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

  • #22,401
  • Jan 18, 2013 7:53am Jan 18, 2013 7:53am
Quoting Xaron
Hey guys, I'm long silver with a target of $49 reached by mid of this year. I think silver prepares for quite a huge up move and a lot of short covering...
i agree.
actually i'm waiting something to show a kind of bottom.
not yet but very soon IMO.
90% of traders use TA, indicators and prediction
  • #22,402
  • Jan 18, 2013 8:17am Jan 18, 2013 8:17am
Quoting Xaron
Hey guys, I'm long silver with a target of $49 reached by mid of this year. I think silver prepares for quite a huge up move and a lot of short covering...
I agree but I just cant get a good entry at the moment...

Olu
If you think you can or cannot do it you are correct
  • #22,403
  • Jan 18, 2013 8:20am Jan 18, 2013 8:20am
Added more longs.

http://www.leidel.net/dl/fx/2013/xauusd_180113.png
  • #22,404
  • Jan 18, 2013 8:48am Jan 18, 2013 8:48am
Quoting Xaron
Added more longs.

http://www.leidel.net/dl/fx/2013/xauusd_180113.png
Congtatulations X. You are doing real good with this trade
If you think you can or cannot do it you are correct
  • #22,405
  • Jan 18, 2013 8:52am Jan 18, 2013 8:52am
Thanks. Let's see. Stops are in place. A retracement is likely of course but who knows?...
  • #22,406
  • Jan 18, 2013 10:31am Jan 18, 2013 10:31am
Quoting TheArcher
.
Price has got to bounce one of those lines eventually..
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #22,407
  • Jan 18, 2013 11:39am Jan 18, 2013 11:39am
Quoting zusch
Price has got to bounce one of those lines eventually..
Maybe it has started. Impressive trading nevertheless...

Olu
If you think you can or cannot do it you are correct
  • #22,408
  • Jan 18, 2013 11:52am Jan 18, 2013 11:52am
silver - a snapshot for reference
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  • #22,409
  • Jan 18, 2013 1:24pm Jan 18, 2013 1:24pm
Quoting Xaron
Thanks. Let's see. Stops are in place. A retracement is likely of course but who knows?...
Sorry about a question here , but is Oanda a good fx trading company for XAG, XAU pairs?
  • #22,410
  • Jan 18, 2013 1:28pm Jan 18, 2013 1:28pm
Quoting ivars
Sorry about a question here , but is Oanda a good fx trading company for XAG, XAU pairs?
Funny enough X and Ivars I went to their website right after seeing your graphic to check them out

Olu
If you think you can or cannot do it you are correct
  • #22,411
  • Jan 18, 2013 1:38pm Jan 18, 2013 1:38pm
Anybody can give me suggest ???
ahdts
  • #22,412
  • Jan 18, 2013 2:30pm Jan 18, 2013 2:30pm
Quoting Olu
Funny enough X and Ivars I went to their website right after seeing your graphic to check them out

Olu
Because he was making handsome money, so company must be good I will check it out, hate to pay those huge spreads
+commission while learning to trade so trading too often, but that is a path one must get through-patterns are the same on all scales, one learns on short then tries to extend as knowledge accumulates, and it has to be real own money to feel the loss.
  • #22,413
  • Edited 6:55pm Jan 18, 2013 2:40pm | Edited 6:55pm
my 2 way fantasy...
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  • #22,414
  • Jan 18, 2013 3:03pm Jan 18, 2013 3:03pm
Quoting ivars
Because he was making handsome money, so company must be good I will check it out, hate to pay those huge spreads
+commission while learning to trade so trading too often, but that is a path one must get through-patterns are the same on all scales, one learns on short then tries to extend as knowledge accumulates, and it has to be real own money to feel the loss.
In my country after researchin , fx oanda is one of the best here. It is recognised by local government, lower spread compared to uwc and others, free bank transfer to bank account once a month, no one time fee of $20 like Philips securities, no time wasting with account manager like uwc who can be contacted on mon to Friday only, scalping is allowed - some brokers don't allow etc. and i noticed it offers more pairs to trade from. it does have its bad points though, it used to have a bug with its take profit n stop loss. Wonder if its fixed, got bugged twice. Outdated FAQ which state wrong trading hours and blocked out timing- the officer admitted in live chat it was wrong but only changed one hyperlink last I checked.
  • #22,415
  • Jan 18, 2013 3:05pm Jan 18, 2013 3:05pm
Quoting ivars
Because he was making handsome money, so company must be good I will check it out, hate to pay those huge spreads
+commission while learning to trade so trading too often, but that is a path one must get through-patterns are the same on all scales, one learns on short then tries to extend as knowledge accumulates, and it has to be real own money to feel the loss.
For me it wasnt about him making money it was about the interface and the fact that I didnt investigate that broker when I was opening my accounts. If they are better that alpari-uk i.e spreads, product range, and account management then then I'm moving.
If you think you can or cannot do it you are correct
  • #22,416
  • Jan 18, 2013 3:26pm Jan 18, 2013 3:26pm
Quoting ahdts
Anybody can give me suggest ???
I'll suggest again what I would do were I in your position to get out of the hole you've dug yourself into, but you need to rely on your own analysis for specifics.

At the very least you should either close out all your longs or all your shorts depending on which way you think the price is heading, and if you make the wrong call, close out the rest of your positions. Here's why:

What if gold soars and never touches your lowest position of 1637.50 again? What if the price plummets and your highest position of 1718.30 becomes a distant memory? How long will you hold onto your losing positions? How much more are you willing to lose?

It looks like you haven't done anything in your account since the 10th, which is unfortunate because you could have closed out most of your positions at break even between then and now.

If you're not convinced, let's look at it mathematically using just your two most extreme positions. Gold is at 1684 as I write this. Ignoring interest and commission, if gold falls to 1637.50 so you can break even on your lowest short position then you'll be down another 46.50 on the two lots of your 1718.30 long which you've already held for five weeks. If you exit that position now and re-entered at 1637.50 you'll not have lost the money that 46.50 x 2 lots represents and your new long will be from a 46.50 more profitable position. The same is true in reverse for your shorts if you think gold is going up.

Once you've closed out all those positions, wait for something definitive before you open a new trade. I don't know what methodology you use, but I'd rather wait days or weeks for a really good position than to gamble on dozens upon dozens of positions hoping to get lucky; and for goodness sake, when you find yourself in a losing trade in the future, close it immediately.

Good luck.
You can always make money tomorrow provided you don't lose it today.
  • #22,417
  • Jan 18, 2013 5:21pm Jan 18, 2013 5:21pm
Hi all,

Gold closed the week above 1.68x, but below the 100 days EMA and above the 200days EMA (on daily),
So i guess it's has not been decided which way to go now..

When we look at daily chart there are some resistances,

1.695 area (50 days MA)
1.700 resistance leve
and the last peaks resistance level around 1.710

1.695 was tried before and couldn't succeed to break..

I don't have enough information to comment more about which is the estimated area to trigger resistance. 1.695 or 1.700 or 1.710 ?
In the charts 1.710 seems the most tough one to break but what if prices fall down from 1.695 or 1.700? How i can make consideration? More experienced mates i need your help

As a note: I have just opened long @ 1.680, i guess the prices will go up to 1.710... Then i ll open my shorts...


The most important point is how you all decide which resistance will work and what are your reasons...?


a brother from Turkey.
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  • #22,418
  • Jan 18, 2013 11:53pm Jan 18, 2013 11:53pm
Quoting hbkarakas
Hi all,

Gold closed the week above 1.68x, but below the 100 days EMA and above the 200days EMA (on daily),
So i guess it's has not been decided which way to go now..

When we look at daily chart there are some resistances,

1.695 area (50 days MA)
1.700 resistance leve
and the last peaks resistance level around 1.710

1.695 was tried before and couldn't succeed to break..

I don't have enough information to comment more about which is the estimated area to trigger resistance. 1.695 or 1.700 or 1.710 ?
In the charts 1.710 seems the most tough...

" As a note: I have just opened long @ 1.680, i guess the prices will go up to 1.710... Then i ll open my shorts... " Opening my shorts sounds wrong in a literal sense...haha. Kidding.

Not looking to short but looking to long again. Dont like the idea of going against a trend. Since its an uptrend, the support has been going higher in charts everytime it drops down, the last is 1665 area. Judging from the psychology of traders with daily and hourly charts, a drop in the hourly charts to 1665 or even closer will persuade people to go long already imo. Yesterday's bar that was going down in still contained within range of the day before. More confirmation signs will be known on Monday itself in the hourly and minute charts, how far it might go down for XAU/USD and whether it will be another contained bar.

For XAG/USD and another silver pair, the psych was to buy the moment it dropped down to the opening price (or opposing parties to close the shorts when it reached the start of the trading day opening price. No point for bears to waste time and risk going further than opening price (on a Friday unless accompanied by global events, seasonal or big players). It happened twice and I got on once!. It dropped to 31.73 for XAG/USD twice and it shot up and came back down although the second time, it was not as high, most probably due to last trading day and timing.

Thus, these are the few psychological areas depending on the actual day itself that I am looking out at and will only act on real time when I see an opportunity at that instant.

Thus, I feel the interest is not to ascertain which area will trigger resistance and short from there, but which support will hold and long from there.

You might end up as the other guy who short at 1635 area and has not closed his short yet.

I had a good advice from my senior " Follow the trend"
  • #22,419
  • Jan 19, 2013 2:04am Jan 19, 2013 2:04am
Remember that Monday is a NY holiday...

beeb
  • #22,420
  • Jan 19, 2013 2:11am Jan 19, 2013 2:11am
Here is some super simple TA using two lines, we need to remember where the price has come from,
It is not just "in a mini downward channel" with no prior highs, supports or history.

There is also a lot of forgetting about this important and lengthy rising TL usually seems to be left out from most charts posted.

Look at how the price cupped right in at the cross of the two. At the actual cross the bar was indecisive and we turned back up. To me this is looking like the beginning of a new minor trend in the larger trend returning up.

But we shall see.

Furthermore although the price may appear to be falling, it
A. has not rebroken the broken major dtl that is acting as somewhat of a support of the all time high
and
B. has made weekly lows recently, yet not tested the prior lows of 1550 area. Where there should be considered strong support.

second chart just a thought, if that flag pattern turns out.
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