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

  • #28,361
  • Nov 18, 2013 8:14am Nov 18, 2013 8:14am
Quoting JayPipin
{quote} This should be a bonus for metals wouldnt you say Rhodie Recently there was alot of discussion on previous posts about the renimbi coming into being a global dominant currency with all the xau buying the chinese gov are undertaking amoung other strategic measures btw these two previous m30 bars signal a long on my strategy 173 as per screenshot previously posted for twinklestars - edit target reached
The Chinese love gold. By the way, Chinese New Year is round the corner. Chinese always have the custom during the New Year of buying gold for their love ones.
The true fact is market doesn't care, risk mgt is important.
  • #28,362
  • Nov 18, 2013 8:16am Nov 18, 2013 8:16am
True buddy.

your UTL is totally valid until a close below.

1275 was not even tested on this little dip and we are back up to 1285 already

GREAT opportunities here for scalping. with 3 to 5 USD targets and NO commitments.

Quoting Ssm
{image} Seems PA is supported by 1276. If day candle closes above this level, next resistance will be 1291. Should it continue downwards, the trendline will be interesting to watch as we see some failed bear last week. This is just my view, I am new in gold.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,363
  • Nov 18, 2013 8:20am Nov 18, 2013 8:20am
Thanks X for the time and observation, unfortunately from testing i cannot wait for pullbacks or confirmation, sometimes the price just keeps on going.
I cannot give away the keys to the strategy as it seems this forum is not entirely about that, but i must add, i use a double up method, so as you may all know, as i lose on one trade, i increase my next trade to recover losses etc
  • #28,364
  • Nov 18, 2013 8:28am Nov 18, 2013 8:28am
Quoting JayPipin
Thanks X for the time and observation, unfortunately from testing i cannot wait for pullbacks or confirmation, sometimes the price just keeps on going. I cannot give away the keys to the strategy as it seems this forum is not entirely about that, but i must add, i use a double up method, so as you may all know, as i lose on one trade, i increase my next trade to recover losses etc
Isn't this risky? You may end up snowballing your losses. Not saying you will.
The true fact is market doesn't care, risk mgt is important.
  • #28,365
  • Nov 18, 2013 8:29am Nov 18, 2013 8:29am
Quoting Ssm
{quote} The Chinese love gold. By the way, Chinese New Year is round the corner. Chinese always have the custom during the New Year of buying gold for their love ones.

Yes and their Production is on the rise - the last I looked they were in the top 3 producers in the world perhaps even no. 1 by now.

Also we are in the Indian buying season, yet with new taxes imposed on dealers, the jewelry industry is getting hurt.

----------------------------------------------------------

Quick market snapshots - NYSE about to open.
Attached Images
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,366
  • Nov 18, 2013 8:35am Nov 18, 2013 8:35am
Quoting Ssm
{quote} Isn't this risky? You may end up snowballing your losses. Not saying you will.
I can and has, thats also why i cannot provide the full details of some strategies i use as the are what i call recovery methods; when a trade goes against you have strict rules to swap and double up, it has taken years for me to find a working strategy because no doubt somewhere there will be multiple swaps, but it is my key interest to make it work, simply allowing losses is not good enough for me, i want to recover by going in the next direction, be warned it has a dangerous path if chosen. tip: start risk really low, like 0.1%
  • #28,367
  • Nov 18, 2013 8:38am Nov 18, 2013 8:38am
Anytime,
I usually use the "aggressive" approach and exit during a reasonable support or resistance.

You can write whatever you like concerning gold and silver trading, investing, etc here in the thread, or did you mean on FxFactory?

In terms of doubling up, lots of traders do this, you should only use it with proper RR and leverage / to your account.

I just don't suggest making the second entry double the size in lots of the first, rather keeping them the same, say entry one 1 lot entry2 = 1 lot.
this way if the market fails you - you don't get crushed,

Usually one will find that the second entry will hit the first at least ONCE at giving to a BE and a profitable trade. Surely if it continues in your direction
and you want to extend the trades, definitely dump the first one (in the US we have to use FIFO anyway with FX brokers) and hold the stronger position.


Quoting JayPipin
Thanks X for the time and observation, unfortunately from testing i cannot wait for pullbacks or confirmation, sometimes the price just keeps on going. I cannot give away the keys to the strategy as it seems this forum is not entirely about that, but i must add, i use a double up method, so as you may all know, as i lose on one trade, i increase my next trade to recover losses etc
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,368
  • Nov 18, 2013 8:55am Nov 18, 2013 8:55am
I partly agree Xtrade, but when 4 losses in a row occur to have 4 wins in a row simply puts you back where you started, this could be after a month of trading, what a waste of time i say.

Anyway image below shows a reversal out of a zone, waiting for more confirmation after this current bar will post back later!
Attached Image (click to enlarge)
Click to Enlarge Name: 18.11.2013 - XAGUSD H1 - 01.png Size: 52 KB
  • #28,369
  • Nov 18, 2013 8:55am Nov 18, 2013 8:55am
Quoting JayPipin
{quote} This should be a bonus for metals wouldnt you say Rhodie Recently there was alot of discussion on previous posts about the renimbi coming into being a global dominant currency with all the xau buying the chinese gov are undertaking amoung other strategic measures btw these two previous m30 bars signal a long on my strategy 173 as per screenshot previously posted for twinklestars - edit target reached

Actually, in order for the USD to fail, it would mean a global currency collapse for the whole planet. Economies would break and China would have a huge problem on it's hands. This kind of thing would likely lead to war breaking out and nobody to stop it. Metals would likely not mean anything as few could afford to buy it anyway. This is the big problm with US debt... They've borrowed from the future beyond their lifetimes and their great grandchildren's life times and there is no credit left to sell.
You win, you lose. All else is history. The future does not exist.
  • #28,370
  • Nov 18, 2013 9:07am Nov 18, 2013 9:07am
short xau as tiny daytrade at 1283.67 / big position is swingtrade long since a while
  • #28,371
  • Nov 18, 2013 9:16am Nov 18, 2013 9:16am
Gold is about range into next - Down Trend Line Trap section.

Here is the weekly. I recently added a fourth line. which I have the least respect for.

All of these lines are a bit too steep to be maintained on the long term. Same would be if they were UTLs.

1300 and 1350 need to go upside to obtain 1400 -> 1460 -> 1500 -> 1550 targets
yet not forecasting the higher prices until next year.

Downside risk is still here and real, 1250 area +/- 15 bucks is holding as support as of yet.
1200 strong support.
I know the bears want to break 1180 yet I don't see that happening unless 1250 first, then 1200 are sustained breaks and then flipped resistance,
with multiple rejections and closes below.
Indeed - if 1180 were to go it would open up the possibilities of 1100 as well as the ultimate test of 1050 extremely strong support.
Attached Image (click to enlarge)
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,372
  • Nov 18, 2013 9:26am Nov 18, 2013 9:26am
just reversed my tiny daytrade short into a long at 81.47, pretty meaningless noise thus far today as my swingtrade long is concerned
  • #28,373
  • Nov 18, 2013 9:36am Nov 18, 2013 9:36am
Looking back over the last few months, gold is looking more and more bearish. It looks more like it wants to fall off a cliff again. I have no chart to share on this because it's a protected system, but you will see the curve if you look at it. It may well drop and then rocket to the 1400's. Who knows?
You win, you lose. All else is history. The future does not exist.
  • #28,374
  • Nov 18, 2013 9:50am Nov 18, 2013 9:50am
Quoting cvds16
just reversed my tiny daytrade short into a long at 81.47, pretty meaningless noise thus far today as my swingtrade long is concerned

Also, holding out for the swing long since last Thursday (i think). I was over-enthusiastic getting in and got stopped out; then over-cautious on the second entry and ended up doing a Mr Bean entry long at 1287. Anyhow, it's good to go but getting cold on the shelf.
cryptocurrency everytime
  • #28,375
  • Nov 18, 2013 10:23am Nov 18, 2013 10:23am
Since we are trading in a pretty tight range you might consider just using simple support and resistance to take the trades.

Let me see if I can set up a chart to explain,

Were the losses in one direction? Or were you daytriding?

It seems that you are using the H4 so I would imagine you are taking 3+ day trades but not sure.

Quoting JayPipin
I partly agree Xtrade, but when 4 losses in a row occur to have 4 wins in a row simply puts you back where you started, this could be after a month of trading, what a waste of time i say. Anyway image below shows a reversal out of a zone, waiting for more confirmation after this current bar will post back later! {image}
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,376
  • Edited 10:49am Nov 18, 2013 10:37am | Edited 10:49am
Quoting XTrade
Since we are trading in a pretty tight range you might consider just using simple support and resistance to take the trades. Let me see if I can set up a chart to explain, Were the losses in one direction? Or were you daytriding? It seems that you are using the H4 so I would imagine you are taking 3+ day trades but not sure. {quote}
With this strategy on h4, it can take weeks, in this case the first entry was short after close of 20.00 on 12 Nov
Then long on close of 4.00 on 15 Nov loss of 225 pips, now long and down 120 pips as i write.. would you believe it this h4 bar has signaled a short so i now wait for the confirmation to go short, its only the third entry so not that bad, but i cant go into 5+ 'swaps'
  • #28,377
  • Nov 18, 2013 10:49am Nov 18, 2013 10:49am
Quoting razaali
simple but affective chart , good trade when it break triangle n it may come to 1272 first . let see today breakout happened or not , dont buy until it break upward , if it did than buy it for 30-40 dollars stay blessed n safe trading {image}
thats what i mentioned many hours ago when gold was with no movement at all
  • #28,378
  • Nov 18, 2013 10:52am Nov 18, 2013 10:52am
Quoting okanemici
{quote} Put a buy stop 1287 guys dont miss the wild push up !
Im a bit concerned with your trade calls, this is the second time you have such conviction and then slam it plunges the other way.
Its one thing speculating but another literally betting your house on it
  • #28,379
  • Nov 18, 2013 10:56am Nov 18, 2013 10:56am
Who can tell me where is the bottom today? Tks.I just hope to see the reverse right now!!!
  • #28,380
  • Nov 18, 2013 11:02am Nov 18, 2013 11:02am
Quoting razaali
{quote} thats what i mentioned many hours ago when gold was with no movement at all
Well done razaali..
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