this is a battle between long term up trend line, and down price channel, we have to wait... what do u think?
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never be greedy
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #22,565
- Jan 31, 2013 3:54am Jan 31, 2013 3:54am
i have a Question
i have bought silver at 31 and 32 respectively. can any one let me know if silver is going up then what is a good point to close the trade.
can anybody help me set my targets.
i am trading on 4 hour chart. and i am eager to wait for 34. is 34 a good target ?.
as i am using trailing stops. should i use 20 pips or 30 pips for trailing stop.
i have bought silver at 31 and 32 respectively. can any one let me know if silver is going up then what is a good point to close the trade.
can anybody help me set my targets.
i am trading on 4 hour chart. and i am eager to wait for 34. is 34 a good target ?.
as i am using trailing stops. should i use 20 pips or 30 pips for trailing stop.
- #22,567
- Jan 31, 2013 4:46am Jan 31, 2013 4:46am
i have a Question
i have bought silver at 31 and 32 respectively. can any one let me know if silver is going up then what is a good point to close the trade.
can anybody help me set my targets.
i am trading on 4 hour chart. and i am eager to wait for 34. is 34 a good target ?.
as i am using trailing stops. should i use 20 pips or 30 pips for trailing stop.
Perhaps you may be trying to pyramid, but this isn't the safe way to pyramid your profits.
My opinion, is close the trade at 32.00 . You decide when you want to close it, or at what price. Whether you wish to wait for it to go up a little and close it at 0 loss ( provided it goes up).
For the long position at 31.00, not bad. As spoken by KADC who quoted Gary Wagner the elliot wave specialist, Gary is expecting it to go down as part of the C . Gary is basically waiting for a compression point before it explodes north. Lower highs and higher lows ( that what he called it in Dec 2012 gold forecast). No confirmation on how far he feels it may go down.
But of course, all this is really affected by news which sways market sentiments. In my previous post, I mentioned about this weeks schedule of ECB, FOMC and NFP Friday and their timings that are so close to each other. Meaning to say, if Gary says something, but if NFP friday or some meeting indicates statistics of the opposite that sways market sentiment the opposite way, you know what happens.
Thus, we won't know for sure which way silver is going at the present moment. We could not predict that the FOMC meeting would reveal bad economic figures yesterday and shot the metal prices up. Neither can we predict NFP friday unless you are the master puppeteer over there.
Today, there will be a G20 financial information release for companies.
Be a price action trader. Control your risk.
34, to me is still long a way to go, as it is not a straight climb up.
- #22,568
- Jan 31, 2013 4:47am Jan 31, 2013 4:47am
i have a Question
i have bought silver at 31 and 32 respectively. can any one let me know if silver is going up then what is a good point to close the trade.
can anybody help me set my targets.
i am trading on 4 hour chart. and i am eager to wait for 34. is 34 a good target ?.
as i am using trailing stops. should i use 20 pips or 30 pips for trailing stop.
Only you can decide what your exit targets should be, particularly without knowing your trading style, and your trail distance being reasonable or not will depend on the time frame you are trading in as well as market volatility. The longer-term your trade strategy is, the larger your trailing stops will need to be to overcome market volatility. An alternative strategy is to set a stop just below your entry point rather than use trailing stops and move the stop up to just below each pull-back until your target is reached. Experience will teach you which strategy works best for you.
Even if you have a live account, you should maintain a demo account in order to practice new strategies without risking your actual money.
You can always make money tomorrow provided you don't lose it today.
- #22,573
- Jan 31, 2013 9:46am Jan 31, 2013 9:46am
i think there still more downside trend for gold
there is not enough power both in adx and rsi to move up
beside that we are moving between 1651 and 1685
if we break one off there levels i guess we will see a big move then
i think being out off market now is safe for any one want to go long for gold
if any one think different please share your idea with chart
there is not enough power both in adx and rsi to move up
beside that we are moving between 1651 and 1685
if we break one off there levels i guess we will see a big move then
i think being out off market now is safe for any one want to go long for gold
if any one think different please share your idea with chart
