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Only Gold!

  • #18,081
  • Oct 27, 2014 6:42am Oct 27, 2014 6:42am
alternative scenario is that ,as long as 1218-22 support holds,a bull run cannot e rulled out,

break of 1238-48 will show the way to 1280 at least.
Nothing Is Certain In The Universe
  • #18,082
  • Oct 27, 2014 7:04am Oct 27, 2014 7:04am
Hi all.

Theres not much going on on the main t/fs so far as my anaysis suggests at present.

In fact everything seems poised either way. I think we are left with an in and out kind of trading day imo.

For me the best candidate for a trade setting up seems to be on the m15 chart. I've marked the areas of interest to me on the attached chart....either long or short depending on whether it is in ob or os zone and the appropriate colours line up.

We could be stuck in a range for a while yet....so I'll try to capitalise based on that assumption and scenario for the time being.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDM15.png Size: 16 KB
  • #18,083
  • Oct 27, 2014 7:24am Oct 27, 2014 7:24am
@ 1230

Testing longs with SL @ 1221-23 in a trading a/c (will buy IF it goes down if VVSA supports)

Added some longs in a few investor a/c

MM in place

will post charts after a while..
Hello World!
  • #18,084
  • Oct 27, 2014 7:33am Oct 27, 2014 7:33am
Quoting ClockTrader
{quote} {quote} I did thorough Google once on this & concluded after reading numerous posts that there are 100 pips in $1 1 Pip is the smallest price movement, & hence ....
Ok, this is what I've calculated from info from http://en.wikipedia.org/wiki/Percentage_in_point

Pip value/pair = [currency1][curreny2] = [lot size] x [1 pip (0.00010 or 0.010)] x [currency2] x USD
The first currency in a pair is the 'base currency' and the second is the 'quote currency'.

So, for any currency pair [currency]USD on 1 lot;
Pip value of [currency]USD = 100k x 0.00010 = 10$

Everything else is not fixed, e.g. EURGBP etc...

Oh, what about mini and micro lots? mini would be 1$ and micro 10C?

The question is; what about XAUUSD???
  • #18,085
  • Oct 27, 2014 7:36am Oct 27, 2014 7:36am
Quoting ClockTrader
@ 1230 Testing longs with SL @ 1221-23 in a trading a/c (will buy IF it goes down if VVSA supports) Added some longs in a few investor a/c MM in place will post charts after a while..
Testing clean & clear support on VVSA-M30, I wish this was H1.
Attached Image (click to enlarge)
Click to Enlarge Name: ss1.PNG Size: 58 KB
Hello World!
  • #18,086
  • Oct 27, 2014 7:38am Oct 27, 2014 7:38am
Quoting griffinssoul
{quote} Ok, this is what I've calculated from info from http://en.wikipedia.org/wiki/Percentage_in_point Pip value/pair = [currency1][curreny2] = [lot size] x [1 pip (0.00010 or 0.010)] x [currency2] x USD The first currency in a pair is the 'base currency' and the second is the 'quote currency'. So, for any currency pair [currency]USD on 1 lot; Pip value of [currency]USD = 100k x 0.00010 = 10$ Everything else is not fixed, e.g. EURGBP etc... Oh, what about mini and micro lots? mini would be 1$ and micro 10C?
How I concluded how many pips in $1 (Gold)

  1. Went through numerous forum posts through Google
  2. Read almost everyone's view on this topic on internet (there aren't zillions)
  3. Adhered to what most people believed in, on the basis of clean logic, not just coz someone does this or that
  4. bottom-line logical definition of 1 pip i.e. smallest unit you can trade.

Hello World!
  • #18,087
  • Oct 27, 2014 7:50am Oct 27, 2014 7:50am
Quoting XediAnakin
Elliot wave analysis.......daily tf....5th wave about to start I think. invalid when price exceeds 1280. {image}
Ah the wonderful world of EW! I see a corrective triangular structure, forming a 3-3-3-3-3 pattern. Post 17877, 17962. All will become clear when the waves have completed!
  • #18,088
  • Oct 27, 2014 7:52am Oct 27, 2014 7:52am
Quoting ClockTrader
{quote} How I concluded how many pips in $1 (Gold) Went through numerous forum posts through Google Read almost everyone's view on this topic on internet (there aren't zillions) Adhered to what most people believed in, on the basis of clean logic, not just coz someone does this or that bottom-line logical definition of 1 pip i.e. smallest unit you can trade.
Hi CT & Gs,

Given the confusion that pip value has generated, it begs the question just how important is it to know what its value is.

Personally, pips dont come into my equations when I'm trading, just logical entry, exit and t/p levels are all I seem to need, but having said that I would be interested to hear from others that have gained a distinct trading advantage using that pip knowledge that you have mentioned.

Cheers
  • #18,089
  • Oct 27, 2014 7:56am Oct 27, 2014 7:56am
Quoting ClockTrader
{quote} How I concluded how many pips in $1 (Gold) Went through numerous forum posts through Google Read almost everyone's view on this topic on internet (there aren't zillions) Adhered to what most people believed in, on the basis of clean logic, not just coz someone does this or that bottom-line logical definition of 1 pip i.e. smallest unit you can trade.
That's it - the lot size is 100 troy (http://www.forex.com/faqs-gold.html) oz. So, it is 1$... using the calculation above... I knew it was some thing fundamentally different b/w currencies & commodities and this makes sense...

Ummm, l didn't know this ... many thanks everyone

Quoting goldhead
{quote} 100pip is $1.00, right?
goldhead - the jokes on me...
  • #18,090
  • Oct 27, 2014 8:02am Oct 27, 2014 8:02am
Quoting Landline
{quote} Hi CT & Gs, Given the confusion that pip value has generated, it begs the question just how important is it to know what its value is. Personally, pips dont come into my equations when I'm trading, just logical entry, exit and t/p levels are all I seem to need, but having said that I would be interested to hear from others that have gained a distinct trading advantage using that pip knowledge that you have mentioned. Cheers
Absolutely, its next to meaningless... but traders use it I think to avoid talking about things in money terms...?
  • #18,091
  • Oct 27, 2014 8:06am Oct 27, 2014 8:06am
Quoting Landline
{quote} Hi CT & Gs, Given the confusion that pip value has generated, it begs the question just how important is it to know what its value is. Personally, pips dont come into my equations when I'm trading, just logical entry, exit and t/p levels are all I seem to need, but having said that I would be interested to hear from others that have gained a distinct trading advantage using that pip knowledge that you have mentioned. Cheers
Someone posts a question here which leads to a discussion, this very much answers the question your post begs.

We are here to share and discuss, the very reason a forum is setup. Help each other to quench the thirst for knowledge.

No doubt it sounds a little complicated to address P/L of Gold trades in pips, but, lets not forget Gold is not popular like other major pairs. Its completely different from other major pairs given the way we calculate P/L in pips, MM being totally different. Most of people here are addicted to other pairs as well, hence they would unintentionally want to looks at pips in Gold as well even though P/L looks a little weird.

I trade 'Only Gold', for guys like me, I guess it would be safe to say that I made $5 or $10 or lost $x (x weight) etc.
Hello World!
  • #18,092
  • Oct 27, 2014 8:07am Oct 27, 2014 8:07am
Quoting griffinssoul
{quote} Absolutely, its next to meaningless... but traders use it I think to avoid talking about things in money terms...?
In future I'm gonna say I made / lost $5 or $10 or whatever :-)

PS: Multiply this with weight, which can by anything :-)
Hello World!
  • #18,093
  • Oct 27, 2014 8:08am Oct 27, 2014 8:08am
Quoting griffinssoul
{quote} Absolutely, its next to meaningless... but traders use it I think to avoid talking about things in money terms...?
Yeah...I think you're probably right about that, which if anything must add more calculating to do in order to re-convert it back from pips back into currency value.

Makes you wonder what all the fuss is about pips talk etc lol
  • #18,094
  • Oct 27, 2014 8:13am Oct 27, 2014 8:13am
Gold prices are expected to keep remaining at $1225 ahead of FOMC as the India buying season is almost complete.
Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 37 KB
  • #18,095
  • Oct 27, 2014 8:18am Oct 27, 2014 8:18am
Quoting Fx_Anil
Gold prices are expected to keep remaining at $1225 ahead of FOMC as the India buying season is almost complete. {image}
Hi Fx_Anil, Thanks! We would value your opinion on the impact (if any) of FOMC on gold, please. Thanks!

EDY: Any comments on QE3?
  • #18,096
  • Oct 27, 2014 8:20am Oct 27, 2014 8:20am
Quoting Fx_Anil
Gold prices are expected to keep remaining at $1225 ahead of FOMC as the India buying season is almost complete. {image}
I believe in these type of analysis. For me its better than looking at the chart trends. Last week trend was up to 1300, this week trend is down to 1800. No since in it. Chears to the news. Thanks mate
  • #18,097
  • Oct 27, 2014 8:22am Oct 27, 2014 8:22am
Quoting ClockTrader
{quote} In future I'm gonna say I made / lost $5 or $10 or whatever :-) PS: Multiply this with weight, which can by anything :-)
Would it not be easier to say I entered at such and such price, then either stopped out at a price or took profit at a price....weight or pips dont come into it then
  • #18,098
  • Oct 27, 2014 8:22am Oct 27, 2014 8:22am
Well done CT,
I dont know how u keep those 420s out of this thread. In this thread thread traders post their entry sl and tp. most other thread they BS about how they r making thousands of pips using their tech stratgey.
Shake thenm not Starr
GF
  • #18,099
  • Oct 27, 2014 8:48am Oct 27, 2014 8:48am
Just Opened a new long @ 1229 with tight SL at 1228.
No guts, no glory
  • #18,100
  • Oct 27, 2014 9:01am Oct 27, 2014 9:01am
Quoting Landline
{quote} Would it not be easier to say I entered at such and such price, then either stopped out at a price or took profit at a price....weight or pips dont come into it then
Apparently, you have not been noticing my calls.

Lately, with each call, I've been posting entry points with SL, been posting close calls as well.

I took a loss/profit of $5 or $10 was just a way to share with people how they can do it.
Hello World!
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