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  • #8,661
  • May 14, 2014 10:17am May 14, 2014 10:17am
Quoting AlLaN.r0
Hello Traders I am novice trader and want to ask you if is ok to put 20 pibs T.P. and 60 S.L. on XAUUSD. Thank you very much.
It depends on your strategy, if you have a system which can get you in the positive soon then yeah maybe 60 pips would be fine.
Also it depends on your win to loss ratio, if you win 10 lose 1, then yeah your SL and TP should work
  • #8,662
  • May 14, 2014 10:59am May 14, 2014 10:59am
Here I initiate a short trade on paper, a small one

Test Short @ 1304
SL @ 1320

This is a test trade and on top of that on paper for I don't wish to take any unnecessary risk while I'm planning long term long trades next month. Right now it feels good to test the waters on paper :-)

I need my mind to rest, no stress or distractions while I focus and plan longs for long term next month.

12:00 pm NY, time to call it a day.

PS: I could have waited until tomorrow, but, patience is hard to achieve here. Volatility suggests shorts are worth trying.
Hello World!
  • #8,663
  • May 14, 2014 11:36am May 14, 2014 11:36am
Quoting ClockTrader
Here I initiate a short trade on paper, a small one Test Short @ 1304 SL @ 1320 This is a test trade and on top of that on paper for I don't wish to take any unnecessary risk while I'm planning long term long trades next month. Right now it feels good to test the waters on paper :-) I need my mind to rest, no stress or distractions while I focus and plan longs for long term next month. 12:00 pm NY, time to call it a day. PS: I could have waited until tomorrow, but, patience is hard to achieve here. Volatility suggests shorts are worth trying.
What TP are you looking for / expect?
A genius is born every minute, me I am lucky if my socks match.
  • #8,664
  • May 14, 2014 2:41pm May 14, 2014 2:41pm
It was an interesting day to observe today...

Most of our "resident bears" were absent today... I think this could be used as a good sentiment indicator!

I only say this in jest...no hard feelings for anyone!

Time to ride the bull (well atleast It seems...)
  • #8,665
  • May 14, 2014 3:02pm May 14, 2014 3:02pm
Quoting waleed.khan
I would still be very very careful! A lot of people are calling that the major us stock indexes have topped...Right now on the daily chart the spx, the dow and nasdaq have an evening star formation on the verge of forming. If you draw a trend line on the usd index; Price has reached very close to its top and hence can reverse... Today we are having an inside candle day where price seems to be consolidating after yesterdays major move from 1270...If you look at the past few days closes of the daily chart; gold seems to find good support on the 1285-88...
Okay... so I think we got a confirmation of a evening star pattern n the dow, s&p and Nasdaq...Hopefully there will be a good follow through tomorrow... Us dollar index seems to have posted a hanging man on the daily chart(not as convinced about this...); and this is consistent with the upper bearish trendline on the dollar index daily chart...

gold has remained above the 50 day sma.... all this hopefully means that the bulls will have some legs in the near term!
  • #8,666
  • May 14, 2014 5:58pm May 14, 2014 5:58pm
first trade of the day, Gold price action look very confusing, supply and demand has found a very stable zone.

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  • #8,667
  • May 14, 2014 6:20pm May 14, 2014 6:20pm
Quoting waleed.khan
{quote} Okay... so I think we got a confirmation of a evening star pattern n the dow, s&p and Nasdaq...Hopefully there will be a good follow through tomorrow... Us dollar index seems to have posted a hanging man on the daily chart(not as convinced about this...); and this is consistent with the upper bearish trendline on the dollar index daily chart... gold has remained above the 50 day sma.... all this hopefully means that the bulls will have some legs in the near term!
An evening star on S&P... that is a good sign indeed..
I might add one last position with a tight stop if price retrace to 1300 and find support there..
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  • #8,668
  • May 14, 2014 7:08pm May 14, 2014 7:08pm
Quoting waleed.khan
It was an interesting day to observe today... Most of our "resident bears" were absent today... I think this could be used as a good sentiment indicator! I only say this in jest...no hard feelings for anyone! Time to ride the bull (well atleast It seems...)
I am not sure if I fit into your resident bear category, but I am just observing market as the range is kind of tight, and I think many traders are waiting to see where PA will go in the short term. Perhaps Thursday's U.S. UE claims will give us some clue...
"The market can remain irrational longer than you can remain solvent"
  • #8,669
  • May 14, 2014 8:14pm May 14, 2014 8:14pm
Quoting PurePA
{quote} An evening star on S&P... that is a good sign indeed.. I might add one last position with a tight stop if price retrace to 1300 and find support there.. {image}
Yeah pa definitely could 100 sma is on 1298...

Good luck
  • #8,670
  • May 14, 2014 8:18pm May 14, 2014 8:18pm
Quoting anton.olff
{quote} I am not sure if I fit into your resident bear category, but I am just observing market as the range is kind of tight, and I think many traders are waiting to see where PA will go in the short term. Perhaps Thursday's U.S. UE claims will give us some clue...
haha.. well you are if you think you are

But yes you are right PA has become to congested and tomorrows numbers will definitely give it further direction... One thing is for sure; this kind of congestion often leads to a big move...so lets see where we end up...

cheers!
  • #8,671
  • May 14, 2014 10:03pm May 14, 2014 10:03pm
Quoting whackdiddy
{quote} What TP are you looking for / expect?
Its based on time, about 2 weeks! It needs to survive first. Lets see.
Hello World!
  • #8,672
  • May 14, 2014 10:34pm May 14, 2014 10:34pm
More hidden divergence developing on the hourly chart...
  • #8,673
  • May 14, 2014 11:05pm May 14, 2014 11:05pm
No predictions.

As always, all zones are open and valid for trade signals or profit targets at time of posting.
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Without VSA, you're playing checkers while the Smart Money plays chess.
  • #8,674
  • Edited May 15, 2014 12:48am May 14, 2014 11:38pm | Edited May 15, 2014 12:48am
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SPC * Swollen PocketZ Crew!
  • #8,675
  • May 15, 2014 2:36am May 15, 2014 2:36am
Interesting read..

http://www.gold-eagle.com/article/go...s-china-demand
A genius is born every minute, me I am lucky if my socks match.
  • #8,676
  • May 15, 2014 2:47am May 15, 2014 2:47am
Quoting whackdiddy
Interesting read.. http://www.gold-eagle.com/article/go...s-china-demand

  • #8,677
  • May 15, 2014 3:49am May 15, 2014 3:49am
Quoting PurePA
{quote} An evening star on S&P... that is a good sign indeed.. I might add one last position with a tight stop if price retrace to 1300 and find support there.. {image}
Good trading!*! nice work
  • #8,678
  • May 15, 2014 3:53am May 15, 2014 3:53am
'In light of gold’s recent material rally year to date, gold may be subject to a brief consolidation to around $1,275-1,300 in the short-term.
However, based solely on long-term Technical Analysis, one might see the shiny yellow top $2,315/oz by mid-2016. '

http://www.gold-eagle.com/article/go...s-china-demand

Geez and i was targeting 1400s .. my broker doesnt seem to charge swap or commision on commodities, ill hold a small amount, heck 2016 thats little over a year it will fly by and ill have 10k from a small trade
  • #8,679
  • May 15, 2014 3:54am May 15, 2014 3:54am
Quoting PurePA
{quote} An evening star on S&P... that is a good sign indeed.. I might add one last position with a tight stop if price retrace to 1300 and find support there.. {image}
i hope you havent moved you SL for all those positions up to just below 1300?
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  • #8,680
  • May 15, 2014 3:59am May 15, 2014 3:59am
Quoting Verve
{quote} i hope you havent moved you SL for all those positions up to just below 1300? {image}
well, good luck to ur counter trend trading, if even Ukraine has not been able to spoil gold, not much can stop the bearish momentum.
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