Davit, when you asked about RSI settings you made me go back and toy with them. It's a bit of a hassle to have to reset the value for each time frame so I tried out 12 which would approximately represent two weeks on the daily chart as opposed to ...

Davit's Confluence Trading

A bounce from $1,306 would be constructive in returning us to longer-term technical trading patterns, but for the time being I am relatively comfortable with the hourly technicals with an eye on hourly RSI in particular. image image Update: As I ...

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

It's very easy to make money when you have a huge amount to throw around. You should really try to see what you can do with $2,500. Even if you plan to trade with more than that I find it forces you to really refine your strategy which will pay off ...

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

The first drop was a technical move down, but breaking $1,345 looked like it was being muscled down the way each 5 minute candle bounced. I presume if Goldman Sachs can't create the panic they need before the FED next week they'll just push the ...

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

Generally, the relationship of the metals to currencies, and therefore economic data, is very poor, so unless the prints are truly shocking, Drahgi's speech at 7:40 a.m. has greater potential to have a real effect on the markets than any of today's ...

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

It's generally not a good idea to sell from the bottom of a move down (nor buy from the top of a move up). Always, always, always wait for the pull-back.

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

I place the next stop down at $1,335 where all the Fibonacci have congregated. Shorting-wise, I will wait for a swing up to the descending hourly RSI resistance line which could be $1,358 as that was clearly support before and it should ideally be ...

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

The push down at 6:00 a.m. EST was timed to coincide with the Bloomberg release of the Goldman Sachs misdirection ahem I mean comments that the FED -will- taper (see the video two posts earlier for my opinion on that) and was made with orders in ...

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

Here's Ben Bernanke's role and the myth of tapering. video

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

The overreaction to the minor improvement in British unemployment was, as usual, exactly 0.01 in GBP/USD, but that's less important than the push up breaking through 1.5750 resistance, opening the way to the January high of 1.5875 with round number ...

Davit's Confluence Trading

I was long EUR/JPY, USD/JPY, and GBP/USD in the US session after minor pull-backs (missed the moves up). I placed tight stops at half my profit so I could get in at a better price assuming moves down would turn into proper pull-backs but got stopped ...

Davit's Confluence Trading

I did take that short and exited it at $1358 and reversed it to long on 5-minute RSI confirmation at $1,360. The long wick of the candle that retested the low indicates strong rejection from that level, at least in the near term. I added to that ...

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

Gold bounced off hourly RSI support so $1357.50 is close enough to the rising price support line for me to take profit. It also forms a double bottom with Friday though there's no strong move back up so it may touch down again to consolidate in this ...

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

None of my entry orders triggered on Friday, so the day was a wash, and after the gap up I didn't want to enter any trades today either. I like your Cable idea. Last year I fiddled with the notion that Cable, more than any other pair, likes to go ...

Davit's Confluence Trading

You have either not read or completely misunderstood my PM. This thread of conversation is not constructive -- do not continue it. Private message myself or XTrade if you need clarification. No further warning will be given.

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

Welcome to the thread, but you shouldn't enter trades based on hopes, guesses, or other people's opinions. Even if you are using a paper/dummy/practice account you should really learn some basic technical analysis before you start trading, else what ...

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

Those of us who do this for a living (as well anyone doing this as a hobby I suppose) who have bought from the bottom each time have done quite well I dare say. Does that make us bulls? Those of us who have sold from the top each time have also done ...

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

September is traditionally "mass buying of gold by the public" season all across Asia. Additionally, jewellery manufacturers start their buying for Western demand for the Christmas season which is why it is typically the best month for gold. ...

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

We're in a descending fractal channel parallel to the previous one that tested resistance and support of the primary bull channel in July. With this surprise (to me) move up I maintain my downside target of $1,355 which is would be at channel ...

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