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

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

#30,381
Dec 13, 2013 7:00am Dec 13, 2013 7:00am

The Rhodie
| Joined Oct 2013 | Status: You missed it. So what! Try again. | 625 Posts

Quoting XTrade

Disliked

{quote} Good points. ...Not like a blown account restores itself on request for another 50k like a demo.

Ignored

So true.

You win, you lose. All else is history. The future does not exist.

#30,382
Dec 13, 2013 7:04am Dec 13, 2013 7:04am

XTrade
Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts

Quoting LarryLU

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Will it hold? {image}

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We dipped down from the recent range top on lack of fundamental support and some positive US data, (an agreement between parties in the USGOV, to avoid another shutdwown, all suggesting that the "taper" may be coming by the next FOMC.

There is no doubt in my mind that when it is FINALLY announced, Gold will Drop (silver as well)

Yet, as I had made a LONG post about now linked in Post one of the thread about tapering being priced in, may suggest the drop will be short lived.

In any case, we are still basically sideways, and I am looking at the same, will 1220 hold.

So, with year end riding closer My "day trade setups" for today are as follows,

Long - Now, target 1230/40 meaning - Now as in 1230&1225 target 1240 +
trade get's Killed / flattened on failure of 1220
then flipped short below 1215 to test 1200 target

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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News

#30,383
Dec 13, 2013 7:07am Dec 13, 2013 7:07am

LarryLU
| Joined Jan 2013 | Status: Trader | 330 Posts

Quoting XTrade

Disliked

{quote} We dipped down from the recent range top on lack of fundamental support and some positive US data, (an agreement between parties in the USGOV, to avoid another shutdwown, all suggesting that the "taper" may be coming by the next FOMC. There is no doubt in my mind that when it is FINALLY announced, Gold will Drop (silver as well) Yet, as I had made a LONG post about now linked in Post one of the thread about tapering being priced in, may suggest the drop will be short lived. In any case, we are still basically sideways, and I am looking at...

Ignored

Feel the same. The budget deal passed ytd did not have any impact on gold price, so thinking the impact of tapering is much reduced now. Support below 1225 is obvious.

#30,384
Dec 13, 2013 7:08am Dec 13, 2013 7:08am

XTrade
Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts

From my buddy "beeb" or Ben,

Hey XTrade

Hope you’re well – you seem to have plenty of new people on your thread with a whole load of complicated systems and unreasoned scalps lol….

As promised here is one of the forks that I’m watching – you know that simple works best for me.

Its GC 240 min and look how well the path of price is defined by the fork. Plenty of action along the Median Line as shown in the blue circles and along the Quartile in the green circles. These constant touches along set lines of support and resistance validate the fork for me.

Look at the arrows at the Upper Parallel which provided a perfect short opportunity – short at the second arrow at 1263, stop above the first arrow at 1268 and cashed in at the Quartile at 1223…..

What I am watching now (in consort with other timeframes) is whether price finds support at that Quartile that was the previous line of resistance. Resistance becoming support along the angle of the fork (as is the case on the horizontal) is bullish – even on a downfork.......

Hope this helps – take care and check in on my thread in the Commercial Section anytime

Ben (beeb)

Chart link : http://www.screencast.com/t/2ckB2gUBpFn

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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News

#30,385
Dec 13, 2013 7:11am Dec 13, 2013 7:11am

XTrade
Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts

Agreed mate,

It's kind of "old" at this point. They keep saying it's going to come, and doesn't so the market - or the smart market - should have already prepped for the impact.

It is entirely likely as well that after the announcement does come and we make another low, ie: 1180 neg or so, the price rebounds drastically north

as new money is allowed to enter at yet another discount price.

Quoting LarryLU

Disliked

{quote} Feel the same. The budget deal passed ytd did not have any impact on gold price, so thinking the impact of tapering is much reduced now. Support below 1225 is obvious.

Ignored

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News

#30,386
Dec 13, 2013 7:12am Dec 13, 2013 7:12am

PIPot
| Joined Jul 2013 | Status: Trader | 665 Posts

oh thats why its on 50%fib of the fork... i also have this setup on daily.... also been testing pf on currencies too

Pecuniae obediunt omnia

#30,387
Dec 13, 2013 7:15am Dec 13, 2013 7:15am

PIPot
| Joined Jul 2013 | Status: Trader | 665 Posts

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Pecuniae obediunt omnia

#30,388
Dec 13, 2013 7:18am Dec 13, 2013 7:18am

XTrade
Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts

Quoting PIPot

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oh thats why its on 50%fib of the fork... i also have this setup on daily....

Ignored

Price still in upper quartile, not a bad place for a swing trade setup as I had mentioned.

Right on potential support it's an easy one,

Long for move north, stop below support, support breaks,
short for a new low.

Although - again,

I am not holding anything besides physical for long term yet, year and quarter winding doowwwnnnnnn.........

Price is also creating a firm support area above 1200 thus far, - BUT- on impact of any "fed" news it could easily swing down disrupting the charts.

In which case, on a sustained break of 1180 -
I will look to 1150 / 1100 and 1080 before seeing the bearish action truly reverse and resume the long term trend north.
super supports at 1050 and 1000

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News

#30,389
Dec 13, 2013 7:21am Dec 13, 2013 7:21am

XTrade
Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts

Quoting PIPot

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{image}

Ignored

If 1200 even 1180 hold on "tapering" announcement,
a strong double bottom on the daily will be formed.

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News

#30,390
Dec 13, 2013 7:25am Dec 13, 2013 7:25am

PIPot
| Joined Jul 2013 | Status: Trader | 665 Posts

once they taper i think it will swing down touching either ml or warning line.

Pecuniae obediunt omnia

#30,391
Dec 13, 2013 7:26am Dec 13, 2013 7:26am

PIPot
| Joined Jul 2013 | Status: Trader | 665 Posts

Quoting XTrade

Disliked

{quote} If 1200 even 1180 hold on "tapering" announcement, a strong double bottom on the daily will be formed.

Ignored

then we buy gold

Pecuniae obediunt omnia

#30,392
Dec 13, 2013 7:35am Dec 13, 2013 7:35am

LarryLU
| Joined Jan 2013 | Status: Trader | 330 Posts

Quoting XTrade

Disliked

From my buddy "beeb" or Ben, Hey XTradeHope you’re well – you seem to have plenty of new people on your thread with a whole load of complicated systems and unreasoned scalps lol….As promised here is one of the forks that I’m watching – you know that simple works best for me.Its GC 240 min and look how well the path of price is defined by the fork. Plenty of action along the Median Line as shown in the blue circles and along the Quartile in the green circles. These constant touches along set lines of support and resistance validate the fork for me.Look...

Ignored

Just draw it on my chart. Many thanks!