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

  • #101
  • Edited 6:48am May 11, 2010 6:11am | Edited 6:48am
OK here is my H1 chart, I primarily use H1 as my monitoring,
Especially when GOLD is volatile,
Decision making, is made off, Monthly, Weekly, Daily,

Intra-day I use
Daily,
H1
M15

Scalping I use
M5 for entries and
M15 for the rest
sometimes I look @ M5 b/c I love it! For all pairs, yet leave soon after my entry,
which has been planned before even viewing.


Daily and maybe H4 next
Attached Image (click to enlarge)
Click to Enlarge Name: XAU_H1_my current_look.GIF Size: 25 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #102
  • May 11, 2010 6:52am May 11, 2010 6:52am
It was over 20 and I closed it down with a small profit. But it was a horrible exercise. The stress caused my back to seize. Closed it out took a bunch of muscle relaxants and JUST woke up. WOW. Glad I bailed. Gold is doing very well.

But is this the double top? Or just the start?
  • #103
  • May 11, 2010 7:33am May 11, 2010 7:33am
Damn! Had a GREAT deal on some coins and called a tad too late...

A bit consumed with trading.

LOL and my 3rd TP move on oldest order was hit!

Not at all complaining.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #104
  • May 11, 2010 7:43am May 11, 2010 7:43am
I just unloaded some profit. Hehe..

Be cautious of High point 1226 as a Resistant.
  • #105
  • May 11, 2010 7:46am May 11, 2010 7:46am
What a nice way to wake up to see gold go up up up =D good thing i bought it at 1205 last night before bed.

XT gratz on closeing out 3rd position.

anyone thinking of going short after it peaks today for a quick buck?
  • #106
  • May 11, 2010 8:12am May 11, 2010 8:12am
Going to take a small rest!

Have a few orders set good job all.

See ya in a bit!
X
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #107
  • May 11, 2010 8:33am May 11, 2010 8:33am
this is why no one makes money in forex. gold makes a new high and everyone is looking to short it.

There is no bearish signal on the graph and absolutely no reason to sell it let alone go short.



Quoting steroidman
It was over 20 and I closed it down with a small profit. But it was a horrible exercise. The stress caused my back to seize. Closed it out took a bunch of muscle relaxants and JUST woke up. WOW. Glad I bailed. Gold is doing very well.

But is this the double top? Or just the start?
  • #108
  • Edited 1:12pm May 11, 2010 8:52am | Edited 1:12pm
Couldnt agree more - my sentiments EXACTLY

Still have open longs. TP is necessary but this is a Massive bull run, have tried to show the fundies and charts.
Yet people want to pick tops. There is no top right now.

Edit: Euro is clearly bottomless as well. -- Looks like it actually stopped the free-fall for now.

Quoting __UnknowN__
this is why no one makes money in forex. gold makes a new high and everyone is looking to short it.

There is no bearish signal on the graph and absolutely no reason to sell it let alone go short.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #109
  • May 11, 2010 10:05am May 11, 2010 10:05am
I was just asking a question to get some input just because gold is making good highs now and im still new. So im just trying to get a feel for how you all are doing as for making money, if your day tradeing or swing trading or if you just buy and hold till when ever you feel is a good time to sell (aka holding for long term investmetns) Like i said before im still learning the gold.

Thanks
  • #110
  • May 11, 2010 10:57am May 11, 2010 10:57am
Quoting jimobiwan
Au is looking resilient. I have set a sell for 1222.2 going into possible resistance levels. Weekly and Daily look overbought and it is near record high of 1227 so hoping lots of talk of possible major double top will slap this down hard. It is also my long term channel top. It poked its head up twice and 1222 will again be above upper channel limit. Seasonals also on side and so is the timing of the Au supercycles.

Looking for this to go to 1165 (18DMA) as TP.

SL - if there is news i may cut 1224 or may add short at 1236 (large day range, frothy...
-----------

1222.2 Sh got filled. using trailing stop. TP 1180
I have no enemy; I make Incautiousness my Enemy.
  • #111
  • May 11, 2010 2:21pm May 11, 2010 2:21pm
Gold exploding here at the eod of US markets

it has been these rallies at rather strange points of the day that has made this bull run rather interesting.

Now @ 1230 having taken out prior highs.
  • #112
  • May 11, 2010 2:24pm May 11, 2010 2:24pm
what are the chances of the gold to come down
may be as profit taking
i m highly in favour of gold coming down ... bt it has been threshold for my patience

hw do u c
  • #113
  • May 11, 2010 3:01pm May 11, 2010 3:01pm
Quoting tech niche
what are the chances of the gold to come down


seven, what about u
  • #114
  • May 11, 2010 3:25pm May 11, 2010 3:25pm
We DID IT !!!!
New Record High!!!
AND THIS ONE 1235.30 HIGH!

Silver has Taken 19!

Quoting Jim Wyckoff
Comex gold futures Tuesday afternoon hit a new all-time record high of $1,232.50 an ounce. The previous record high of $1,227.50, basis nearby futures, was set in December of 2009. Gold continues to benefit from safe-haven buying interest amid the European Union's sovereign debt crisis, and on building bullish technical momentum. With gold prices now in uncharted territory, traders should look for higher volatility both on the upside and on the downside, but with a continued upside bias.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #115
  • May 11, 2010 3:41pm May 11, 2010 3:41pm
Just for documentation
Attached Image (click to enlarge)
Click to Enlarge Name: new High chart.GIF Size: 55 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #116
  • May 12, 2010 1:25am May 12, 2010 1:25am
Congratulations all the Gold supporters(buyers)!

Gold just Hit all time High. Yes!!
  • #117
  • May 12, 2010 2:41am May 12, 2010 2:41am
1250 end point before fall
  • #118
  • May 12, 2010 9:53am May 12, 2010 9:53am
'I was just asking a question to get some input just because gold is making good highs now and im still new. So im just trying to get a feel for how you all are doing as for making money, if your day tradeing or swing trading or if you just buy and hold till when ever you feel is a good time to sell (aka holding for long term investmetns) Like i said before im still learning the gold.'

There are many ways to trade gold.
Intraday, swing trading, trading + investment..

Its really up to personal preferance

I will discuss gold as a fundamental invesment next time
  • #119
  • Edited 8:59pm May 12, 2010 12:28pm | Edited 8:59pm
We are making session highs right now, (so far 1248xx)

I would not at all be surprised to see gold above 1250, and later on, 1350..

1250 Could be a profit taking area. May see a dip there. We have seen dips all night and the sideways to up movement the gold price has been propelling the price higher.

We have a weak Euro and GBP, tons of uncertainty in both countries,
where we may only be at the tip of the iceberg in terms of EU issues similar to Greece.

Big Money is pouring into precious metals right now.
On the charts we have blown thru the old high @1227 and multiple resistances in this area, opening up the chart.

Many said Gold would not sustain 1000 when we broke it.

In any case, there will be a correction, however, as of now I don't see sub 1200.

Quoting mistersimple
1250 end point before fall
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #120
  • Edited 12:57pm May 12, 2010 12:32pm | Edited 12:57pm
Currently I am long from 1208

none of my orders where hit while asleep.

But I am scalping looking for $3 and $5 moves (300 / 500 pips) - If it doesn't appear I will clear 300 I try to exit @ 100 pips instead of loss.
Yet, often Gold will pull back a bit then double where it was. So patience, concentration and entry are important.


EDIT: pipinz - this relates to part of your question - On a rally like this I have decided to hold one of my trades for almost two days because we have continued strength w/o sufficient correction or selloff yet.

So to continue trading I'll look for smaller moves using small lot sizes
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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