I decided to close it. I dont have much equity and this trade was 6% account up. I'll wait for a pullback to buy again. Thanks @tush1822 for the tips!
1
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #50,902
- Jul 12, 2019 10:38pm Jul 12, 2019 10:38pm
- Joined May 2019 | Status: iTrade | 1,838 Posts
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return:
54.4%
- #50,903
- Jul 12, 2019 10:42pm Jul 12, 2019 10:42pm
- Joined May 2019 | Status: iTrade | 1,838 Posts
{quote} If you can mange the SL just bellow 1400, i think it will be alright. The Chinese GDP data is due on Monday. There are high chances because of the recent stimulus the GDP data will be strong which will cause Gold to touch back 1400 before it shoots upward later.
So you think it'll be strong? If it misses, we are talking about the lowest reading since April 2009. But a surprise to the upside will certainly alleviate fears that seem to be heightened right now surrounding China's economic outlook. Hopefully I can find the time this weekend to get some previews up. In any case, it's always refreshing to see traders caution others about the upcoming risks. You're right about gold shooting upward on a strong GDP release.
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return:
54.4%
- #50,904
- Jul 12, 2019 11:44pm Jul 12, 2019 11:44pm
- Joined Dec 2012 | Status: Lions don't bleat! | 2,874 Posts
Wait, or you will be slaughtered!
- #50,905
- Jul 13, 2019 3:19am Jul 13, 2019 3:19am
- Joined Dec 2012 | Status: Lions don't bleat! | 2,874 Posts
Wait, or you will be slaughtered!
- #50,906
- Jul 13, 2019 4:05am Jul 13, 2019 4:05am
- Joined Dec 2012 | Status: Lions don't bleat! | 2,874 Posts
Wait, or you will be slaughtered!
- #50,908
- Jul 13, 2019 7:14am Jul 13, 2019 7:14am
- Joined Dec 2015 | Status: Suuka Maadik | 3,630 Posts
Maadik Hugiis. IQ 69.
- #50,911
- Jul 14, 2019 10:17am Jul 14, 2019 10:17am
- Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts
Happy weekend gang gang....
Looking at a couple of things for the week ahead.
Looking at a couple of things for the week ahead.
- Weekly chart has printed long tails/wicks.....so we can see that buyers have their work cut out for them should they look to push prices higher this week. The weekly close above 1410 how's buyers intent, so marking PA around 1418 then 1423 as possible near term resistance. RSI still in overbought territory.....
- Daily chart has printed a couple of bearish days, showing bearish intent, more so from areas around those long wicks, so any rally up towards that resistance handle could be good for sell setups. RSI still pointing lower and. Daily buy zone seems to be forming abit of a rising wedge, so any close below that handle could see a great drop as sellers get on board.....from 1400 we would be in a buy zone on the daily.....
- The 4 hour chart seems to be ranging a little for now, with too of the range being 1424/26 handle and bottom of the range at 1389.5
- 1hourly charts most significant thing is how it respected the 1405 support handle....it's still below the 1418 resistance zone, question becomes will it turn back towards the 1410 first or break 1418 and tick higher....noting how we got our first bearish candle near the 1418 resistance area, also of particular interest on this chart is how the hidden divergence mentioned during Friday saw us push higher but fail to break the 1418 handle. Some may say the relief rally late Friday was due to sellers closing out positions....time will tell
- In summation, I'd be looking at selling highs as per the higher time frames as soon as PA on those levels gives bearish signal and looking if that the breakout below 1405 will finally see price hit 1383.....which also isn't all too far away from the daily mean. Alternatively without an hourly close below 1405 will look to buy dips.....
Trade safe and have a pipful week.
Forgot to upload the images.
4&1 All Time Profit:
$37,496
- #50,913
- Edited 1:39pm Jul 14, 2019 12:58pm | Edited 1:39pm
- Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts
Not understand?better not follow my analyses!doubt clearer first, risks ++
- #50,914
- Jul 14, 2019 1:50pm Jul 14, 2019 1:50pm
- Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts
4&1 All Time Profit:
$37,496
- #50,915
- Edited 7:37pm Jul 14, 2019 4:28pm | Edited 7:37pm
- Joined May 2019 | Status: iTrade | 1,838 Posts
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return:
54.4%
- #50,916
- Edited 5:14pm Jul 14, 2019 4:32pm | Edited 5:14pm
- Joined May 2019 | Status: iTrade | 1,838 Posts
If anybody is interested in reading, discussing, or commenting on the previews I just posted for tonight's data, all are welcome to do so. Two separate previews located here in my thread:
Good luck fellow traders! Remember it's Sunday and a holiday in Japan. Expect liquidity to be a little thin. 
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return:
54.4%
- #50,917
- Jul 14, 2019 5:57pm Jul 14, 2019 5:57pm
- Joined Aug 2015 | Status: High leverage? Well i make money. | 515 Posts
{quote} Well my good sir, glad to have you aboard.SHFE is going to open shortly and it's going to be very interesting which way gold goes. I can't imagine the USD sell off continues. We should see downward pressure on gold prices, unless the USD keeps falling on these rate cut expectations. It's got to end at some point. 25 bp cut is all we are getting in July.
i need to learn how to watch for news
- #50,919
- Jul 14, 2019 10:11pm Jul 14, 2019 10:11pm
- Joined May 2019 | Status: iTrade | 1,838 Posts
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return:
54.4%
- #50,920
- Jul 14, 2019 10:49pm Jul 14, 2019 10:49pm
- Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts
4&1 All Time Profit:
$37,496