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XAU/USD & XAG/USD - Gold & Silver Traders Thread
Hey all these are from my great buddy "beeb" from across the pond - I'm in the US- "Cxxxx – Hope you had a good break..... Here’ s an updated GC 240 - note how price is stepping down the blue ”up escalator” all the way from the Upper Parallel touch..... First line to breach is green prior resistance at the quartile ..... http://www.screencast.com/t/4VeuO48XRDi GC on P and F – note the downtrend http://www.screencast.com/t/6r6tdZFM Publish if you want Ben
Thanx for the Beeb update, have been checking out for gc240 green line breach, will maybe act as support now. Not a member at coghlancapital, had to redraw, looking for a small buy opportunity at touch of green slope
- #26,725
- Oct 17, 2013 4:22am Oct 17, 2013 4:22am
- | Joined Apr 2007 | Status: Trader | 1,553 Posts
More on my Blog...
- #26,727
- Oct 17, 2013 4:51am Oct 17, 2013 4:51am
I was waiting for the US debt problem to "resolve" (surely an abuse of that word) and for gold to return to responding to technical levels before entering any new trades.
Gold went from the 61.8% Fibonacci at $1,277 through and back down to the 50% at $1,307, breaking through former descending resistance turned support (red) and the neckline of the head and shoulders (blue). Daily RSI (note this is an 8-hour chart) has tentatively broken through resistance and is approaching 50. With a confluence of support this is a good point to enter long with a stop below $1,303 which is the 38.2% pull back of the move up to $1,320. A breach of this area would be a bearish indicator.
Gold went from the 61.8% Fibonacci at $1,277 through and back down to the 50% at $1,307, breaking through former descending resistance turned support (red) and the neckline of the head and shoulders (blue). Daily RSI (note this is an 8-hour chart) has tentatively broken through resistance and is approaching 50. With a confluence of support this is a good point to enter long with a stop below $1,303 which is the 38.2% pull back of the move up to $1,320. A breach of this area would be a bearish indicator.
You can always make money tomorrow provided you don't lose it today.
- #26,728
- Oct 17, 2013 5:11am Oct 17, 2013 5:11am
- | Joined Jul 2013 | Status: Trader | 1,494 Posts
A trade should be based on an assumption based on facts
- #26,729
- Oct 17, 2013 5:24am Oct 17, 2013 5:24am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
{quote} Considering the ongoing manipulation and past records, if the US/UK government is trying to replicate 1975-76 intervention which led to gold crash in those years we should expect another year of declines at least....
Reality is hard for some to accept.
- #26,731
- Oct 17, 2013 5:42am Oct 17, 2013 5:42am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #26,732
- Oct 17, 2013 5:47am Oct 17, 2013 5:47am
All of longs closed by TP. now preparing for BIG short trade with TP around @1180 (almost formed H&S on W1 time frame). 1st short opened @1308 with SL @1335
some time ago I was trading such a structure on JP Morgan,could hardly get out with 11% profit
))
Still, my honest gut feeling is that a re-test of 143x level would be a decent move, either now or next week. But of course I might be very wrong.
- #26,733
- Oct 17, 2013 5:51am Oct 17, 2013 5:51am
{quote} These H&S's are really nice, but I would not take them for granted. Especially when trading gold. some time ago I was trading such a structure on JP Morgan,could hardly get out with 11% profit
I know the market and GOLD specially is nervous in these days...
This is the reason of my tight SL. I can see risk of north way too... We will see.
- #26,738
- Oct 17, 2013 6:23am Oct 17, 2013 6:23am
{quote} Or if the trend of more selling and less buying just continues. Reality is hard for some to accept.
Never fails to amaze , price goes down ,its manipulation. Price goes up its on its way to US$ 5000 an ounce. Nevermind technicals and fundamentals or even a clear trend line that's been in place since October 2012.
Officer ... I swear to drunk I am not God