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

  • #4,701
  • Apr 14, 2011 5:34am Apr 14, 2011 5:34am
Poor PPI and Unemployment numbers in the US.. Can we now expect Gold to rise further..?
  • #4,702
  • Apr 14, 2011 5:34am Apr 14, 2011 5:34am
Loading longs!
  • #4,703
  • Edited 5:45am Apr 14, 2011 5:35am | Edited 5:45am
Illuminating....

The Meaning of PFFT
PFFT means "Expression of dismissal"

I always try to learn something useful every day.

Euroscum you added one too many fuff's. We don't want too much fuffing on the thread please.
  • #4,704
  • Edited 5:48am Apr 14, 2011 5:37am | Edited 5:48am
Quoting fawaol
Loading longs!

maybe you're right or maybe the market wants you to think you're right before taking it down......

market is flapping (technical term lol) not trending imo

(there's always another trade out there)



beeb
  • #4,705
  • Apr 14, 2011 5:40am Apr 14, 2011 5:40am
No visible effect of the bad numbers in US as yet...!!
Lets see what the US session has in store for us..
  • #4,706
  • Apr 14, 2011 5:48am Apr 14, 2011 5:48am
Quoting Pratik
Poor PPI and Unemployment numbers in the US.. Can we now expect Gold to rise further..?

I'd be really careful becuase thats would but the brakes on inflation for a while but will delay any expections on $ interest rate increase so its a weak dollar play now but if inflation traders start selling the metal a for the reason of low inflation expectations
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
  • #4,707
  • Apr 14, 2011 5:52am Apr 14, 2011 5:52am
Quoting six gun
Illuminating....

The Meaning of PFFT
PFFT means "Expression of dismissal"

I always try to learn something useful every day.

Euroscum you added one too many fuff's. We don't want too much fuffing on the thread please.
OK then, I have seen the stories everywhere told by the world-about-to-end sites. No doubt there is some truth in it but not to the extent the conspiracy guys are hoping.
  • #4,708
  • Apr 14, 2011 6:04am Apr 14, 2011 6:04am
Quoting beeb
maybe you're right or maybe the market wants you to think you're right before taking it down......

market is flapping (technical term lol) not trending imo

(there's always another trade out there)



beeb
Entitled Indian Market Flapping.
Can't make out a word of it.

Inserted Video
  • #4,709
  • Apr 14, 2011 6:08am Apr 14, 2011 6:08am
curses - i am discovered........

lol

beeb
  • #4,710
  • Apr 14, 2011 6:24am Apr 14, 2011 6:24am
Is that you beeb?
  • #4,711
  • Apr 14, 2011 6:45am Apr 14, 2011 6:45am
Quoting LasVahGoose
Technically, I think what you have drawn is a Fib EXTENSION not an expansion. I used to get them confused until it was pointed out to me.
I've seen it called both so that is the reason I posted a chart. So everyone would at least know what I meant by the pic. Since TA is more art than science there are no written rules per se.

Actually how I refer to it, as I was taught, is as a external retracement.

In other words an internal retracement is less than 100% and an extrernal retracement is greater than 100%. Simple at least to me.
  • #4,712
  • Edited 7:17am Apr 14, 2011 7:04am | Edited 7:17am
Always good to look at multiple time frames

Sometimes you can catch things earlier. I got used to the higher TFs. Less stress less noise.


Quoting blue_z_zz
thanks for the advice and to answer you question no im not an exprerienced scalper

and if you see my posts i used more then one timeframe and as i stated in the 5 min chart post "zooming on action" so using a 5 min chart is to magnify the move for a more clear action

goodluck
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,713
  • Apr 14, 2011 7:05am Apr 14, 2011 7:05am
, please elaborate.

Silver looks quite strong in current trend....
Quoting forexcompoun
Hi all,
sell silver @ 41.62 for today.
Happy trading!
Meshach.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,714
  • Apr 14, 2011 7:08am Apr 14, 2011 7:08am
Here is the triangle follow up on h4

Break candle- test candle - breakout

added first chart so you don't need to find the post.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold_4_12_11_traingle_follow up.GIF Size: 29 KB
Click to Enlarge Name: gold_4_12_11_traingle_blow up.GIF Size: 19 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,715
  • Apr 14, 2011 7:51am Apr 14, 2011 7:51am
Quoting six gun
The thing is as far as I know, Fibonacci's work because people plot them and react to them. Don't know how long they have been used on charts but it would be interesting to see if price reacted to these levels before people plotted them - personally I doubt it.
.....
I've had this discussion a number of times before about fibs.

Take a look at this chart of the Dow of one example of many from late 1928 leading into the high before the crash of '29.

Bars have same open/close because back then they didn't record the open. Even today indexes don't really have a true opening price since not all stocks open exactly at the bell.

But as you can see 61.8% price retracement nailed this drop as well as it fell timewise between the 61.8 and 100% time retracement of upswing.

Fibs work and sometimes not, always have always will.

Sometimes they are self-fulfilling but many market participants are not even aware of them, could care less about them or are trading on an entirely different timeframe.

This can be said about most TA techniques such as MA's, Trendlines, Oscillators etc etc.
Attached Image (click to enlarge)
Click to Enlarge Name: Dow.png Size: 21 KB
  • #4,716
  • Apr 14, 2011 7:55am Apr 14, 2011 7:55am
Quoting SunTrader


Sometimes they are self-fulfilling but many market participants are not even aware of them, could care less about them or are trading on an entirely different timeframe.

Good points SunTrader - but as a point of information every institutional trader has them marked on their charts - whether they use them is another matter, but there is certainly a considerable element of self-fulfillment imo......

beeb
  • #4,717
  • Apr 14, 2011 8:05am Apr 14, 2011 8:05am
Quoting XTrade
Here is the triangle follow up on h4

Break candle- test candle - breakout

added first chart so you don't need to find the post.

Almost perfect breakout, pullback, continuation setup from the 4hr wedge, with the underlying market momentum. I'm still holding my position from 1453.

New highs soon maybe.
  • #4,718
  • Apr 14, 2011 8:08am Apr 14, 2011 8:08am
Quoting blue_z_zz
if we stand over 1460 in euro session we might have a pop to tests the highs 1475 during US session

will it have the momentum to stand it gounds or will it reverse
Attached Image (click to enlarge)
Click to Enlarge Name: gold 3.gif Size: 53 KB
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
  • #4,719
  • Apr 14, 2011 9:29am Apr 14, 2011 9:29am
Hey Goose,
I picked up fractals from a gent I met who used to trade in the COMEX cotton pit and now day trades sugar.

There main reason is to predict reversals in price action.
SO, the higher the time frame the lesser amount of fractals and the bigger the reversal.

There is one instance of use which can be confusing (in terms of buy and sell, where the buy actually can be a sell indicator and vice versa - it's confusing but at first but you can read about them further here. Plus, there are many other applications. I will list some other uses.
http://forex-indicators.net/bill-williams/fractals

They were made by Bill Williams who I think is great and made the "alligator" also, so they can be used in conjunction with it.

Other uses.

If you take a look at my charts you'll see that the fractals line up very well with some of the support and resistance levels as well as trend and channel lines. So the help to distinguish PA, line placement, and strength or weakness of a particular area.

I also use them for stop placement. ie: if I take a GBP/USD long where the PA is sloppy at the bottom but you want to be safe for entry, if 3 aggressive or 4 safe have been made in one area, it is pretty well established that the price will not break that zone in the immediate future. ANd keep in mind the fractal is always several pips away from the actual price.

I use support and resistance as one of my primary and one of the most simple tools to trade gold technically as well as for targets. Adding fractals enforces what I have already laid out.



Quoting LasVahGoose
That's funny, I thought the same thing, until I noticed the 5 minute chart! haha!

How are you using the Fractals, if you don't mind me asking?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,720
  • Apr 14, 2011 9:37am Apr 14, 2011 9:37am
Silver up close to 3%, Gold more than 1%..
What a rally it has been in the NY session.. Dollar is such a trash.. Shows signs of recovery 1 day and then again continues its downwards journey..
Anybody short here..? http://www.forexfactory.com/images/icons/icon12.gif
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