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

Did anyone look at the PLATINUM and PALLADIUM charts I mentioned yesterday?

Likely NO!!! I'll have to pull and post em' later.

Hi XT, I haven't but i'm long Platinum from 1361 and moved my s/l to 1371 to lock in profit. thanks for the tips!

Yup.. still in range...
Happy New Year XT


DRT


http://i42.tinypic.com/fcr13p.png

My main point was looking at a 30 or 60 day chart in comparison to gold and silver - PT and PD or the PGMs (platinum metals group - yes real term all) have made more substantial gains and taken out further resistances.

Nice trade. PT is / was up appx a 100 USD move in the last month.

Hey Man! Happy New Year to you as well!

PD having a little trouble at 740. Yet the yearly is even more interesting, after gold and silver corrected from all the gains, PD stayed in range

I see H&S forming in H1 chart.

An hour ago I decided the momentum wasn't enough to reach 1223 let alone 1220. Shorted 1228.50 punched out at 1226.00. Ohh well,there's always tomorrow

Lol... same here, but I'm still holding my longs.

Yeah minor one.

H ans Shoulders on H1 are of little importance for longer term conclusion. For day trading sure they might be ok, yet, simple Support and Resistance with a MID or Pivot point to use as a no trade area are more your friend in this market.

H4 and especially large and LONG forming Daily H&Ss are the ones you want to watch.

There are a few things I am getting a bunch of PMs about which I'd like to bring up here for public discussion.

1. Stop loss placement.
2. Pivot points.

may have to run out soon so will revisit later.

Price is virtually the same as it was before London open. Market is not moving.

there are tons of different ways to place stop losses. It seems to me that most noobs and even other's that are more experienced are getting
their stops RUN / hit / taken out, whatever you want to say on placing them basically in what I like to call the "danger zone" then, the market
comes back around to hit their intended TP, yet they are already out.

Here are a few things I can add right now, before getting into the use of Moving Averages, Fractals, Daily highs/lows, Trend lines, channels,
and lastly Support and Resistance - most simple and beautiful.

For GOLD specifically:

It is helpful to round the price off first by taking a 100 USD movement so 1000 to 1100.
Break this down into QUARTERS. so you are looking at AREAS for price action and support/resistance that EVERY ONE ELSE IS.
thus, 1025, 1050, 1075, 1100.

After doing that first break up and eyeing the market news and price action, depending if we are trending or not and how the market is moving,
ie: today, FLAT, ONE can THEN go down to smaller increments. Such as the TENS and FIVES anything really less is always going to get hit.
Gold will always move up - down or in a circle! a few bucks each day even if the open price and close are the same and the market is DEAD.


Now, this doesn't mean that there are not more SPECIFIC areas just a number 1213.6757 totally made up, but you don't need to concern yourself with this kind
of nonsense unless you are trading HUGE lots for TICKS.

Another thing is to use a ratio risk reward of 1:2 so you are say risking a 10 USD movement to make a 20 USD movement. 1:2 - 1:3 is great, but one:two is standard.

will add more later have to run out. anyone else feel free to chime in. I am just laying the groundwork here of breaking down price and risk before even
mentioning actual stop areas and why what how etc......

OK we can use today's chart for a simple stop lesson

I will be posting a candle chart as well...


But for now this line chart is PERFECT PRICE Action! Especially due to all the "congestion" in the mid / pivot area,
which OPTIMALLY one does NOT want to take a trade in unless you are really shooting for like 3 USD on a 5 USD move.

Furthermore, always use the old saying "hope for the best, expect the worst" meaning IF you are shooting for a 10 USD swing,
don't actually put the TP for the 10 USD move, you want to GET FILLED, market maker margin FX trading usually always fills because you
essentially are not really TRADING with someone, yet the broker is simply taking your money and offsetting their OWN MAJOR positions by hedging
in the actual interbank market or ComEX. So.

Instead on a ten USD move shoot to make about 8 USD NET profit of a move. so 8000 pips using 4th decimal "pipping"....

Chart below, then analysis in next post.

Here is this weird auto trading bot at its work again...

damn it. I need to run out again and just lost my whole #$%^&ing post somehow!

So in about a sentence:
Looking at yesterday a nice goal would be a simple 1:2 RR trade, trying to get in appx 1220/1 (1 is for fill remember don't be too cheap or loose) target 1230 stop below 1215 for safety, risking a 5 $ (One 1: move to make (two :2 =1:2 rr) a ten USD move @ 1230, risking say a THREE USD amount to make the ten, likely would have stopped you out with good reason lastly price hit 1230 twice today.

Depending on lot size a nice appx TEN USD move is plenty nice on the account! Even trading micros do 4, 10 USD moves a week and the account grows,
even with a loss day, so netting 30 USD move for the week, account grows.

See ya'll later, hope this is helping some of the new traders.
XT-

possible next move to 1250 (stop loss hunting) :nerd:

don't get it? what is it doing besides looking at a tick chart in a slow day?

I don't see a trade anywhere?

Bearish flag on H1?
What do you think about?