The true fact is market doesn't care, risk mgt is important.
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #28,106
- Nov 14, 2013 9:33am Nov 14, 2013 9:33am
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #28,109
- Edited 10:33am Nov 14, 2013 10:20am | Edited 10:33am
- | Joined Jun 2008 | Status: Trader | 2,013 Posts
- #28,110
- Nov 14, 2013 10:25am Nov 14, 2013 10:25am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #28,112
- Nov 14, 2013 10:28am Nov 14, 2013 10:28am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #28,113
- Nov 14, 2013 10:30am Nov 14, 2013 10:30am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #28,116
- Nov 14, 2013 10:49am Nov 14, 2013 10:49am
{quote} 80% is a LOT of your account. You might consider taking some profit and reloading on pullback - just a thought.
Namely take profit @1630 and reload on pullback @1430.
- #28,117
- Nov 14, 2013 10:50am Nov 14, 2013 10:50am
- Joined Jul 2011 | Status: good | 4,295 Posts
tell me if i'm seeing right?
on M1 i'm seeing PA unfold between channel lines and it seems we're in the final subwave 5 of wave 5 up.
upper TL target appears to be around 1300... IF this is an ending diagonal. The overlapping wave start/endings and the fact that these are 3 wave structures and not 5 wave structures to the upside are all evidence of an ending diagonal to me. They sometimes surpise by making extra waves or suddenly breaking channel to establish new TLs (this is happening whilst i write) but the chart below seems pretty clear-cut, doesn't it?
Once target is reached PA should fall away below larger degree wave (4) and start making LLs to confirm resumption of the downtrend. Anything else means the upward correction is incomplete.
on M1 i'm seeing PA unfold between channel lines and it seems we're in the final subwave 5 of wave 5 up.
upper TL target appears to be around 1300... IF this is an ending diagonal. The overlapping wave start/endings and the fact that these are 3 wave structures and not 5 wave structures to the upside are all evidence of an ending diagonal to me. They sometimes surpise by making extra waves or suddenly breaking channel to establish new TLs (this is happening whilst i write) but the chart below seems pretty clear-cut, doesn't it?
Once target is reached PA should fall away below larger degree wave (4) and start making LLs to confirm resumption of the downtrend. Anything else means the upward correction is incomplete.
cryptocurrency everytime
- #28,118
- Nov 14, 2013 11:00am Nov 14, 2013 11:00am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
{quote} You are right, and this is exactly what my plan is. Namely take profit @1630 and reload on pullback @1430.
I meant taking some profit TODAY!
If you are looking for a longer term trade, I would look at 1500 and 1550 as a first TP in which case 1460 would have to indeed be crushed as resistance - tested and support failure rejected to move into the 15's.
We also have other resistances to pass - ie, in the immediate sense and rounded - 1300, 1350, 1400 etc.
again on this last dip 1250 remained secure.
so we also have plotted lows sort of rising from 1180, 1200, 1250, 1265 so there is a trendline to be drawn here albeit not a steep one, but certain points of connection.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #28,119
- Nov 14, 2013 11:05am Nov 14, 2013 11:05am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
I too became sick of being glued to the screen. The greatest benefit about weekly study is the slow movement in time, which similar to what you are saying, after a while
becomes part of memory, it also clearly provides the analyst with a greater range of months of data in an easily viewed one screen.
Plotting major TLs and support and resistance on the Weekly helps when trading the daily and H4.
So - in essence depending on market volatility and price range I usually do the following.
Use the weekly to trade certain daily points,
the daily to trade the H4...
Even just using the H4 and daily opens up longer trades if planned well, the chance for great low risk, high reward opportunities,
as well as a massive shortening in screenwatching time!!
XT-
becomes part of memory, it also clearly provides the analyst with a greater range of months of data in an easily viewed one screen.
Plotting major TLs and support and resistance on the Weekly helps when trading the daily and H4.
So - in essence depending on market volatility and price range I usually do the following.
Use the weekly to trade certain daily points,
the daily to trade the H4...
Even just using the H4 and daily opens up longer trades if planned well, the chance for great low risk, high reward opportunities,
as well as a massive shortening in screenwatching time!!
XT-
{quote} you could be right about this, but my weekly chart says the range will be situated more likely mostly to the downside. Weekly charts are just quite annoing to really base much trading on though from a practical point of view. I prefer 4H trades myself, since I got a sick and tired of spending my time glued in front of a pc screen, but to each his own. looking back I wouldn't consider it time wasted. My last trade happend to be on the daily and most of the time I even find that timeframe too high to catch nice ongoing moves. It turned out...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
