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

Perhaps I should try TP orders, I just feel I could lose alot of potential doing so. I do also look at it fairly frequently, it's just at times I go some time without looking.

Perhaps it was a little ambitious to expect a surge above 62.

I had almost a 6 point stop, I think that's pretty wide for an intraday trade. It was also well below a tough support zone. How wide do you generally have yours and what R:R do you shoot for?

if you had opened it at about 1235, I guess sure, go ahead with no TP point, but opening at the 1254's and 55's, and looking at the weekly market range that's quite a gamble if you don't have a set target, even if every chart was trending up.

I deal with stop losses below market range and past weeks supports unless I'm scalping, I'm not really worried if I'm holding losing positions for a few days on gold as long as they were opened in the lower side of the range and not counter trend, as I'm sure I'll get the profits sooner or later.


I say don't worry about a few winning points going to waste, the next opportunity is just around the corner.

THat's an interesting insight. I think we have quite differing approaches, I'll perhaps give longer term positions with wider stops a go sometime.

Price seems to be rejected at 1235 areas.

So far. The night is Young!

This session is pathetic so far. Not worth trading.

I am seeing "risk-off' in the Yen (rising steadily, now at 88.79) and this is taking a toll on aud, nzd, asian mkts etc.

I have never seen 3 outside day downs in such a short space of time.

I was lucky to run when I did. I based it on the length of time it failed to break higher.

You have successfully opened a new DAY TRADING deal.
The details of your deal are:
Open reason: By user
ID: 6397470
Deal opening date: 29-06-2010 07:34
Buy currency: XAU
Sell currency: USD
Amount : 10.00 XAU
Rolling until: 06/07/2010
Deal rate: 1234.75

*** No more counter trend trades ***
*** btw if i had a bigger SL for my previous trade, (Short @ 1236) i would have recovered my copital ***

My associates at the meetings in Toronto have determined that the new trend is south my friend. We going into something no one on this board has ever seen before. Nitric Oxide Deflation. Takes the oxygen right out of the air. Pucker up. Its going to be tough, and when the going gets tough, the weird, turn pro.

to all of you (and me) opening longs today, it might be a while till it goes up to the 1250/60s again, so don't panic if you're on red for a while.

I'm an idiot. I've just tried to chase losses, I have a collossal long now :s

It looks like we have the left side and the mid point of a cup and handle pattern on the chart. These patterns are never as clear as the stock chart examples, yet usually hold and produce a decent to great return before turning around.

This pattern has been evident before on the gold chart.

If the chart maintains this pattern here are some ideas.

We may be at the lowest point in the chart right now and the little dip down should be the lowest point of the pattern trading down to 1230 now up a bit.
We should range for the next several hours to about a day while the bottom forms.

Range = appx 1241 to 1234

As we get closer to an equal (not exact) distance away from the midpoint the price and volume should pick up, we will be expecting a breakout here and it may be batted down slightly at first.

We want the breakout to test the 1262/3 area, then create a some down sloping PA to a small channel - "the handle" after the handle we want completion well above 1262 perhaps 1275 to 1280
from here 1234 that is about a $50 to $60 move.

since I started writing the PA is already bouncing up back to range.

I am observing this on the 1 hour chart and the formation has started a few sessions ago. The longer the time the more I trust these patterns, ,however as we all know nothing is set in stone, we can only try to interpret and speculate.

I am working on getting the chart up now. http://i.investopedia.com/inv/dictio...and_Handle.gif

Before the correction i had mentioned a bullish flag on the chart as well.

This pattern held true almost perfectly, I will point it out. as well.

Edit: ALSO the completion of this flag was the exact point of the beginning of the correction.

I have 3 Longs opened at around 1234, targets are 1240, 1245 and 1250.

If they all get through I'm expecting to be up around 30 to 40% of my account today/this week

I'm 700 pips up right now and closing in one first target, hope there's no surprises.




I'm also concentrating on gold right now and forgetting the currencies unless it's a no brainer trade, as it's been by far the most profitable item to trade and it's looking good at the moment.

Here is the initial post -

Now look at the chart formation and the result.

Auther you writing down those rules bro?

Also what broker do you use? Wondering what amount 10.00 means in lot size?
THX

Looking for a boost here on US open at least back to range.

NEW YORK (CNNMoney.com) -- U.S. stocks were set to open sharply lower Tuesday, after a sharp drop in Asian shares overnight, amid concerns about the outlook for the global economy.

I'm so over-exposed, I'm having one of my self-destructive days where I blow all profits in one go. This is why I'm a break-even/ slight losing trader. I hope this works out so I can fight to live another day.

I had a limit on silver yesterday for a quick $24 profit it hit $21 then when down to negative $200... I wasn't at the comp.. I know the feeling............

Be careful here ---

The price is confused - S&P / Dow futures down - dollar is stronger

We may be in for further dip -----

looking to 1225 for support -


While writing dip seems to be bought... with nice pin bar on lower TF.


Perhaps looking to take out some stops while some buyers enter....