price and time shown in white line cross and closing price and time shown in red line cross (FIG1). When it crossed the high of 24th, was worried that it might go to the top fibo level of 1613 in H4, so took a loss of $36.
http://i1115.photobucket.com/albums/.../gold28512.gif
FIG 1

Order no.4 opening price and time shown in white line cross in FIG 2. Bit volatile, but ranging at fibo level confirmed potential sell and the prices were near a HIGH ZZ, as shown in H4. Believe that the prices will range at this level, rather than retrace up to meet the moving averages. Journey towards $1100!
http://i1115.photobucket.com/albums/.../gold29512.gif
FIG 2

Gold is just in a small trace-meant back up as the Euro. I have my TP set at 1556.50, which is shorting it a bit and will fall in that area but could hit any where in between my TP and 1557.50. That's a perfect place for a sell. Next target safely should be 1538.50, but as low as 1537.80 and I see it in it's current state breaking that as well slightly or violently. There will be an almost definite trace-meant back after settling to 1547.25, which will be my TP, but can range to 1550.80. If this holds strong and if 1537.80 was broke on the current down fall then that range will be a good stand for a long invest run below 1500, that is if it breaks 1504.50 so either way it would be a great idea to take out near 1500 if it shows signs of even going that low to wait!!!! Let it go up if it needs to and let it go down if it needs to, 1498.25 would be a great area to place a sell!!!!

I hope this helps!! Just pay attentions to area of Resistance to make sure they break or the other way around.

It's starting to look like is trying to jump off the path with a higher correction. Too close to tell just yet. If so we will be looking a short term long to mid-term. The daily pivot is located at 1.25633; still looking ok as of now in terms of not getting too far out of line. It broke the D_S1 1.25020 on the uptrend, which has me a little worried, but sometime it breaks through with out to much thought. The smart thing to do here is wait it out. Gold is inching right now gold is giving me the indication that it's still in its current downtrend but I could be missing the bigger picture at the moment. It needed a trace meant back to 1630's but fail to hold strong and broke out at the same time as the euro. The AUC/CAD is in a current long term trend but it's in the midst of a downward trace meant but will not know for sure until it breaks 1.00564 to help confirm the short to mid-range down trend with a long trend of upwards action. I do not plan on Gold stopping at the moment but it could very well go sideways, but for me its broke all the points that it needed to, though like the Euro/USD it broke my D_S3 1557.64 by 26 pips which is equal to the amount the euro crossed it line of resistance (D_S1) at 1.25023, which currently just went higher, with gold staying behind. I have a sell currently on go at its current peak, but I probably should of waited. Tricky tricky!!!

Hope this helps!

no need to take this any further..

suntrader and marv stop this silly chit chat and lets chart do the talking... unfortunately, i'm not much of a talker.. i prefer trading..

lets try to keep everybody happy... i will not be posting any of my trades on this thread anymore.. just charts as and when i have time to do so.

i don't do predictions or forecast
i don't have views about the markets
i just look left and trade right

damn.. even the village idiot can learn centuries old trading basics.. unfortunately, not everybody can do it when the real money is on the table..

http://www.reuters.com/article/2012/...8GS1U020120528

http://www.forexpros.com/analysis/go...-liquid-124769

Daily pivot 1661.00 and its north from there