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

  • #29,001
  • Nov 26, 2013 9:40am Nov 26, 2013 9:40am
willing to wait till it reach 1300
LUCKY golden trades, LUCKY gold investor trading style
  • #29,002
  • Nov 26, 2013 9:45am Nov 26, 2013 9:45am
Quoting fx4money
willing to wait till it reach 1300
but not today sir.

and at the momment (from kitco)
Gold price Change due to Weakening of USD
+1.50
Gold price Change due to Predominant Sellers
-7.70
Gold Price: Total Change
-6.20
Are we contrarian???
  • #29,003
  • Nov 26, 2013 9:49am Nov 26, 2013 9:49am
Quoting namaus
{quote} but not today sir.
maybe next week or next month, it is still ok.
LUCKY golden trades, LUCKY gold investor trading style
  • #29,004
  • Nov 26, 2013 9:51am Nov 26, 2013 9:51am
Quoting fx4money
willing to wait till it reach 1300
Maybe we have to be close to 1200 before reaching 1300 sir. Just keep your direction flexible!
  • #29,005
  • Nov 26, 2013 9:55am Nov 26, 2013 9:55am
Quoting namaus
{quote} but not today sir. and at the momment (from kitco) Gold price Change due to Weakening of USD +1.50 Gold price Change due to Predominant Sellers -7.70 Gold Price: Total Change -6.20 Are we contrarian???
I like to read kitco, good analysis and prediction.
  • #29,006
  • Nov 26, 2013 10:00am Nov 26, 2013 10:00am
Sellers please go out!! I have less profit from my gold trading than FX trading today!
  • #29,007
  • Nov 26, 2013 10:06am Nov 26, 2013 10:06am
Hi, Venzen,

Any update on your EW analysis?
Thanks
  • #29,008
  • Nov 26, 2013 10:56am Nov 26, 2013 10:56am
sorry for my poor english . im still hold my sell , im waitting the candle close on h4 . if its close doji i will close my trade , but if its break out 1240 be pinbar i will continue hold my sell and move my sl to breakeven
  • #29,009
  • Nov 26, 2013 11:00am Nov 26, 2013 11:00am
Just cover most of my shorts with slight loss. Thinking 1242 may not hold if it is tested once more. Price may even go more deep, and still it is not the bottom of today.
  • #29,010
  • Nov 26, 2013 11:00am Nov 26, 2013 11:00am
Quoting Gold-lover
Hi, Venzen, Any update on your EW analysis? Thanks
hi Gold-lover,

Initially this looked like the start of a new trend up because of the 5 wave structure. However, the wave stopped dead on the descending upper TL of this decline. Given the relentless decline without retracement since the high near 1260, I'd say the wave up was the end of wave 4 and we are now in wave 5 going down to 1200 or lower.

If PA does not make a new low and turns up, well, then we are going up but it's looking down for now. Down, in itself is OK, but this PA is not tradeable for me because i'm not getting qualified entry signals.

So, it's wait and see if PA turns else wait for the bottom to print sometime in the next week or two.
cryptocurrency everytime
  • #29,011
  • Nov 26, 2013 11:05am Nov 26, 2013 11:05am
hi all, asking for opinion, should i hold this post or closed it? i am targeting 1175.. can it be that low?
Attached Image (click to enlarge)
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  • #29,012
  • Nov 26, 2013 11:05am Nov 26, 2013 11:05am
Quoting venzen
{quote} hi Gold-lover, Initially this looked like the start of a new trend up because of the 5 wave structure. However, the wave stopped dead on the descending upper TL of this decline. Given the relentless decline without retracement since the high near 1260, I'd say the wave up was the end of wave 4 and we are now in wave 5 going down to 1200 or lower. If PA does not make a new low and turns up, well, then we are going up but it's looking down for now. Down, in itself is OK, but this PA is not tradeable for me because i'm not getting qualified...
Just to clarify, when i say PA hit the upper channel TL, I mean in Silver. I'm getting clearer PA from Silver, since Gold's PA is a bit of a dog's dinner right now and hard to count or analyse. So, yes, the Silver chart is also ambiguous and it's hard to tell if a turn is imminent or if this slow grind down will continue.
cryptocurrency everytime
  • #29,013
  • Nov 26, 2013 11:10am Nov 26, 2013 11:10am
Quoting komrad
hi all, asking for opinion, should i hold this post or closed it? i am targeting 1175.. can it be that low? {image}
I suggest to hold, target 1230. I just coverd all my longs and turn short! However, it could be another loss trade, but until now I only see strong selling strength....
  • #29,014
  • Nov 26, 2013 11:18am Nov 26, 2013 11:18am
Quoting LarryLU
{quote} I suggest to hold, target 1230. I just coverd all my longs and turn short! However, it could be another loss trade, but until now I only see strong selling strength....

Thanks larry, will adjust my TP then..
  • #29,015
  • Nov 26, 2013 11:20am Nov 26, 2013 11:20am
Quoting komrad
{quote} Thanks larry, will adjust my TP then..
The S&P is going high, and seems dollar is ready for another rally. which gives me more reason for a further drop. However, lets find out in next few hours.
  • #29,016
  • Nov 26, 2013 11:25am Nov 26, 2013 11:25am
Quoting LarryLU
{quote} The S&P is going high, and seems dollar is ready for another rally. which gives me more reason for a further drop. However, lets find out in next few hours.

noted, maybe trailing SL is good idea now instead of adjusting TP i guess
  • #29,017
  • Nov 26, 2013 11:26am Nov 26, 2013 11:26am
Quoting komrad
hi all, asking for opinion, should i hold this post or closed it? i am targeting 1175.. can it be that low? {image}

Hi komrad, i have same opinion with you. the target will be 1175 before bounce up, but let's see whats going on later no one can predict the market. good luck
  • #29,018
  • Nov 26, 2013 11:27am Nov 26, 2013 11:27am
Thanks Venzen,

My 4H chart (below) shows a possible end of downtrend from 1350s, as this trend has completed a 5-W movement. RSI and stochastic readings on the daily chart also designate divergence. Probably, PA will swing temporarily in the 1230-1250 range until an uptrend is confirmed.
Attached Image (click to enlarge)
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  • #29,019
  • Nov 26, 2013 11:28am Nov 26, 2013 11:28am
Quoting komrad
{quote} noted, maybe trailing SL is good idea now instead of adjusting TP i guess
You can set your Limit to 1225-1227, and use Trailing Stop with some condition, like when the price breaks below 1235. Do not suggest to use trailing stop too early, only when it is close to your target. If your trailing stop is still far from your price while the price is close to limit, you may think about lower your limit. But first of all, it needs to break below 1240 & 1235.
  • #29,020
  • Nov 26, 2013 11:36am Nov 26, 2013 11:36am
Quoting Gold-lover
Thanks Venzen, My 4H chart (below) shows a possible end of downtrend from 1350s, as this trend has completed a 5-W movement. RSI and stochastic readings on the daily chart also designate divergence. Probably, PA will swing temporarily in the 1230-1250 range until an uptrend is confirmed. {image}
Five waves count complete in Gold, like you say, and what is happening IMO is that we're having the customary B-wave hook down. I had a closer look at the structure of that wave up yesterday, it is definitely an impulse but it seems part of an ABC that started the day before, so if that wave wave A then this wave down is wave B and should go down to around 1220 before more upside.

These 3wave structures imply we're in a triangle and will eventually come back down to these levels and lower.
cryptocurrency everytime
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