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

  • #25,781
  • Sep 26, 2013 4:37pm Sep 26, 2013 4:37pm
Quoting XTrade
{quote} Good luck, - If you want any advice here it is, take it or leave it. A- We are making higher Highs and Higher lows, Which usually suggests continuation. B- Price has passed through 1350 recently shooting thru the 1360s+ so, not sure what your entry is, but I would likely move stop above 1350 in the event we do hit it, and take it out, price may stall around 1355 / 1350 - this may offer short term reversal in price on valiant but failed effort to break, which will either work well for your short, or give you a chance to exit without too much...

Thanks for your kind advice,but I think I will stick to my plans, my entrys are 1326 and 1339,sl 1346,target 1272,win to lose ratio is around 4.48,that is also whinth my range (usually around 2.5-3.5),1 hr chart MACD show cross over and negative sign, 4 hr is comfirming to cross, yesterday high around 1339 which enters 50% of my adjusted fibo(1340),daily trend is still looking south,at this point,I think I will hold and wait.
  • #25,782
  • Sep 26, 2013 4:56pm Sep 26, 2013 4:56pm
hi fxjay,
i am long on the gold 1336 should i get out and go for short what do u think market will do next i am already in loss 120 dollars
MRMALIK1
  • #25,783
  • Sep 26, 2013 5:10pm Sep 26, 2013 5:10pm
Quoting TheArcher
{quote} just love ur additions to my charts !! simply beautiful !! thank you !!

yvw


here are some longterm views monthly and 2weeks (candle close is 29.09.13 and formation could be a inverted hammer, that should give us a bullish monthly open in Oktober), i guess somebody already have posted similar

Ag bounce between 0.62 an 0.76 fibolevels...

Disclaimer: i´m long in Ag
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just do it
  • #25,784
  • Sep 26, 2013 5:28pm Sep 26, 2013 5:28pm
Quoting mrmalik1
hi fxjay, i am long on the gold 1336 should i get out and go for short what do u think market will do next i am already in loss 120 dollars

I can not advice you to do something or not, it is your own trade, what I can tell you is my stop loss is at 1346, at my point of view, 1 hr chart looking bearish, 4 hr is confirming bearish , daily is still down trend, daily EW is down wave 1, 4 hr is down wave 5, 1 hr is down wave 3(sometime can not trust 1 hr thought),my target is below 1272,maybe 1269,or 1250,or 1236,but I will put win limit to 1272 first and see what happens then, this is only from my point of view and DOES NOT ADVICE ANYBODY TO FOLLOW,Thanks.
  • #25,785
  • Sep 26, 2013 5:43pm Sep 26, 2013 5:43pm
thanks fxjay actually i am new to forex know the basics very well but do not have the full confidence of trading thats whyi seek your advice. before ur reply i have alreay closed my long trade and now i am short from 1224

thanks for ur advice anyway
MRMALIK1
  • #25,786
  • Sep 26, 2013 6:12pm Sep 26, 2013 6:12pm
Quoting fxjay
{quote} I can not advice you to do something or not, it is your own trade, what I can tell you is my stop loss is at 1346, at my point of view, 1 hr chart looking bearish, 4 hr is confirming bearish , daily is still down trend, daily EW is down wave 1, 4 hr is down wave 5, 1 hr is down wave 3(sometime can not trust 1 hr thought),my target is below 1272,maybe 1269,or 1250,or 1236,but I will put win limit to 1272 first and see what happens then, this is only from my point of view and DOES NOT ADVICE ANYBODY TO FOLLOW,Thanks.
Good analysis. I was asleep when the double top happened. My target of 1350 was too ambitious. Took it off the 1h & 4h. It was a retracement. I should have taken it off the 15m & 30m. Never mind. targeting 1300 now.
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Money Makes Money
  • #25,787
  • Sep 26, 2013 6:15pm Sep 26, 2013 6:15pm
Quoting mrmalik1
thanks fxjay actually i am new to forex know the basics very well but do not have the full confidence of trading thats whyi seek your advice. before ur reply i have alreay closed my long trade and now i am short from 1224 thanks for ur advice anyway
If you are new in the forex market, it is good to take care with your leverage. Avoid that pressure and keep it low.
  • #25,788
  • Sep 26, 2013 8:01pm Sep 26, 2013 8:01pm
Quoting KiwiOz
{quote} Good analysis. I was asleep when the double top happened. My target of 1350 was too ambitious. Took it off the 1h & 4h. It was a retracement. I should have taken it off the 15m & 30m. Never mind. targeting 1300 now. {image}

I don't think it was too ambitious, as the price action suggested it should be tested in upcoming sessions.

I subsequently thought 1330 area may hold but we needed to apparently test 1320 and the price is still low as of now in slower markets.

So, all and all, It seems the price is a bit confused.

(Tomorrow)
There is a bunch of news and several FOMC members' statements. According to FF starting @ 5:45 EST.
== the only one that is in the red for impact==

Yet, I doubt the US is going to change interest rates, it is still necessary to pay attention, just incase something does happen....

If we can close the week finally above 1330 firmly 1350 should be up next.
If we close below 1320 - 1315/ 10 may go then we are back on the way to appx 1300 area, which in this scenario may lend a hand if the next low is in the zone is higher than the last it should suggest the area is sealed as of now as support and there is not enough significant selling pressure to crack it.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,789
  • Sep 26, 2013 8:32pm Sep 26, 2013 8:32pm
Quoting andcanoc
{quote} If you are new in the forex market, it is good to take care with your leverage. Avoid that pressure and keep it low.

Good advice!

If I can add!-

Only demo for enough time as it takes you to be comfortable to execute trades via market and mainly by using orders,
know how to place and edit your stop orders, buy stop, etc, your limit orders. Be comfortable with your system and how to use charts and
whatever technical companions. Basically this will only take a month to six months depending on your learning curve and the systems (Software) and
your system, (even if it is support and resistance for the day).

After you are comfortable - KEEP IN MIND - > This is as comfortable as you can ever get! Even pro traders are not just "la di da" feet up on the desk, sure I'll take a half mill on that ! No problem!

GO LIVE ASAP- BUT, start with a MICRO ACCOUNT which would be .01 lots for one lot, .1 is a mini and 1.0 is a Standard. so a micro is 1/20th of a standard.

I would use 50:1 or Less Leverage to start and actually stay at 50:1 to trade - not 100:1 unless you have a dummy proof - guaranteed trade profit- which never happens, but you know what I mean.

Once you go live everything you thought you knew and all those "rich" profits you had made on a daily/weekly basis GO RIGHT OUT THE WINDOW as your natural
instinct and risk assessment kick in. Your instinct is not to throw your money away and or "gamble" and keep losing, if you feel like you are doing this after a week,
you need to re-tool your strategy and be on the demo while doing so...


let us know when you are live!
GL TO YOU!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,790
  • Edited 8:51pm Sep 26, 2013 8:38pm | Edited 8:51pm
Quoting mrmalik1
thanks fxjay actually i am new to forex know the basics very well but do not have the full confidence of trading thats whyi seek your advice. before ur reply i have alreay closed my long trade and now i am short from 1224 thanks for ur advice anyway

Doing what you just did is a SUREFIRE way to blow up your account - Maybe I am mistaken and you are live. Please clarify.

Let me just answer your question. With questions you likely don't know the answer to.

In terms of your trade:
1. Did you have a target and a stop loss?
2. Did you assess the risk and reward?
3. Why are you in the trade in the first place - or what signaled you to take it?
4. Asking someone (with 23 posts - no offens e FxJay!!! GREAT RESPONSE THOUGH!!!)especially not a senior member on an internet forum what you should do and where they think the market will go next is possibly one of the WORST ways to get Good trading advice. Due to the fact that it is all subjective opinion. What may be right and work for them may not work for you.

- IF -

you had taken the normal steps before taking the trade you would know unless it is at the point where you are literally just doing LOSS or DAMAGE control,
you let it ride out - because you have pre- assessed the risk and reward in tune with your account size and know that even the loss will be acceptable.

Then if and when you lose = you go back and see what you did wrong
If and when you win = you go back and see WHAT YOU DID RIGHT! and REPEAT IT.

I can almost 100% guarantee you that if the market goes slightly against you as it just did, on your new short, you will be wondering what you just did.

Flip flopping sides is just a means of paying the broker the spread for each trade, with no direction, just hoping you get lucky.

You should next time, propose a trade plan here and ask for any thoughts, perhaps you may get some responses, but at least you will have done your initial homework.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,791
  • Sep 26, 2013 9:12pm Sep 26, 2013 9:12pm
I'm Not trying to be HARD ON PEOPLE here, BUT,

There are many newbies that come and go looking to learn, part of the reason why this thread is still in existence after 3 years.

In any case what I am trying to do is point out simple little tasks that WE ALL learned at one point sooner or later, I did, you did, she did, etc.

Hopefully this will in turn give a bit of structure to ones thoughts when / before placing the trade and just normal tasks that should be
done every trade, even if you don't use a stop.


Also, anyone who is Live and New to Gold and FX - I highly suggest getting over the thought that
"scalping is easy and you will get rich quick doing so"
Please for your accounts sake, take less, longer and well set up trades, first, on higher time frames.
Then when you think you are good enough go scalping.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,792
  • Sep 26, 2013 9:37pm Sep 26, 2013 9:37pm
Quoting XTrade
{quote} Archer you might know this but if not-..... Thus JP Morgan has been able to indulge in this blatant conflict of interest while so-called “regulators” actually help it to conceal
er ... what will be ur short answer to my question ?

1. Goldman Sachs
2.
3.
4.
  • #25,793
  • Edited Sep 27, 2013 12:03am Sep 26, 2013 9:56pm | Edited Sep 27, 2013 12:03am
Quoting TheArcher
{quote} er ... what will be ur short answer to my question ? 1. Goldman Sachs 2. 3. 4.

Quoting TheArcher
KADC your take is : if Goldman Sachs says "bearish" then it will turn out (most of the time )" bullish " and vice versa

what about JP Morgan , Barclay and their analysis, any other big names with similar notoriety


Well I usually try not to follow or read too many of the Large banks / Hedges / Investment Banks - Calls, in order to not taint my own view compiled from techs, underlying fundies and market temp ie: Price Action. We know that they all have specific and general agendas.

But, I would say it seems to be usually like this. ( Not perfect) *KADC please add your input.*

Goldman - Bearish call - Market turns bullish by next month or quarter.

JPM - Especially silver is always perma bear- even when the Price shot up to 50 they still said the market was bearish.... Well they do have a huge open interest in silver shorts to protect.

HSBC- I rarely read anything from them but would actually lean towards being indifferent on their stance as of now that is, I am likely wrong though here!~

Barclay's - Sometimes they are right - it depends on who you are reading and what the agenda seems to be in the air at the time of the posting/article.

just a mix of my overall experience, KADC seems to follow their calls more closely. Usually I will tune in when the market is heating up or dropping either way TOO FAS.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,794
  • Sep 27, 2013 12:08am Sep 27, 2013 12:08am
LOL :ROFL:

I's like the 25th in blu and the 26th in red are the inverse of eachother!

Let's see if today Starting in green can break the mold and outta this sideways range already!
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,795
  • Sep 27, 2013 1:41am Sep 27, 2013 1:41am
Quoting XTrade
2nd post in forum {quote} Maybe 4th?? {quote} Not only is this your first as I can see "contribution" yet, there is not even a Chart or a reference, link or any such extra data to accompany your call. Then a few posts later, "buy now" - Thankfully someone asked you "WHY?" - and As I thought there was no explanation. Luckily the majority of the frequenters here will simply read by, or ignore posts like these, Yet there are many Newbies here and others trying to learn or looking to bounce legitimate ideas off others, that some, may just consider...
excuse me for my posts .. i check my trading for 1 or 2 weeks and then post here my personal indicator on 1 min chart and strategy if are good..Luckily my calls was good yestarday for Newbies..-) thanks
  • #25,796
  • Sep 27, 2013 5:32am Sep 27, 2013 5:32am
Quoting cxgiugn
{quote} excuse me for my posts .. i check my trading for 1 or 2 weeks and then post here my personal indicator on 1 min chart and strategy if are good..Luckily my calls was good yestarday for Newbies..-) thanks

There is no such thing as luck, if you were to treat this as serious business.

Perhaps you should try your luck at Baccarat.
  • #25,797
  • Sep 27, 2013 6:17am Sep 27, 2013 6:17am
I think we will go 1280
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  • #25,798
  • Sep 27, 2013 6:22am Sep 27, 2013 6:22am
Quoting Bo_fajer
I think we will go 1280 {image}
what should be stoploss?
  • #25,799
  • Sep 27, 2013 6:37am Sep 27, 2013 6:37am
not is lucky we are on target ;-)
  • #25,800
  • Sep 27, 2013 6:38am Sep 27, 2013 6:38am
Quoting cxgiugn
not is lucky we are on target ;-)
target 1350 lol e 1359
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