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

  • #24,161
  • Jul 30, 2013 2:42am Jul 30, 2013 2:42am
Quoting Pair-me-up
I don't have any gaps on any of my charts as well. I am getting a strong minor resistance area of 1322.74 and then 1315.00 below that. Anyone else getting these levels?

Looks like we just broke past 1322.74... If it continues, then the next level of support is1315 and 1310. If we have a strong break past 1310 I think it will go very low. Again... I just started learning about the Xau/Usd pair a few weeks ago. So, it is best to double check with a precious metal's expert such as X trade.

Here is my first Xau/Usd chart. I scaled in some shorts for a short profit.... pun intended.. lol
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Luck has no place in trading. Leave that for the poker table.
  • #24,162
  • Jul 30, 2013 4:45am Jul 30, 2013 4:45am
Quoting infinitus
{quote} Hehe, done!!! Sorry for not much around - am buried with work, sadely
Thank you!

No rush - No problem!



XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,163
  • Jul 30, 2013 4:47am Jul 30, 2013 4:47am
Quoting Pair-me-up
{quote} Looks like we just broke past 1322.74... If it continues, then the next level of support is1315 and 1310. If we have a strong break past 1310 I think it will go very low. Again... I just started learning about the Xau/Usd pair a few weeks ago. So, it is best to double check with a precious metal's expert such as X trade. Here is my first Xau/Usd chart. I scaled in some shorts for a short profit.... pun intended.. lol {image}

Still in 1320/30 range. We would need in the immediate sense to take out 1300 for a bearish confirmed break.

Likewise to the upside the target is closer and at 1350... For a bullish break.

Just range trading, be patient, play the techs, and wait for news.

Looks like from the High and low we are trading about a ten buck range overnight.

Here.

I'd like to see the USD get crushed today... With news coming out a lot of moves are purely anticipation and faulty.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,164
  • Jul 30, 2013 4:58am Jul 30, 2013 4:58am
Quoting cloudfour
i am new to this pair and also to forex market. started trading gold only earlier this month. made a lot and lost a lot too.hehehe. on another note that i've noticed is, 1st friday of every month is the US unemployment rate news and also NFP will play a big roll to the market volatility. i've made like 1k usd on US June unemployment rate. the candlestick (i would rather call it magic stick) boomed!

Hi, I have posted a lot for newbies in the past week.

I would suggest if you really want to learn go back a few pages and read at least the last 50 to 100 posts and please read POST ONE.

thank you and welcome.

XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,165
  • Jul 30, 2013 5:01am Jul 30, 2013 5:01am
Quoting Pair-me-up
{quote} Looks like we just broke past 1322.74... If it continues, then the next level of support is1315 and 1310. If we have a strong break past 1310 I think it will go very low. Again... I just started learning about the Xau/Usd pair a few weeks ago. So, it is best to double check with a precious metal's expert such as X trade. Here is my first Xau/Usd chart. I scaled in some shorts for a short profit.... pun intended.. lol {image}

Looks like you are heavily short...

Just for accounts sake I would cover some of those and if you don't have to use FIFO (First in first out - we have it in the USA) then Keep the top position on and cover some before a potential bounce in NY.

This way you will make some money BOOKED, and still have a short on in the case the price continues to fall......

Just MVHO

XT-

Edit: if we are to stay in range I see the price heading back to 1330 + easily.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,166
  • Jul 30, 2013 5:19am Jul 30, 2013 5:19am
Quoting XTrade
{quote} Looks like you are heavily short... Just for accounts sake I would cover some of those and if you don't have to use FIFO (First in first out - we have it in the USA) then Keep the top position on and cover some before a potential bounce in NY. This way you will make some money BOOKED, and still have a short on in the case the price continues to fall...... Just MVHO XT- Edit: if we are to stay in range I see the price heading back to 1330 + easily.

I don't have Fifo where my account is. My account is out of the U.S.A. When you say short covering.. you mean close some of the shorts? There is still a lot of lingo that I don't know. When I started, people would assume it should already be known, so no one was willing to tell me the meaning of some of the lingo. They need a book that has all of the slang and not just the common ones either. Just saying.
Luck has no place in trading. Leave that for the poker table.
  • #24,167
  • Edited 5:50am Jul 30, 2013 5:39am | Edited 5:50am
Quoting Pair-me-up
{quote} I don't have Fifo where my account is. My account is out of the U.S.A. When you say short covering.. you mean close some of the shorts? There is still a lot of lingo that I don't know. When I started, people would assume it should already be known, so no one was willing to tell me the meaning of some of the lingo. They need a book that has all of the slang and not just the common ones either. Just saying.

Glad you are still eager to learn.

I don't really know what your exact sentiment is. Yet I DO KNOW that we are in a bit of an awkward time for gold / silver.
As I have posted, there is a certain possibility of a bullish break and push to 1350 and above.
Likewise there is a certain chance the price will be rejected again and fall.

Gold is very headline and news affected, when you trade long term you don't need to really worry about this as much or even look at charts daily.
The weekly and yearly are fine.

However, if you are DAY TRADING, all position Open and Closed within the time of ONE MARKET.
Then, it is essential to look for the Highs and Lows support and resistance trade safe and smart,
Meaning don't leave on a load of positions if there is news coming up.

Take some profits you have BEFORE NY OPENS cause - You just DON'T know....

I have to use FIFO and am not granted the same luxury. Tried opening up a foreign account but they want mail
and proof of address so.... Unless one of my relative in the EU wants to open an FX account for me then I am stuck here.!!!!!!
Futures are a bit different to trade and require more money than FX to make money.

Short covering simply means you "COVER" or close - squash - flatten - buy back - the trade you have on.
Long covering which you usually don't hear is the same - also just called - "selling" you can't sell if you aren't long.

Many markets make going "Short" much harder than it is in FX. This is really the only market you can simply just sell without
being a naked short (owning nothing) or borrowing from someone else to take the short that actually owns the stock for instance.
Then you have to pay them on the close for lending you the shares.
Split Unit would likely be able to explain this more in depth.

In any case If you are Day Trading, than you always take profit at the end of the market or before hand at your desired range.

If the price was 1310 when I first looked I might--- NO -- I would still say the same.


Cover some of the shorts so you are in profit. Keep the last one on that is most in profit and slap a TP (take profit) stop on it
above the market and above your entry and see where it goes.

No sense in letting a trade go against you if you are short term.

Hope this makes sense and my caps are not yelling just don't feel like going back and bolding them.

XT-

edit add: I forgot to mention _---- I do not suggest either staying awake 24 hours a day and trading multiple markets if you are day trading.
say you make nice profit in Aussie Asia into London. You more often than not will lose it all by then trading NY / LDN then NY close.
Even if you see opportunities, it's better to just mark them and chart them, come back with cash and re- enter.

It is good to watch price, yet again it all comes down to how long you are trading.
Personally after being here and learning I have gone back to my roots. Longer term trading.

FX is great to "smash and grab" yet wicked at the same time due to margin,

Try something,

Reduce your leverage from 100:1 to 25:1 for gold and 50:1 for FX and look at your margin then see if you take the same trades!
If you can't use two different try trading with 50:1 leverage...

You should read if not already some of the links I posted yesterday. They should be on this page if not the last.
If you also truly want to trade Gold and Silver,
buy a book and read it. Take from it what you like and leave the rest in the trash.
Learning is tough and this market is not for the faint of heart. Sometimes by error and time people only learn,
yet I think you have some talent and don't need to make all the same mistakes it takes to be great.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,168
  • Jul 30, 2013 6:03am Jul 30, 2013 6:03am
Quoting Pair-me-up
Just added some new charts.... Copper, Silver, palladium, and platinum... Found out how 50% of silver is used and 10% of gold is used. I imagine that in the future as electronics that use gold become more popular, then the price of gold will go up a lot. But only my guestimate.
If you keep researching you will learn that SILVER is a by-product OFTEN of mining PLATINUM.

Oops ! I guess I just gave that away... Depends on the mine though and what's UNDER GROUND!



XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,169
  • Jul 30, 2013 6:11am Jul 30, 2013 6:11am
G O L D
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,170
  • Jul 30, 2013 6:20am Jul 30, 2013 6:20am
Can someone post the front month GC chart? please I just woke up and am a bit lazy ATM.
Still have a lot of reading to do before 8:00 am EST. or "NY Open."

Sun?

Thank you,
XT-

anything above h1 -- 240 min or daily.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,171
  • Jul 30, 2013 6:53am Jul 30, 2013 6:53am
REUTERS:



PRECIOUS-Gold marks time ahead of Fed meeting


Something to think about. As I said this is a GLOBAL trade.

Quote
The Fed had previously said it would likely begin reducing its stimulus later in 2013 and halt it altogether by mid-2014, which strengthened the dollar, making assets priced in the greenback such as gold more expensive for foreign investors.

OIL is priced as well in USD.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,172
  • Jul 30, 2013 6:59am Jul 30, 2013 6:59am
I think we should take a look at USD/CHF today....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,173
  • Jul 30, 2013 7:13am Jul 30, 2013 7:13am
WTF is going on here! I cant seem to get any attachments up

This one is awesome.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,174
  • Edited 7:51am Jul 30, 2013 7:41am | Edited 7:51am
Going for a walk. No jump on open. market in range.

Let's see how anxious traders get today.

Tomorrow
-
XT-

Looks like the PGMs might get the dump today... Odd that they are inverse ATM with Gold yet
it happens....

In any Case I see green on the board now. so last night's loss is erased for NY traders.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,175
  • Jul 30, 2013 8:47am Jul 30, 2013 8:47am
Quoting XTrade
{quote} Glad you are still eager to learn. I don't really know what your exact sentiment is. Yet I DO KNOW that we are in a bit of an awkward time for gold / silver. As I have posted, there is a certain possibility of a bullish break and push to 1350 and above. Likewise there is a certain chance the price will be rejected again and fall. Gold is very headline and news affected, when you trade long term you don't need to really worry about this as much or even look at charts daily. The weekly and yearly are fine. However, if you are DAY TRADING,...

Thanks so much! That was an excellent post. As far as my sentiment..... I have a very small account. Besides demo. When I trade, I only trade at one penny per lot size. Like what you saw on that post of me scaled in like crazy. I don't use MACD, EW, or any type of lagging indicator. Like yourself, I like to used Price Action. I focus on S/R levels and chart patterns. I also pay attention to what is happening in other markets because I want to see how they influence each other. I believe that by observing other markets, I can see where the flow of money is headed on a global scale.

The markets are very connected nowadays, as you well know.

As far as me being a bear or a bull..... If the price action says, long term bull or bear, then I would love to catch the train in either direction that way, I can add positions onto it.

In my heart I dream of the day, that my account is worth thousands of dollars and I am making lots of cash as a position trader while having enough to pay the bills. I know if I don't give up and study as hard as I can, then those dreams can become a reality.

Also, sorry you have to follow those fifo rules. I still think that those rules are about politics. I say that because the government was blaming a lot of market crashes on shorting the market... Which is the most retarded thing I have ever heard.

I mean... let me rant a bit about it.. lol...... The government acts, like they want a risk free investment... of course if they really believed that, they would abolish car insurance, because car insurance is the insurance company shorting the customer with premiums. lol Not to mention the government spends like crazy so they need to sell debt...a.k.a treasury bills.


On my trading platform, I have a descending triangle on my h4 chart. It is not smooth as it should be on the bottom, but the s/r level 1322.74 allows it to be seen somewhat more clearly. If that pattern plays out mathematically like most charts do, then I think the market will go down further. Which would be great with me, then I can hopefully catch the longer term bull market.
Luck has no place in trading. Leave that for the poker table.
  • #24,176
  • Jul 30, 2013 9:00am Jul 30, 2013 9:00am
Quoting infinitus
{quote} Hi Bo, looks very good your count so far. Since my longer term count needs to see more bearish action (note: it is only my opinion), we have here two alternatives: A) your impulse may develop to a ABC-x-ABC B) your impulse is wave A of a bigger ABC-zigzag Conclusion for all counts: over the next days we should see downside action Trade well, Markus
thanks for the feed back
i updated my count i do agree that we will see more downside 1310-1300


note..there is a small gap at 1296 any lower than 1290-1285 cancel my idea
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  • #24,177
  • Jul 30, 2013 9:02am Jul 30, 2013 9:02am
I'm bull at 1310-1300 with a stop 1280 target 1450

i hope it works
  • #24,178
  • Jul 30, 2013 9:14am Jul 30, 2013 9:14am
Here is a picture of my choppy triangle.. I subtracted the S/R level from the highest peak. The remainder should be subtracted from the S/R level to get the TP

I also, subtracted the lowest dip from the peak incase the Price action makes a strong move past it. Again subtract the number from the lowest dip to find the target. Anyways, tell me what you think good or bad.
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Luck has no place in trading. Leave that for the poker table.
  • #24,179
  • Jul 30, 2013 9:19am Jul 30, 2013 9:19am
Quoting Pair-me-up
Here is a picture of my choppy triangle.. I subtracted the S/R level from the highest peak. The remainder should be subtracted from the S/R level to get the TP I also, subtracted the lowest dip from the peak incase the Price action makes a strong move past it. Again subtract the number from the lowest dip to find the target. Anyways, tell me what you think good or bad. {image}

sorry i added a line here that touches more s/r lines to your picture
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  • #24,180
  • Jul 30, 2013 9:23am Jul 30, 2013 9:23am
Quoting Bo_fajer
{quote} sorry i added a line here that touches more s/r lines to your picture {image}

Cool! Why didn't I see that.. lol


I forgot to mention... if that triangle fails, then I think on the top side it would shoot rapidly to 1388.59 or higher.



p.s.

With that line you added, that would make it an asymmetrical triangle, which are continuation or reversals... lol So, they are a hard to read... lol
Luck has no place in trading. Leave that for the poker table.
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