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

Where do you see it in EUR?

Not as familiar with those, here is a good link on them
http://www.traders.com/documentation...6/Glaspie.html

Not fully formed though...

My Question : Does such a big time frame make any sense

Signing off for the weekend.
Have a nice weekend guys

I'll take a look at it over the weekend.

cup with handle patterns are intentionally bullish continuations patterns.

(If the EUR cracks the resistance on the weekly it may breakout.)

There are a bunch of other "Qualifying factors" and it was developed for stock trading.

Currencies and Commodities trade differently than stocks usually.

If you are a tech trader solely, some stocks "longer term" are probably a delight to trade compared to FX due to the nice trending and predictable backing and filling, whereas FX majors can whip around sometimes gaining 100 pips and losing it two hours later especially on news.

more on this pattern.

I am leaning towards no on this. What leads up to it is important and for it to be inverse, you would want the cup to be upside down.

What a difference a few days make when you are on holiday.

I was interested in the comments of steroidman but what got to me was the way it was not backed up and the sources were his friends and colleagues at JPM and the G20.
Not wanting to knock the thread but what is someone associated with G20 doing posting on a thread on forex factory?

Deflation is a possibility.
I mean as an example house price have fallen hard in Spain.
Construction is dead here.
20% of people here are unemployed.
The foreigners normally spending in summer are not spending as much or not coming.
A deflationary spiral is possible.
I don't see it happening but a discussion about nitric acid deflation would have been interesting.

Spain just won against Paraguay in the World Cup.
My bet is Germany will win the competition.

I'd risk 2% of my account on that

I am working on some simple charts on my downtime this weekend.

My suggestion going into Monday (NY Bank Holiday) to proceed with caution on Gold.

Look for either of the two on these scenarios. (always look at H4 to Daily for S/R levels and use your interpretation and instinct to set comfortable stops and take profit zones) --edit 1

Using M30 or H1. Look for rejections of higher price old supports that may flip to resistance ie:1245 zone to take shorts (in and out)

Likewise look for tests of old levels to breakout/thru on retracement. Distinguish the bias based on Price Action. (S/R) news and marketS' sentiment

If the level of 1196 support zone is breached substantially and Held - look short to 1175 - 1165 area for support and TP area. Here we will have a powerful area where the lower trend line of trend from 02/2010 as well as horizontal support coinciding.

If this is hit, could be a potentially awesome longer term entry to test 1300.

Now - to negate shorts.
we want a stable price range above 1200 possible range / sideways movement with an uptrend or breakouts will do.

First testing 1222 area with outlook to 1240/45 with potential resistance coming in around 1236.

Finally a break above 1245 and close should negate all minor short plays for now flipping the bias to strongly bullish and set sights for 1250 and (necessary breach and hold of 1265 to open up;
next 1275 - 1300- and 1350.

Regards and enjoy the weekend!
X

Edit 2- if you are sizing up a trade (for shorter term trades) and the stop is too wide ( long or short,) wait, do not take it. Zoom the charts out and look for a more favorable (but reasonable) potential entry allowing for safer / better entries, lowering risk and increasing profits, while testing your initial target.

Hi there ddinnov!

Hello mate

I should be in the J16 PF within a month

Gold has attempted a breach as of now of the 1214 mark and not succeeded yet.


Possible retest of 1200 here or a lower price to buy. We have some solid supports thru 1198/93

If you want to escape the range that this will likely be Don't trade until Tuesday
8:00 AM EST

1165 area may just very well be the best LONG entry IF and only IF it is not breached and held.

So potential short below 1200 only on retest and failure of this level.

Right now I am looking for Long setups on dips above 1200 level.

300 to 500 pips or $3 to $5 moves.

edit S C A L P I N G

Saw a thread started on the Dow - I know it is not gold and silver but what kills the traditional markets boosts the historic investment - gold and silver.

It was a bit doomster but was suggesting the Dow could go to 1600.
Well I would not welcome that unless I had a ton of shorts. Going to
1600 means depression and currency collapses.

http://www.forexfactory.com/showthre...=1#post3850669

Saw the thread, Quite an interesting read. There was one fellow suggesting DOW 7000 Gold 7000 on a US web video....
More likely DOW 7000 Gold 2000 but we'll see. Gold takes time. Yet is great to trade.

I would pull my 401k if I was in the US and it was DOW based. Put it into Silver and Gold on a nice dip.

Think we may dip to 1165 as higher prices have been rejected as of yet.
Let's wait till' NY session on TUES @ 8:00 AM EST and after 9:30 US stoxx open, for confirmation.
If 1210 and 1214 are not cracked we can short.

Auther - Great submissions - there is a potential INVERSE head and shoulders on the EUR daily, That is the pattern to follow.

Weekly charts show A LOT.... Yet the patterns are very fuzzy on these charts. HOWEVER. IF the solid pattern on the Weekly exists it trumps Every other chart. Sometimes the monthly as well.

You are on to something - Keep up the good work Bro.

I am short from 1209; looking for 1205.

A few visual thoughts below about Gold.

I don't normally trade it, but the situation looks interesting so I'm short off a 15 min bar with a tight stop.

Rob

retest of 1200 in asian session. yen back to challenge 88 (now at 8795), nice bounces in asian bourses, aud, nzd, eur, gbp.

50% fib of recent down from Hx high would be 1230.

Will long from below 1180 or look for a short set up first at about 1225 which is

 

1. 55ema, 200ema cross on 4H and
2. at the limit of a day range from today's low and
3. 61.8% fib from H of last break low (1243)

I was stopped out at BE yesterday but I've shorted again today at 1211.05.

The same weekly chart & 4 hr wedge applied.

Rob