XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 1367 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD, Silver/USD

Similar Threads

Gold futures & XAU 78 replies

GoldenEuro Cross (XAU/EUR) GoldenAussi Cross (XAU/AUD) 51 replies

Daytrade - XAU/USD & XAG/USD 14 replies

XAU/JPY & XAG/JPY 13 replies

Successful XAU/USD traders 7 replies

Attachments: XAU/USD & XAG/USD - Gold & Silver Traders Thread
Exit Attachments

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

  • #27,321
  • Oct 29, 2013 12:06pm Oct 29, 2013 12:06pm
Quoting Drentaga
Hi XT, I think gold is developing a new consensus area between 1361.66 to 1329.10 before decide continue to North or South. DRT {image}

Hey buddy,

Yes, we could experience a zone of consolidation here before the next decisive break. I would say if it stays in the 1350 range it should attempt to break north,
likewise beginning to slip below we may test 1333 area in the immediate sense.

Judging by the volume on this area represented in your chart it could easily be such/



Running out, see you fellas later in the day!
G/L
Happy trading.

PS --- For RF7 you can't go wrong learning support / resistance, Trendlines and Fibonacci. Also start these on the higher Time frames then if you like draw down to the lower levels and see how the PA reacts to what you have outlined.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,322
  • Oct 29, 2013 12:23pm Oct 29, 2013 12:23pm
Quoting error0024
Hoping it'll go down even more. Should i just leave it like this or just .... sell it off and call it for a day? Despite my ... free margin n such {image}
Good profit there if you want to take it. "Hope" is a notion with much positive connotations, but in trading it is a counter-productive mental state and a warning that one does not have any idea what PA is up to. The fact that you're "hoping" is a strong signal to close and call it a day. Price may drop further or it may go higher by your next trading session - but hope won't determine which!

Profit is profit. You should get out of a trade when you find yourself hoping. Anyhow, up to you ultimately.

You still need to reflect on why you suffered a loss and how you will prevent it from happening again. A rule and guideline is needed so that you don't learn the same lesson twice!
cryptocurrency everytime
  • #27,323
  • Oct 29, 2013 1:52pm Oct 29, 2013 1:52pm
Hi everyone,

I wonder if today's drop is the beginning of making the missing shoulder on the daily chart below. What do you think?


http://www.forexfactory.com/attachme...1&d=1383072692
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 26 KB
  • #27,324
  • Oct 29, 2013 2:31pm Oct 29, 2013 2:31pm
Quoting Gold-lover
Hi everyone, I wonder if today's drop is the beginning of making the missing shoulder on the daily chart below. What do you think? http://www.forexfactory.com/attachme...1&d=1383072692 {image}
Well spotted Gold-lover.. That's a possible move.. if you look at monthly chart, you will see that the move indicated is possible, which you may have already noticed.

My personal longterm bias is even further down to 979..

However, to confirm that we need to see the close of next month monthly candle, and monitoring each step.

So.. well yes I agree that "today's drop might be the beginning of making the missing shoulder on the daily chart"

.. IMHO...
  • #27,325
  • Oct 29, 2013 2:48pm Oct 29, 2013 2:48pm
Am I the only one who thinks gold will go up tomorrow (yesterday most of the post mentioned a uptrend) ? It is a logical step if You think that at the tomorrow Fomc meeting the discussion will tend to postpone the taper.
After the opening of London market, I think gold is for an uptrend.
  • #27,326
  • Oct 29, 2013 3:00pm Oct 29, 2013 3:00pm
ED 5TH complete with confirmation... I'm sitting this out but should move generally down for a few days
Attached Image (click to enlarge)
Click to Enlarge Name: 29OCT13GOLDCOUNT.png Size: 73 KB
Don't have an ego. Always question yourself and your ability.
  • #27,327
  • Oct 29, 2013 6:20pm Oct 29, 2013 6:20pm
Hi all,


based on some reading today, it seems yesterday was a profit taking day as we all prepare for the Fed meeting to conclude today (Wednesday). Seems if they don't change their stimulus plan it should be bullish for Gold and if they taper it, it should be bearish for Gold.

I think the Asia sessions will be flat with hopefully a clear indication where this wave is going after the meeting. Could be either strong up or strong down to first level 1330 or there abouts

What do you guys think?
  • #27,328
  • Oct 29, 2013 6:29pm Oct 29, 2013 6:29pm
Quoting VinnyIsFree
Am I the only one who thinks gold will go up tomorrow (yesterday most of the post mentioned a uptrend) ? It is a logical step if You think that at the tomorrow Fomc meeting the discussion will tend to postpone the taper. After the opening of London market, I think gold is for an uptrend.
No, I too agree with your sentiment. Whilst it is unlikely that the market would retrace to 1311 on the penultimate day of Oct 2013, it is not impossible. It appears more likely that gold may well snap past 1360 and race higher up to torture 1380, however we cannot predict the future. Consider for a moment that the US Gov wants to purchase gold at a very low price to sell it at a higher price to assist in covering it's debt issues with a little gilt sale of gold it must first devalue it's currency that trust is flown to gold investment globally, then when the price is right, sell gold reserves to other nations at a profit. Currently emerging 3rd world economies are buying in bulk and super-powers are selling en-masse. Recent sellers include Russia, Japan, UK, Hong Kong and US. This leak of gold has caused a climb-down in value since 2011, but the debt crisis that has had the US Gov shutdown is delayed until Jan/Feb 2014. This crisis is really serious as an impact in global currency value and trust in trade with the US which has the largest debt of any nation in the world today.

America thinks that the world owes it a debt of gratitude, but the opposite is true. America's debt is over-extended and is causing gold to rise in value because Uncle Sam's trading partners are resorting to the Euro and other less risky currencies and trade management assets like gold for balance of payments and debt consolidation. History teaches us that humans practice their mistakes repeatedly to the point of failure. This reason alone should tell you that the value of gold is directly linked to American debt value currently. It is entirely realted to the continuation of the vendetta against Islamic militancy post 9/11. The US National debt is a result of waging an intolerable war on invisible assailants (and dead ones, too) with all the value of the people's trust in their currency and determination. Afghanistan bankrupted Russia, America is not exempt. UK and Eurotownies are all mostly withdrawn from that area... and their debt is much reduced from £2 billion a day to substantially lower levels at the cost of civil liberties and freedom against financial austerity measures.

From Zero Hedge:

You know the old rule of thumb about laws - the more high-sounding the legislation, the more destructive its consequences. Case in point, HR 3293 - the recently introduced Debt Limit Reform Act. Sounds great, right? After all, reforming the debt seems like a terrific idea. Except that’s not what the bill really does. They’re not reforming anything. HR 3293?s real purpose is to authorize the government to simply stop counting a massive portion of the US national debt.
You win, you lose. All else is history. The future does not exist.
  • #27,329
  • Oct 29, 2013 7:27pm Oct 29, 2013 7:27pm
When you're down, you're down. when you're up, you're up. When you're margin-called you're out. All we can do is manage our risk carefully and be intelligent enough to realise that no two days are traded alike. Laws of probability mean that you should be right at least 80% of the time and wrong often enough to make a good decision after patiently watching the market's behaviour.

Generally speaking: -
1. No trade before making a mug coffee.
2. No trade up to 15 mins before London open and behind 0830 GMT, no more new positions.
3. Once markets are open and the day in progress, there's no trades to be made until around 1030 gmt through to 1700 gmt.
4. Only trade the Highs/Lows of the day.
5. Never trade more than 2% of Balance in new trades per day.
6. Honour thy losses and your profits will last long in the market.
7. Every cent is an employee, therefore thou shalt give them much work to do for your reward.
8. Catch the gravy train at the station, don't chase it. Usually you have a few minutes to do so.
9. If in doubt start at #1.
10. Early bird catches the worm. If you read this rule then you must learn discipline and follow the rules. Read #9.

"Rhodie pinpoints the ticklish points in our psyche that make us flinch at the unexpected painful truths in ourselves we don't like to admit." -- Anon
You win, you lose. All else is history. The future does not exist.
  • #27,330
  • Oct 29, 2013 7:51pm Oct 29, 2013 7:51pm
Quoting morfasie
Hi all, based on some reading today, it seems yesterday was a profit taking day as we all prepare for the Fed meeting to conclude today (Wednesday). Seems if they don't change their stimulus plan it should be bullish for Gold and if they taper it, it should be bearish for Gold. I think the Asia sessions will be flat with hopefully a clear indication where this wave is going after the meeting. Could be either strong up or strong down to first level 1330 or there abouts What do you guys think?
The 29th Oct '13 was a volatile day taking out stops and killing prisoners. It traded a $29.49 candle which was last exceeded only a week previously by a $34.72 candle. The volatility introduced by 4 USD anouncements and 3 were simultaneous causing runs in many currencies (including the USD) and later on to flee into Silver's trade which preceeded XAU:USD's flight to the heavens. Like a Pigeon, it returned to roost at lower levels closing lower than open price. No matter what the announcements are, the markets tell the truth and no amount of political hogwash can pull the wool over the eyes of the markets for very long, if at all. If opinion was worth money, we'd all live in an hyperinflationary world with numerous currencies vying for worst place! Fortunately we don't take much notice of that and we trade on the market, not in it.

I am expecting strong moves. Early days now at 1 am GMT, but my opinion (what it's worth) is that we are going to see this attempt an assault on 1360+ today. We've opened low to go high so far. Who knows: maybe it hits 1335 and continues down to 1319 before doing anything sensible. All I see are highs getting less high and lows getting less low, all being squeezed like a toothpaste tube to some result. It's like the bulls are running without a care and the bears getting overly cautious...

He who know future no tell past or future no exist.
He who lives in the past cannot see the present.
The barrier between past and future knowledge is now.
Carpe Diem
You win, you lose. All else is history. The future does not exist.
  • #27,331
  • Oct 29, 2013 8:02pm Oct 29, 2013 8:02pm
By the way, have any of you seen this clanger??? I had to LMFAO when I read the options...

http://www.zerohedge.com/news/2013-1...ble-trader-pro
You win, you lose. All else is history. The future does not exist.
  • #27,332
  • Oct 29, 2013 8:12pm Oct 29, 2013 8:12pm
Quoting The Rhodie
By the way, have any of you seen this clanger??? I had to LMFAO when I read the options... http://www.zerohedge.com/news/2013-1...ble-trader-pro

Quite funny yes
  • #27,333
  • Oct 29, 2013 8:33pm Oct 29, 2013 8:33pm
I keep seeing posts calling for "ultra" bull runs up to 1600 & beyond. And I keep seeing posts for "ultra Bear runs down to sub 800s. I don't agree with either. Take a look at this weekly chart. There is a good chance Gold is now on it's way to complete the 5th wave down which according to my way of calculations ends around 1100. The run up from 1175 to 1433 when viewed on the weekly chart was completed as an ABC. The subsequent move down also appears to be in an ABC pattern. ( Or it maybe in 5 waves ?) There is room for 5 waves before 1100. If so wave Aor1 & Bor2 are complete & wave Cor3 is now in motion as next weeks candle should confirm. Sounds too simple.? Maybe it is, but that's the way I am seeing it at present. The current run down to around 1310 may be wave b of an ABC from 1255 to 1400. If so it would not go against what I have written above. Looking at the chart candle pattern & the CCI oscillator, both are finding themselves in an ever tightening triangle or wedge. An eventual break out will signal the real intention of Gold.
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdweekly.png Size: 45 KB
Money Makes Money
  • #27,334
  • Oct 29, 2013 9:03pm Oct 29, 2013 9:03pm
Just a thought .....
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdh430-10-13.png Size: 49 KB
  • #27,335
  • Oct 29, 2013 9:06pm Oct 29, 2013 9:06pm
Quoting The Rhodie
By the way, have any of you seen this clanger??? I had to LMFAO when I read the options... http://www.zerohedge.com/news/2013-1...ble-trader-pro
  • #27,336
  • Oct 29, 2013 9:15pm Oct 29, 2013 9:15pm
Quoting venzen
{quote} Good profit there if you want to take it. \"Hope\" is a notion with much positive connotations, but in trading it is a counter-productive mental state and a warning that one does not have any idea what PA is up to. The fact that you're \"hoping\" is a strong signal to close and call it a day. Price may drop further or it may go higher by your next trading session - but hope won't determine which! Profit is profit. You should get out of a trade when you find yourself hoping. Anyhow, up to you ultimately. You still need to reflect on why...
Thank you for the encouragement as well.
Haha, greedy got me and i finally sold it off though, but it was kinda less. Should have hold the gold for awhile .. since it's 1340 right now.
Bought another 0.50 lot and hope it will go down i guess.

Since ramses said it's 5th wave going down.

Cheers~
  • #27,337
  • Oct 29, 2013 9:16pm Oct 29, 2013 9:16pm
On that funny note, we move to the markets....

If I had time, I'd really be looking to go long for the day after watching the XAU:USD test or put in a new low some time in the next 1 to 2 hours on a 1min chart below 1339.5. Give it a $1 bet with a $0.6 stop and no TP until it had reached at least 1345.35. Just a thought. those of you who want to try it out, use a $0.10 or smaller position with a Sell limit (what was I thinking???) at 1345.3 that has no stop on it.

If I'm wrong, let me know later on.
You win, you lose. All else is history. The future does not exist.
  • #27,338
  • Oct 29, 2013 9:28pm Oct 29, 2013 9:28pm
Quoting The Rhodie
On that funny note, we move to the markets.... If I had time, I'd really be looking to go long for the day after watching the XAU:USD test or put in a new low some time in the next 1 to 2 hours on a 1min chart below 1339.5. Give it a $1 bet with a $0.6 stop and no TP until it had reached at least 1345.35. Just a thought. those of you who want to try it out, use a $0.10 or smaller position with a Sell limit (what was I thinking???) at 1345.3 that has no stop on it. If I'm wrong, let me know later on.

unrelated..
are the current situations similar to 99 (- the QE)
A trade should be based on an assumption based on facts
  • #27,339
  • Oct 30, 2013 12:09am Oct 30, 2013 12:09am
Quoting venzen
{quote} oh my buddha! that's some powerful move... don't forget that it's 2 steps forward 1 step backward - there are willing sellers who will cash out as soon as price seems relatively overbought. Technically, i don't see 1420 as possible now because we have just completed an ending diagonal - which means \"the end\" of the advance. correction must occur - and according to this wave (up to 1362) context starting from a major swing low (making it a wave 1) we will see at least a 50% retracement and 3 clear waves zigzagging down. Perhaps, have a...

Hi venzen, thank you for your comment , my counting for EW is little different to yours, I think I will stay for my count,no one can predict the future, I am just taking my chances,my 1 hour chart as follow, thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 190 KB
  • #27,340
  • Oct 30, 2013 2:07am Oct 30, 2013 2:07am
Here is my Gold sell stop 1344.50 expecting a drop to 1317 and rise from there.
59 traders viewing now