XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 1103 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD, Silver/USD

Similar Threads

Gold futures & XAU 78 replies

GoldenEuro Cross (XAU/EUR) GoldenAussi Cross (XAU/AUD) 51 replies

Daytrade - XAU/USD & XAG/USD 14 replies

XAU/JPY & XAG/JPY 13 replies

Successful XAU/USD traders 7 replies

Attachments: XAU/USD & XAG/USD - Gold & Silver Traders Thread
Exit Attachments

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

  • #22,041
  • Jan 2, 2013 12:46am Jan 2, 2013 12:46am
A deal has been voted and accepted.
  • #22,042
  • Edited 4:20am Jan 2, 2013 4:06am | Edited 4:20am
very quiet in here tonight, I would have thought the bulls would be excited and dancing all over this thread today

I'd taken a break from trading metals ever since QE3 ended and decided to return upon the smash below $1550, and QE4. I took an entry at $1637 gold and $29.65 silver respectively and am hopeful of some great gains in the first quarter of 2013. I have no TP at this stage, and have no problem playing with both these metals on the downside as no bull market goes directly up as we know.


Also, great to see beeb and XT still involved in this thread, they are both very knowledgeable. Most important thing I can pass on from these two, is don't be too attached to any one trade, and always run a SL, do not risk losing everything in this volatile market.

Happy new year all!
  • #22,043
  • Jan 2, 2013 5:23am Jan 2, 2013 5:23am
Quoting KADC
That's an interesting observation. Ignoring for the moment that the article was written more than four hours after vaidas7777 posted, perhaps you can shed light on specifically why "gold is a good deal now", what "MN resistance" is, in what way this is a "good position to make trades with r/r" and how this information was gleaned from the article you feel he was referring to.
let the chart to be your chauffeur ... -Forexmnstr-
  • #22,044
  • Jan 2, 2013 6:27am Jan 2, 2013 6:27am
Quoting Mitchoss
I'd taken a break from trading metals ever since QE3 ended and decided to return upon the smash below $1550, and QE4. I took an entry at $1637 gold and $29.65 silver respectively and am hopeful of some great gains in the first quarter of 2013. I have no TP at this stage, and have no problem playing with both these metals on the downside as no bull market goes directly up as we know.
You picked up both gold and silver at the absolute bottom after being away for so long (I presume you mean $1650 not $1550) -- how did you manage to make these calls? I think we'd all like to learn your method.
You can always make money tomorrow provided you don't lose it today.
  • #22,045
  • Jan 2, 2013 7:32am Jan 2, 2013 7:32am
Hi folks, newbie here. HAPPY NEW YEAR TO ALL.
Glad to have found this site - interesting thread here.
My current observations for Gold are as shown in attachments.

H1 chart shows bearish Gartley pattern & Elliot wave H3 being formed. So expect market will go down once H3 is complete.
4H chart shows bearish Gartley pattern supporting the H1 scenario.
D chart shows bullish Gartley pattern.
Possibility : for now market maybe moving up to form H3 after which it may briefly turn down to form H4 and then up again to form H5. Of course this may all change again any moment.


Comments welcome.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gc 60.gif Size: 57 KB
Click to Enlarge Name: gc 240.gif Size: 61 KB
Click to Enlarge Name: gc 1440.gif Size: 72 KB
  • #22,046
  • Edited 8:39am Jan 2, 2013 7:45am | Edited 8:39am
Quoting ivars
Beeb

Pitchfork vs. Reaction -action lines- thanks for clarification, I have understood it as well by now. That was my fist attempt anyway to draw anything like this. Still, they worked quite well since Dec 10. . On Monday, the top line became as support instead of resistance. I am cautiously short XAG with 29,00 target in case Congress does not pass the Senate bill. But if I miss, no big deal- I do not see any explosions in PM prices as long as debt ceiling remains capped, so volatility may be quite big with every political statement. Even today...
Ivars - if you are going to try and trade off forks you seem to still need to get a few things straight in your strategy - As far as I can see, a short was not the trade to take today from any viable, proven fork (obviously imho). Suggest you check out wwww.coghlancapital.com - there is a free webinar in a couple of weeks you might find useful...

Mitch - good to hear from you again - hope all is well. You even beat me on SI - am only long from 29.85 lol

beeb

EDIT - please bear in mind markets are still getting back to normal depth - NFP on Friday...
  • #22,047
  • Jan 2, 2013 8:15am Jan 2, 2013 8:15am
Nice charts KM, i have the same set up.
What do u think about a shorting @ $1690, SL @ 1705. TP1@ 1665, TP2 @ 1655?

may i ask what software are u using for harmonics and Elliot wave ?



Quoting km321
Hi folks, newbie here. HAPPY NEW YEAR TO ALL.
Glad to have found this site - interesting thread here.
My current observations for Gold are as shown in attachments.

H1 chart shows bearish Gartley pattern & Elliot wave H3 being formed. So expect market will go down once H3 is complete.
4H chart shows bearish Gartley pattern supporting the H1 scenario.
D chart shows bullish Gartley pattern.
Possibility : for now market maybe moving up to form H3 after which it may briefly turn down to form H4 and then up again to form H5. Of course this...
  • #22,048
  • Jan 2, 2013 8:34am Jan 2, 2013 8:34am
Hi again, observations on Silver provided below.

4H chart -seems it has Elliot wave setup currently in process of forming 4H4.
D chart - shows a bullish Gartley pattern.
Possibility : 4H4 being formed after which 4H5 could form below price level of 4H3. Yet daily chart suggests bullish, maybe after the 4H5. Time will tell.

Comments welcome.
Attached Image (click to enlarge)
Click to Enlarge Name: si d.gif Size: 50 KB
  • #22,049
  • Jan 2, 2013 8:58am Jan 2, 2013 8:58am
Hi LotusBuddha.

I would not short at $1690 cause market is still trending UP, so H3 could well be somewhat higher. Am trying out Advanced GET for Elliot wave, not much good at using it yet, but from what I can make out expected range for H3 may be 1695~1720. But don't take this as gospel, with me as the driver it is as yet unproven for accuracy. For the Harmonics am simply using a ZUP indicator.
Next point - after wave H3 market is in wave H4, which is not an impulsive wave and can have a lot of whiplash so I try and avoid wave 4s. I normally try and trade only wave 3s and wave 5s.

Kindly note that no trading advice is being given above - each one of us has to make our own decision and live with it.
regards.
  • #22,050
  • Jan 2, 2013 9:59am Jan 2, 2013 9:59am
Km, thats great input. Could i request you to post any Elliot wave count charts you might have, i am really missing that bit.
thanks again.

Quoting km321
Hi LotusBuddha.

I would not short at $1690 cause market is still trending UP, so H3 could well be somewhat higher. Am trying out Advanced GET for Elliot wave, not much good at using it yet, but from what I can make out expected range for H3 may be 1695~1720. But don't take this as gospel, with me as the driver it is as yet unproven for accuracy. For the Harmonics am simply using a ZUP indicator.
Next point - after wave H3 market is in wave H4, which is not an impulsive wave and can have a lot of whiplash so I try and avoid wave 4s. I normally...
  • #22,051
  • Jan 2, 2013 10:44am Jan 2, 2013 10:44am
Hi LotusBuddha,
Take a close look at the graphs already pasted earlier on this thread and you will find that the Elliot wave count is actually included in them.
cheers.
  • #22,052
  • Jan 2, 2013 3:34pm Jan 2, 2013 3:34pm
I merely moved away from trading metals but never stopped watching the market. I saw no real motivation for the metals to move and make new highs, rather just watched them trade sideways. Once QE4 was announced I didn't expect it to take off instantly as QE3 did, it felt like a trap. I instead sat on the other side of the boat and waited for a dip, I was idealing hoping for 1610 and 28.5 but I saw large volumes coming in to protect gold once it hit below 1640, and from my own observations, I never go in unless the support is tested at least a second time. The charts also looked extremely oversold and mining stocks were cheap, HUI bounced off a low with some decent volume so I entered. It may still come back down, I've been very wrong before.

Some other things I guess kept me away from gold/silver was I work in the Australian mining industry and we have suffered quite a large downturn in terms of coal sales to China, India and Japan which made me think we were in a deflationary period and needed _something_ to turn the tides (QE or similar) and get people buying again. In December our deliveries and orders for Coal went through the roof, along with many other manufacturing companies seeking PCI Coal for steel making in China.

Quoting KADC
You picked up both gold and silver at the absolute bottom after being away for so long (I presume you mean $1650 not $1550) -- how did you manage to make these calls? I think we'd all like to learn your method.
  • #22,053
  • Jan 2, 2013 8:18pm Jan 2, 2013 8:18pm
one thing i have learned from trying to trade Gold is its very hard under the daily time frame.
The best indicator is price.
  • #22,054
  • Jan 2, 2013 9:46pm Jan 2, 2013 9:46pm
Nice chart, love gartley's / butterflys = looks to be panning out, nice call, let's see if it can last, I think it should complete based on what I see here. As well as prior price action and timing.

Quoting km321
Hi LotusBuddha.

I would not short at $1690 cause market is still trending UP, so H3 could well be somewhat higher. Am trying out Advanced GET for Elliot wave, not much good at using it yet, but from what I can make out expected range for H3 may be 1695~1720. But don't take this as gospel, with me as the driver it is as yet unproven for accuracy. For the Harmonics am simply using a ZUP indicator.
Next point - after wave H3 market is in wave H4, which is not an impulsive wave and can have a lot of whiplash so I try and avoid wave 4s. I normally...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #22,055
  • Jan 2, 2013 9:47pm Jan 2, 2013 9:47pm
OK sooo?
Quoting Pluvius
XAU/USD is above 1671 as I type this now.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #22,056
  • Jan 2, 2013 9:58pm Jan 2, 2013 9:58pm
Mitch - Happy New Year!
Thanks for the shout, reason we don't get crazy over a 20 / 30 USD slide or JUMP is after years of watching / trading / investing in this market it is a rollercoaster ride, plain and simple, if you or one attaches emotions to that you are bound to "throw up/" if you get my analogy. Take the good with the bad and try to keep the BAD LESS THAN THE GOOD and you are winning!
Quoting Mitchoss
very quiet in here tonight, I would have thought the bulls would be excited and dancing all over this thread today

I'd taken a break from trading metals ever since QE3 ended and decided to return upon the smash below $1550, and QE4. I took an entry at $1637 gold and $29.65 silver respectively and am hopeful of some great gains in the first quarter of 2013. I have no TP at this stage, and have no problem playing with both these metals on the downside as no bull market goes directly up as we know.


Also, great to see beeb and XT still...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #22,057
  • Jan 2, 2013 10:04pm Jan 2, 2013 10:04pm
One point that has tried to be ingrained in this thread is that scalping or even day trading gold is NOT EASY and certainly more of a "die trying" than win slowly, type of thing. Especially for the newbie. You need literally years of experience with PA alone as well as reactions to news to be a somewhat efficient scalper. Day trading is a bit easier due to the hours you are allowing yourself, yet, the rule of day trader's is supposed to be kill all positions win or lose at the end of your session. SOOO,

You are much better off getting into this market "LIVE" trading with LOW leverage and SMALL LOTS over an extended period of time, such as the daily,
This allows for LARGE stop losses, as well as wiggle room if your entry is not timed perfectly, oh and did I mention the larger profit potential
Just my two cents.

Quoting scfx
one thing i have learned from trying to trade Gold is its very hard under the daily time frame.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #22,058
  • Jan 3, 2013 2:13am Jan 3, 2013 2:13am
http://www.investopedia.com/terms/g/...#axzz2GtjlL0MD

Quote
Investopedia explains 'Gartley Pattern'
The above Gartley example shows an uptrend XA with a price reversal at A. Using Fibonacci ratios, the retracement AB should be 61.8% of the price range A minus X, as shown by line XB. At B, the price reverses again. Ideally, retracement BC should be between 61.8% and 78.6% of the AB price range, not the length of the lines, and is shown along the line AC. At C, the price again reverses with retracement CD between 127% and 161.8% of the range BC and is shown along the line BD. Price D is the point to buy/sell...

KM321 I added your chart as well thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: si d.gif Size: 50 KB
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #22,059
  • Jan 3, 2013 2:27am Jan 3, 2013 2:27am
So what a plan should be for today? Buy? Because tomorow Japan will expand printing? Sell? Because fiscal cliff is over?
  • #22,060
  • Jan 3, 2013 4:56am Jan 3, 2013 4:56am
Anyone trading KIWI AND AUSSIE? They look like they might have the technical steam to further break north. Thinking of getting long aussie again if there is pullback. Ottherwise again from a technical standpoint, dont have a chart right now, it looks like aussie has established support after last push up and is ready for a further break perhaps to .0600 first.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
27 traders viewing now