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

  • #19,381
  • Jun 19, 2012 4:28am Jun 19, 2012 4:28am
Quoting beeb
I've got a feeling this daily GC trendline might be more important, especially with imminent FOMC......

http://www.screencast.com/t/cdmOb6zLI

beeb
So what is the prognosis?

Break of tl, retest and than further down? That's the theory, right?
  • #19,382
  • Edited 4:56am Jun 19, 2012 4:32am | Edited 4:56am
Quoting ikdenk
So what is the prognosis?

Break of tl, retest and than further down? That's the theory, right?
Let the chart tell you what is going to happen - if the line is breached and (importantly) then becomes support prices should rise further. I don't have targets or make prognostications, I just have expectations of where price may find support or resistance and play along with that......

beeb

EDIT - As I have mentioned before it isn't the breaching of a line of resistance that I find important (that could just be a flush) it is where support then comes in. Likewise when support is breached, what I watch for is where resistance then emerges......
  • #19,383
  • Jun 19, 2012 5:00am Jun 19, 2012 5:00am
Quoting beeb
Let the chart tell you what is going to happen - if the line is breached and (importantly) then becomes support prices should rise further. I don't have targets or make prognostications, I just have expectations of where price may find support or resistance and play along with that......

beeb

EDIT - As I have mentioned before it isn't the breaching of a line of resistance that I find important (that could just be a flush) it is where support then comes in. Likewise when support is breached, what I watch for is where resistance...
Thanks, Beeb!

I mainly trade the 1 minute pitchforks - very useful!

Any advice you have is much appreciated.

Bedtime for me soon. have to get up before 6 am to see Paul Coghlan's webinar. Thanks for keeping us all in the loop, much appreciated.
  • #19,384
  • Jun 19, 2012 5:07am Jun 19, 2012 5:07am
Quoting HotBiscuits
The trendline has held 5 times, what makes you think itl break this one?
Telling that my own LOGIC, I want to see that
TRADE WHAT U SEE NOT WHAT U WANT TO SEE.
  • #19,385
  • Jun 19, 2012 5:23am Jun 19, 2012 5:23am
Quoting Crgone12
Whats a good place to upload photos that keep good resolution? Also I will work on in the next week to better tell how it works. I will work on making it simple and nicly put together. I need to do that for myself too!
What I do is saving the charts as images. Usually as png. which is a light format.

Then when yoou are replying to thread, attach them using the button Manage Attachments in the section Thread Options.
  • #19,386
  • Jun 19, 2012 5:36am Jun 19, 2012 5:36am
Thanks!

Quoting jsr
What I do is saving the charts as images. Usually as png. which is a light format.

Then when yoou are replying to thread, attach them using the button Manage Attachments in the section Thread Options.
  • #19,387
  • Edited 6:11am Jun 19, 2012 5:41am | Edited 6:11am
since time is taking longer for the down action and a new 4hr stick has appeared this morning I am not looking for a hit around 1623 area not 1621. As time moves forward without hitting targets so does the original target. Once again I'm not talking in certainty, this is just how I trade. Also, for me if it breaks well below 1622 then I have to rethink the possibility of 1660-1670 even being a possibility. Its showing great upside, but that upside momentum can be taken away in one move. Waiting before I commit completly to up side, but I'm ready!!


Quoting Crgone12
This is just me, but I'm looking for a return to the 1621 area, then I will see what happens there, then I'm playing long, well to the 1660 to 1670 area, as I watch what happens there. Though if it breaks through there will still be at least a 50% trace back and if it touches and stays in that area I'm looking for targets further down. I will take profit at each level to make sure it breaks each one since anything can happen, I just play one medium term target at a time.
  • #19,388
  • Jun 19, 2012 6:33am Jun 19, 2012 6:33am
Ok, this is how it goes for me normally, I keep changing my views as I keep seeing more things, since my strategy is very complicated for myself, it normally takes a week or so to figure it out, and now i feel like I'm 85% there instead of 65%.

I'm starting to think that 1670 area is not a target as of now. That will be later and to many things will change if thats going to happen now. I back to my original plan of down side, the arch is forming to perfectly for me. I see maybe a last price action of 1635 at max, anything beyond that for me will have me worried. I will post chart trying to show something!! Once again this is just me, I am talking this out with myself and sharing at the same time.
  • #19,389
  • Jun 19, 2012 6:57am Jun 19, 2012 6:57am
Quoting Crgone12
Ok, this is how it goes for me normally, I keep changing my views as I keep seeing more things, since my strategy is very complicated for myself, it normally takes a week or so to figure it out, and now i feel like I'm 85% there instead of 65%.

I'm starting to think that 1670 area is not a target as of now. That will be later and to many things will change if thats going to happen now. I back to my original plan of down side, the arch is forming to perfectly for me. I see maybe a last price action of 1635 at max, anything beyond that for me...

Thanks for sharing, please post the chart too
  • #19,390
  • Jun 19, 2012 7:06am Jun 19, 2012 7:06am
Quoting XTrade
......

Perhaps less words, yes?
and less posts. Quality, not quantity is always preferable.
  • #19,391
  • Jun 19, 2012 7:17am Jun 19, 2012 7:17am
If it keeps the momentum upwards and come over the trend line then we are going to see everybody jumping in for long.

But it is still in the danger zone, very much, very risky, but shes rising slowly, let's wait and see:

Attached Image (click to enlarge)
Click to Enlarge Name: 5year.PNG Size: 32 KB
  • #19,392
  • Jun 19, 2012 7:18am Jun 19, 2012 7:18am
Ha, indeed I will try, I sometimes lose my mind sitting here!!
  • #19,393
  • Jun 19, 2012 8:08am Jun 19, 2012 8:08am
This is how GOLD sizes up on the weekly.
We are currently up against a stiff resistance noted on chart.

Also noted the rejection of lower 1500 USD price points and the strength of the 100 WEEK SMA
Attached Image (click to enlarge)
Click to Enlarge Name: xau weekly updt 6 12.GIF Size: 37 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,394
  • Jun 19, 2012 8:08am Jun 19, 2012 8:08am
Good to see you back brotha.


XT

Quoting SunTrader
and less posts. Quality, not quantity is always preferable.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,395
  • Jun 19, 2012 8:11am Jun 19, 2012 8:11am
Quoting gnomoneey
sorry but i cant zoom on any of your files uploaded. therefore very hard to read the chart
at first glance these trend lines look short term and arbitrary.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,396
  • Jun 19, 2012 8:24am Jun 19, 2012 8:24am
They are only on a 4hr time frame which is very short term really.. I'm posting some charts now form my last post and I'm done posting for today! Need to take a break from it..
  • #19,397
  • Jun 19, 2012 8:26am Jun 19, 2012 8:26am
WTI - Light Crude SURGING
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,398
  • Jun 19, 2012 8:28am Jun 19, 2012 8:28am
A suggestion.

Start with a fresh chart. move up to the daily or weekly and draw some new lines.

Then you will see where the power zones are.

Erase the Grid; it just adds clutter.

You are drawing speed lines for what purpose? Are you trying to predict the price i suppose?

Clean chart Clean head.

Try it.

Quoting Crgone12
Yellow= broke trend line on third connection
White= third connection has yet to been made
Pink= completed connection


[ATTACH]Attachment [/ATTACH]
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,399
  • Jun 19, 2012 8:29am Jun 19, 2012 8:29am
Yellow= broke trend line on third connection
White= third connection has yet to been made
Pink= completed connection

[ATTACH]
Attached Image (click to enlarge)
Click to Enlarge Name: Daily 1.jpg Size: 219 KB
[/ATTACH]
Attached Image (click to enlarge)
Click to Enlarge Name: Daily.jpg Size: 218 KB
  • #19,400
  • Jun 19, 2012 8:29am Jun 19, 2012 8:29am
Yellow= broke trend line on third connection
White= third connection has yet to been made
Pink= completed connection

And NO I'm not handicap, it's hard to write with a mouse!!

[ATTACH]
Attached Image (click to enlarge)
Click to Enlarge Name: Weekly 1.jpg Size: 214 KB
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Attached Image (click to enlarge)
Click to Enlarge Name: Weekly.jpg Size: 214 KB
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