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

  • #19,481
  • Jun 21, 2012 9:12am Jun 21, 2012 9:12am
And when it's back to 1600+ you will be thinking bull again like how most people will, beacause it will break 1605. Annnnnnnnd Bam! everyone goes bull (not everyone) and the the market continues bearish. You can call them pump fakes, but they have to happen. The longer it takes for a correction to build (pump fakes) the fast and more violent it will return there. Everything is moving nicely now and it would be better to correct this week rather than later on.

Quoting Sreym33
I am just not getting this. Ben said yesterday that they are willing to fire some more cannons if the data points warrant and defended his stance on QE. Gold held it's ground yesterday after the statement and the press conference. Now today, brutal data comes out for the US and gold is being pummeled??? I am not saying that gold hasn't been in a downtrend since Sept. '11 but with the recent price action and small bull trend from 1550's to 1630's, I am thinking this is a fake move down, a bit of a bear trap... just sayin.
  • #19,482
  • Jun 21, 2012 9:17am Jun 21, 2012 9:17am
Quoting Crgone12
And when it's back to 1600+ you will be thinking bull again like how most people will, beacause it will break 1605.
What I see - It takes a long time to change a trend, and I see the trend changing back to the upside. This move down may take out some or all of gold's latest gains, but the downtrend is reversing... Time will tell.
  • #19,483
  • Jun 21, 2012 9:22am Jun 21, 2012 9:22am
Your right!! you see though I have know idea where it will bottom but I will find it before it gets there, but even if it still went to 1300, its still in a up trend. Your looking to close, either way thats why you take one step at a time. If it breaks trend support at every target get, well that the perfect way to see its trend and direction.

Quoting Sreym33
What I see - It takes a long time to change a trend, and I see the trend changing back to the upside. This move down may take out some or all of gold's latest gains, but the downtrend is reversing... Time will tell.
  • #19,484
  • Jun 21, 2012 9:24am Jun 21, 2012 9:24am
I'm not bullish nore bearish. I trade whatevery the market is telling me. Hey sure I could be wrong, but everything I have learn is telling me other wise right now, instead of looking at a graph like it will keep going up forever. When I see that as a possibality I will call it out loud.

Quoting Sreym33
What I see - It takes a long time to change a trend, and I see the trend changing back to the upside. This move down may take out some or all of gold's latest gains, but the downtrend is reversing... Time will tell.
  • #19,485
  • Jun 21, 2012 9:27am Jun 21, 2012 9:27am
Quoting Crgone12
, but even if it still went to 1300, its still in a up trend
How do you figure? 1900 to 1300 is an uptrend, maybe on a 20 yr chart but that's not what we trade on is it? Whatever... time will prove all of us wrong.
  • #19,486
  • Jun 21, 2012 9:29am Jun 21, 2012 9:29am
Quoting Crgone12
Those channle lines are a little off from my understanding. When you draw though's channel lines you should have only 3 connection points within it, starting each channel with the lowest of low and the second with the highest. The third will always touch and bounch off, and now you wait for the channel to break. The way I draw them is that there is only at the end of each channle 3 points total touching within it. The fourth will always break out. That's when you have to figure out the direction.

When you shee what I'm talking about...
I'm a bit risky. I'm a touch trader. I don't wait for confirmation. I don't care if price is falling or rising. It has to stop somewhere. I just look for confluence. If the trade fails, that's what SLs are for.

The other thing is that I'm a bit stubborn. I realized that there is a demand zone just below 1580, so I placed a buy order at 1579.

Now, I have a new weapon!
  • #19,487
  • Jun 21, 2012 9:42am Jun 21, 2012 9:42am
This is the other H1 chart I use. It seems the green descending channel is in control. Let's see.

I think I won't keep those longs, after all.

¿Previous support becomes resistance?
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  • #19,488
  • Jun 21, 2012 9:46am Jun 21, 2012 9:46am
As time moves forward this target changes. It it starts today it will be a hair under 1606, like 1605.80, but give me a .50 range. If it happens tomorrow or later today when the date changes on meta trader, it will be just a little abouve 1606.11 or below.

It will be clear I'm sure when it starts but it may not happen that soon, I'm not to good at predicting the time of when. It seems like it has to happen in this timeframe based off my current channle, that's if it will stay in a nice pasted downtrend.

Remember that my timing could be way off. I just want it to happen sooner becuase that will just indicate healthy trend and aid to bigger low's if down trend continues past key points. The faster and harder it falls, the bigger and meaner they push up.

Oh! it looks like it might be starting now I have to wait untill this 4hr candle stop, with 133 minutes left.. I will post some stuff later on.

Quoting Crgone12
Keeping my comment short and sweet.It will return to 1605+2.00 at some point this week. It will be a good last chance to get into a sell. I would show an explanation for this but it would be silly and people would not listen. That strong spike up after the down yesterday still needs to be corrected.
  • #19,489
  • Jun 21, 2012 10:46am Jun 21, 2012 10:46am
Silver below the opening price of the year and Gold not much above its opening price.
  • #19,490
  • Jun 21, 2012 11:36am Jun 21, 2012 11:36am
This is why I like stop loss.

I managed to net my longs with a little profit.

And that's why I don't like to trade the news. Sometimes, like today, they play games with us.

US data was bad. But index went up, EUR/USD and AUX/USD went down.

So, better believe in technicals.
  • #19,491
  • Jun 21, 2012 11:46am Jun 21, 2012 11:46am
1589.30 area is my current first target. it prob will break through (maybe not), either way it will do what it does, with a little pull back (maybe/prob).. Take money out wait. Watch to make shure it keeps breaking into new high and lower lows. Just to be safe I would say if you see it still going up with higher highs and lower lows the safe zone area of range will be 1600-1607 (on the higher end of that...). Once again I would post charts, but I can't at the moment. This is my plan at the moment, but remember I' proteced still becuase I still have a nice sell postion form last week. We will see what happens with this, but I feel good about it, and the technicals are there as always.
  • #19,492
  • Jun 21, 2012 12:48pm Jun 21, 2012 12:48pm
Where the mister policeman or the mister ultra mega bull?
  • #19,493
  • Edited 1:39pm Jun 21, 2012 1:27pm | Edited 1:39pm
What's going on now make me even more confident. It going down again makes me know from what it's created that's it setting itself up for a return to that point. The market fell way to fast today for it to ever reach the targets that people are looking for. So to slow down the down trend it must correct itself from yesterday, which is healthy. The reason it never breaks support around the 1530 are is becuase it always try's to blast through.

This time it's setting itself up with more downward pressure and to do so it must go back up. What tells me this is that stocks when down today, and stocks normally go up when good goes down. The stock market was wanting a QE3 and did not receive it. This caused stocks to go down and the inverse happened to gold becuase people wanted QE3 to drive gold up. To balance back out gold must go back up to catch up with the market.

Everyone thought stocks would tank on the idea of no QE3, but In fact in the short long term it will push stocks even higher when gold gets back on track and gold starts to force itself down. Though news can change anything I see this all to be a very likely scenario and may take a week to get it under way. Stocks need to fall harder so the bastereds that like raping the helpless can get in cheap and to do this good must go back up. That's my take and feel free to ask me any questions.
  • #19,494
  • Jun 21, 2012 1:35pm Jun 21, 2012 1:35pm
bit off topic
would it be right to go long keeping current fundamentals in mind
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  • #19,495
  • Jun 21, 2012 1:43pm Jun 21, 2012 1:43pm
BBKing posted earlier the target for today's price manipulation. When they big-boys have the courtesy of advertising that gold is going to hit between $1550 and$1570, it's best to believe them.

...if only they would be so nice as to tell us their moves in advance every time.
You can always make money tomorrow provided you don't lose it today.
  • #19,496
  • Jun 21, 2012 1:48pm Jun 21, 2012 1:48pm
Quoting Kadc
BBKing posted earlier the target for today's price manipulation. When they big-boys have the courtesy of advertising that gold is going to hit between $1550 and$1570, it's best to believe them.

...if only they would be so nice as to tell us their moves in advance every time.


I hope you profited from this info!
  • #19,497
  • Jun 21, 2012 1:59pm Jun 21, 2012 1:59pm
I want to get into all that but my broker does not allow it. I use finfx.fi and there amazing, but I think I might use a second broker for this reason. Who do you use? It seems like if you use all the things that are about to happen that it would make since to buy oil now, bu you must get out at the right time. When the dollar gains in value oil prices go down. I would wait for the sell instead of the buy, but both would work. I would wait for everything to settle down and for things to balance out, or play both otptions. Wish I new more to tell you but what I just said would make since and I would do so...

Quoting jaimini
bit off topic
would it be right to go long keeping current fundamentals in mind
  • #19,498
  • Jun 21, 2012 2:06pm Jun 21, 2012 2:06pm
Read my couple of last post to help make sense of what I'm talking about. It's amazoning how much I keep learning everyday. I'm getting a hell of alot better. I had to take all my money out to put money into my start up company so I left myself with 300 dollars to trade gold sense last friday and I already have 2,300 dollars. I must do doing something right!

I just can't wait untill I can leave all the money I make in the market so I can build like crazy. I'm sick of having to take my money out to start all over. I wish I had 50,000 dollars in this becuase I would be a king at this non sense, and make enough money to take care of myself in two weeks that would pay for my living all year. it's crazy what you can earn in this market if you do it right.

Quoting jsr


I hope you profited from this info!
  • #19,499
  • Jun 21, 2012 2:16pm Jun 21, 2012 2:16pm
the biggest thing to watch out for in my post is my timing. I'm still working on being mor calm and patient. just know if I say something just wait a little to see it start in action becuase I can sometimes jump the gun and I dont want anyone to loose any money. I will let you know if I don't feel good about a trade, and will tell you to not consider my advice untill it's more clear.

Like today I had my targets set at 1568.65. I started to see what the upside looked like and what was going to happen next. so I took my money out early becuase I second geuss my target and and the end It was close. I lost a little money on that becuase I was impatient. Pattients is the last battle I have to win to really roll in the right direction.

It seems like this thread is way more active now which is great! Thats the way it needs to be, by people working together instead of people trading with there emotions. Thank god that I have very few emotions to deal with, that being that I really have nothing to fear or anything that triggers my emotions. I just need to learn how to control my A-D-D!
  • #19,500
  • Jun 21, 2012 2:48pm Jun 21, 2012 2:48pm
This is a very simple layout of targets.

Green= incomplete
Blue= Broke through (set new target)
Light Blue= complete third touch and rebounded

Blue support lines are major trend support levels and are more import that green. Since both of the major supporting trend lines broke they will return with a new target in mind, and from my knowledge they will break through because it cut through the support level leaving it to weak to hold. This is all a very simple to understanding, but its not all that goes into my decisions. I hope this helps a little.


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