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  • #1,601
  • Nov 20, 2013 2:35pm Nov 20, 2013 2:35pm
Gold headed for $700/OZ ...long-term ....now I am looking for 1150 first ..shorts covering rally expecting on Friday may be next week till 1330
  • #1,602
  • Nov 20, 2013 7:53pm Nov 20, 2013 7:53pm
Nice to see some talk happening here finally :-)

I'll share my view too. I got 8 longs, those old ones, will let them sit there. I think the downward journey will continue, there would be some bounces though & I expect this to bottom out somewhere between 5th and 10th of Dec. I will definitely look forward to investing more next month.
Hello World!
  • #1,603
  • Nov 20, 2013 11:19pm Nov 20, 2013 11:19pm
This downtrend is devastating to me. I have only 1 open long position with margin level at 2500% per 1247. If this indeed goes down to below 1200, I will have lost my equity. Now I wonder if I should hedge or not. I have no readings on such level, with next support well below 1100 on my weekly chart.
  • #1,604
  • Nov 20, 2013 11:26pm Nov 20, 2013 11:26pm
Quoting forexer101
This downtrend is devastating to me. I have only 1 open long position with margin level at 2500% per 1247. If this indeed goes down to below 1200, I will have lost my equity. Now I wonder if I should hedge or not. I have no readings on such level, with next support well below 1100 on my weekly chart.
Why do not you close it now and wait to see how the market would move next
  • #1,605
  • Nov 21, 2013 1:55am Nov 21, 2013 1:55am
Quoting khafez
{quote} Why do not you close it now and wait to see how the market would move next
Still waiting to see Friday movement, or New York session later. Will hedge if it heads south.
  • #1,606
  • Nov 21, 2013 2:43am Nov 21, 2013 2:43am
Quoting forexer101
This downtrend is devastating to me. I have only 1 open long position with margin level at 2500% per 1247. If this indeed goes down to below 1200, I will have lost my equity. Now I wonder if I should hedge or not. I have no readings on such level, with next support well below 1100 on my weekly chart.
Have you calculate the MC? with such huge amount margin level you will not get MC at 1200 or below. I think This down trend is too fast, it should retrace back to 1300 or event change trend if down lower.
  • #1,607
  • Nov 21, 2013 5:07am Nov 21, 2013 5:07am
Quoting forexer101
{quote} Still waiting to see Friday movement, or New York session later. Will hedge if it heads south.
I would suggest not to make any hasty decision, do some Yoga, think with a balanced mind. Try to figure out & try pumping decent money in your a/c.
Hello World!
  • #1,608
  • Nov 21, 2013 5:32am Nov 21, 2013 5:32am
Quoting ClockTrader
{quote} I would suggest not to make any hasty decision, do some Yoga, think with a balanced mind. Try to figure out & try pumping decent money in your a/c.
Pumping up further? I am afraid that's out of the question. I guess I will have to try the former and see how it goes

@nicefirework you were right. MC will happen below $1100.

Technically, I'm more towards bearish now after seeing the pull, but my forex experience has taught me a hard lesson when governments intervened at critical rate, like EU back in 2010 and UJ in 2011, both of which had MC-ed me. Now I don't know if such intervention ever occur on XAU.
  • #1,609
  • Nov 21, 2013 7:44am Nov 21, 2013 7:44am
Quoting forexer101
{quote} Pumping up further? I am afraid that's out of the question. I guess I will have to try the former and see how it goes @nicefirework you were right. MC will happen below $1100. Technically, I'm more towards bearish now after seeing the pull, but my forex experience has taught me a hard lesson when governments intervened at critical rate, like EU back in 2010 and UJ in 2011, both of which had MC-ed me. Now I don't know if such intervention ever occur on XAU.
Well, if you have the patience to hold until 1100, you'll surely see ray of light in the dark tunnel by early Dec. The bears are dominating, no doubt, but don't get swayed by people who are targeting numbers like 700 - 800, ain't happening.
Hello World!
  • #1,610
  • Nov 21, 2013 7:48am Nov 21, 2013 7:48am
Quoting ClockTrader
{quote} Well, if you have the patience to hold until 1100, you'll surely see ray of light in the dark tunnel by early Dec. The bears are dominating, no doubt, but don't get swayed by people who are targeting numbers like 700 - 800, ain't happening.
Thus the idea to hedge instead of switchover. What is the tendency of people buying gold in December there? People of my country have the tendency to buy up US dollars. Gold comes in January usually. Physical ones though.
  • #1,611
  • Nov 21, 2013 8:00am Nov 21, 2013 8:00am
Quoting forexer101
{quote} Thus the idea to hedge instead of switchover. What is the tendency of people buying gold in December there? People of my country have the tendency to buy up US dollars. Gold comes in January usually. Physical ones though.
If you've been active here, you should have observed that I tried hard to hedge at 1340-1360, even tried to sell hard, I failed for certain reasons I can't explain here.

Gold shall remain under tremendous pressure until tomorrow late US morning. Thereafter, I expect a bounce which should remain effective until Monday US noon, that's when I plan to hedge some of my 8 positions. If I were in your shoes, I would hedge 25 - 40% of my longs on Monday.
Hello World!
  • #1,612
  • Nov 21, 2013 9:21am Nov 21, 2013 9:21am
Quoting ClockTrader
{quote} If you've been active here, you should have observed that I tried hard to hedge at 1340-1360, even tried to sell hard, I failed for certain reasons I can't explain here. Gold shall remain under tremendous pressure until tomorrow late US morning. Thereafter, I expect a bounce which should remain effective until Monday US noon, that's when I plan to hedge some of my 8 positions. If I were in your shoes, I would hedge 25 - 40% of my longs on Monday.
Indeed I have, since page 76. I hadn't made any trades above 1300, and opened only 1 long position at 1288 at minimum volume possible. I hedged at 1244, with SL set to BE. Now I can at least have a better peace of mind while observing
  • #1,613
  • Nov 21, 2013 10:53am Nov 21, 2013 10:53am
Quoting EatPIPs
{quote} There is a tendency of it flipping after a big move day like today...generally.
Hey Eatpips, nice flip last night.. Hope you didnt hold
When the facts change I change my mind, what do you do sir
  • #1,614
  • Nov 21, 2013 10:58am Nov 21, 2013 10:58am
Quoting Pip Anon
{quote} Hey Eatpips, nice flip last night.. Hope you didnt hold
By flip I don't mean in one day
To live a successful life, we must lose our fear of being wrong
  • #1,615
  • Nov 21, 2013 11:03am Nov 21, 2013 11:03am
Quoting EatPIPs
{quote} By flip I don't mean in one day
And I'm very comfortable with my long positions
To live a successful life, we must lose our fear of being wrong
  • #1,616
  • Nov 21, 2013 12:19pm Nov 21, 2013 12:19pm
Quoting EatPIPs
{quote} By flip I don't mean in one day
That's unfortunate lol. Good luck and see you at $1,200
When the facts change I change my mind, what do you do sir
  • #1,617
  • Nov 21, 2013 1:46pm Nov 21, 2013 1:46pm
Quoting Pip Anon
{quote} That's unfortunate lol. Good luck and see you at $1,200
See you at 1300
To live a successful life, we must lose our fear of being wrong
  • #1,618
  • Nov 21, 2013 2:09pm Nov 21, 2013 2:09pm
Quoting EatPIPs
{quote} See you at 1300
Lol
When the facts change I change my mind, what do you do sir
  • #1,619
  • Nov 21, 2013 2:18pm Nov 21, 2013 2:18pm
Quoting Pip Anon
{quote} Lol
To live a successful life, we must lose our fear of being wrong
  • #1,620
  • Nov 21, 2013 5:16pm Nov 21, 2013 5:16pm
Quoting EatPIPs
{quote} See you at 1300
Agree. Going even higher. In long term going over 1400
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