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

  • #4,721
  • Apr 14, 2011 11:38am Apr 14, 2011 11:38am
According to the XTrade's method (connecting highest weekly closings)
i obtained next target above 1475: 1488
& 1516 - connecting highs...
Looks like buying awareness is just taking a boost!!!

GOD BLESSED ME!!! I'm finally in this Ag long!!!!!!!!

Weekly bars show great opportunities for longs !!
  • #4,722
  • Apr 14, 2011 11:39am Apr 14, 2011 11:39am
The Trade should always be placed in the direction of the trend. Which is up in this case so anyone who took it should be happy with the results.

Another way to trade this if you really were unsure or wanted to be safe would
be to place buy and sell orders outside the triangle, you know it is going to break out so you want to get picked up.

See the Green and Purple Xs I've added to the chart for an estimate of where I would have placed the orders.

I was already long as the trainge was forming so did not feel the need to enter again.
Attached Image (click to enlarge)
Click to Enlarge Name: gold_4_14_11_traingle_follow up_h1.GIF Size: 41 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,723
  • Apr 14, 2011 12:41pm Apr 14, 2011 12:41pm
Beeb & Six, I tried pulling a fork on the chart for fun, how does it look?

Blow it up it's in dark blue. seems to be in line with S/R levels.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,724
  • Apr 14, 2011 12:57pm Apr 14, 2011 12:57pm
Quoting fawaol
According to the XTrade's method (connecting highest weekly closings)
i obtained next target above 1475: 1488
& 1516 - connecting highs...
Looks like buying awareness is just taking a boost!!!

GOD BLESSED ME!!! I'm finally in this Ag long!!!!!!!!

Weekly bars show great opportunities for longs !!
I am waiting for XAU to be less than 1465 to long. Dont want to be on board so soon.
  • #4,725
  • Apr 14, 2011 1:01pm Apr 14, 2011 1:01pm
XTrade - looks good - remember that all you are trying to do is find something in harmony with the price which will then give you areas of support and resistance. What you then do with them is the interesting part....

In general terms you are looking to place your A at a significant swing high or low and your B and C points at the next alternative low and high (or vice-versa).....But it's not a perfect science as there is some art involved too....

For your interest here's the 20 min GC I'm currently trading - I think you can see my entry.....the fork is a modified schiff with the A at the NFP spike low.

http://www.screencast.com/t/htv3tLFtB3fb

beeb
  • #4,726
  • Apr 14, 2011 1:09pm Apr 14, 2011 1:09pm
Quoting fawaol
According to the XTrade's method (connecting highest weekly closings)
i obtained next target above 1475: 1488
& 1516 - connecting highs...
Looks like buying awareness is just taking a boost!!!

GOD BLESSED ME!!! I'm finally in this Ag long!!!!!!!!

Weekly bars show great opportunities for longs !!

So every time you missed a trade was that god's fault too?

Seriously chum, rely on yourself alone - you get it right or you get it wrong. If you can't do that, if there is always another reason for why things went wrong then you're in the wrong game........

beeb
  • #4,727
  • Apr 14, 2011 2:07pm Apr 14, 2011 2:07pm
Quoting beeb
So every time you missed a trade was that god's fault too?

Seriously chum, rely on yourself alone - you get it right or you get it wrong. If you can't do that, if there is always another reason for why things went wrong then you're in the wrong game........

beeb
Of course, i understand what you're talking about...
That was just a joke about god bless...

Nothing personal

PS I think we may see a new highs for gold and silver while asian session no matter what god think about that.
  • #4,728
  • Apr 14, 2011 2:15pm Apr 14, 2011 2:15pm
Quoting fawaol
Of course, i understand what you're talking about...
That was just a joke about god bless...

Nothing personal

PS I think we may see a new highs for gold and silver while asian session no matter what god think about that.

Excellent - I'm glad we got that clear

I'm seeing gold at resistance at the moment viz the chart I posted earlier. However the possibility of a new high and a retracement is not a new concept.....

beeb
  • #4,729
  • Apr 14, 2011 6:11pm Apr 14, 2011 6:11pm
Deleted last postas My account number was showing on the upload,
  • #4,730
  • Apr 14, 2011 6:18pm Apr 14, 2011 6:18pm
How is this trade going for you?

No backup, no chart, no reason, wild punt.

There should be some correction after this massive daily move yet
, poor entry.

The trend is UP, you will make far more money buying dips and holding than shorting "tops" which I guess was supposed to be 41.62 otherwise this level is completely meaningless.



Quoting forexcompoun
Hi all,
sell silver @ 41.62 for today.
Happy trading!
Meshach.
Attached Image (click to enlarge)
Click to Enlarge Name: SILVER IS KING.GIF Size: 23 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,731
  • Apr 14, 2011 6:29pm Apr 14, 2011 6:29pm
Here's my TA for the current Breakout.



Xtrade : sending you a PM
Attached Image
  • #4,732
  • Edited 6:55pm Apr 14, 2011 6:40pm | Edited 6:55pm
Quoting XTrade
The Trade should always be placed in the direction of the trend. Which is up in this case so anyone who took it should be happy with the results.

Another way to trade this if you really were unsure or wanted to be safe would
be to place buy and sell orders outside the triangle, you know it is going to break out so you want to get picked up.

See the Green and Purple Xs I've added to the chart for an estimate of where I would have placed the orders.

I was already long as the trainge was forming so did not feel the need to enter again.
Hi XTrade

beeb has given the thumbs up on your fork.

TBH I can't see the fork too well with the black background.
I have posted my 5min fork for today.

Price was held tightly within the up trending fork, indeed price never slipped from the upper half of the fork.

Hmmm...
Last night I suggested that silver had given back the $2 it was supposed to and was now going to continue on its way.

I looks like the biggest ever rise in price in one day.

The pull back was partly we had gone through a big round number but mainly price had accelerated too hard and had to be brought back on track.

Each time silver goes too fast the market pulls it back.

With today's effort it looks like it has gone off course again!

I would expect price to drift out the right side of this fork and I will have to draw another fork in.
The direction of that fork will indicate the trend.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 52 KB
  • #4,733
  • Apr 14, 2011 7:06pm Apr 14, 2011 7:06pm
Perfect, it was, "just a little patience mm, mmm, yeah" Axl Rose - of Guns N' Roses!

Quoting Dolph
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.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,734
  • Apr 14, 2011 7:14pm Apr 14, 2011 7:14pm
Gotcha, it's very similar to drawing channels,
I just tried one out before on those particular levels.

What I'd like to see and will try is a Daily fork and an H4 & hourly fork from a bit further back in the chart. I think the incline on the one I drew may be a bit too steep? Definitely a good tool plus a bit less drawing if the PA allows for the fork.

Let me take a look at your link. Do you hold positions overnight? I think speculating FX paper "Gold" (basically spread betting on spot) has some advantages and some disadvantages to trading the GC (non-mini) future.

I always find it interesting to take a peek into the contracts less traded, say for 6 months from now. Sometimes I think we can catch potential spot targets by looking at the longer term futures.

Quoting beeb
XTrade - looks good - remember that all you are trying to do is find something in harmony with the price which will then give you areas of support and resistance. What you then do with them is the interesting part....

In general terms you are looking to place your A at a significant swing high or low and your B and C points at the next alternative low and high (or vice-versa).....But it's not a perfect science as there is some art involved too....

For your interest here's the 20 min GC I'm currently trading - I think you can see my entry.....the...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,735
  • Apr 14, 2011 7:20pm Apr 14, 2011 7:20pm
Simple - see my second PM
Quoting Dolph
Here's my TA for the current Breakout.



Xtrade : sending you a PM
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,736
  • Apr 14, 2011 7:21pm Apr 14, 2011 7:21pm
Quoting XTrade
Perfect, it was, "just a little patience mm, mmm, yeah" Axl Rose - of Guns N' Roses!


My target is 1484.

Check Your messages Xtrade!
  • #4,737
  • Apr 14, 2011 8:55pm Apr 14, 2011 8:55pm
Gold will try to go above 1480 today Friday.

I will not be surprised if it goes to 1485 and maybe 1490.

Next week is set to reach 1500.

Gold always loves to close the week with a new high.
The Black Swan: The Impact of the Highly Improbable
  • #4,738
  • Apr 14, 2011 9:02pm Apr 14, 2011 9:02pm
Quoting XTrade
, please elaborate.

Silver looks quite strong in current trend....
Okay, here's what I saw:
supply line (colour: RED 1st chart) break at that level. I re-sold @ 42.28 because price hit a demand channel extreme and the 4hr candle completed looking "un-healthy".
I will re-assess re-loading of longs @ the horizontal support line 40.87 or when price touches the previously broken supply line in red.
Find charts attached.
Happy trading!
Meshach.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: silver_tl_break.gif Size: 20 KB
Click to Enlarge Name: the_week's_short.gif Size: 20 KB
  • #4,739
  • Apr 14, 2011 11:14pm Apr 14, 2011 11:14pm
Quoting lilpip
although we having strong moves up my eyes are open and watching how 41.46-80 responds.
looking at the quarterly 41.46 area is of extra interest long with 41.80 on the weekly
If we have a drop below 41.35 will consider it as heads up as indication of heading towards 39.80 and will be looking for direction from there.
gold
watching how 1481-(84 weekly) respond and keeping in mind 1490 area looking at quarterlies
daily
will be an interesting 2 weeks.
39.80 area is noted as she sure wants to continue to climb towards $51.

golds weekly 1452 was noted also as shes heads towards weekly and quarterly highs 1484-90.
silver daily
watching how 41.96 and 42.61 respond.
42.61
41.27
39.93
gold
1496
1464
1452
  • #4,740
  • Edited 11:58pm Apr 14, 2011 11:32pm | Edited 11:58pm
Quoting Euroscum
snake oil salesman


http://online.wsj.com/article/SB1000...googlenews_wsj

However, analysts at Royal Bank of Scotland urged caution, due to the silver market's current "hefty surplus." According to the bank, the overall available inventory of silver could be as high as 31,000 tons or more, the equivalent to more than one year's global demand for fabrication.
Stockpiles of other industrial metals tend to cover a few months, if not weeks, of demand.
"The message is do not chase silver...
personally, looking at the higher timeframes I was expecting a move down to the 34.64 area from this 41.46-84 area before moving on but the daily chart on monday suggested differently and tuesday confirmed it.

more good than not comes from mike.

as far as a hefty surplus goes, im sure the nations of the world are relieved to hear of this along with the investors that have to wait 3-6 months for their deliveries.

and some might just say forget the wait.
http://www.zerohedge.com/article/wil...nt-evo-morales

http://kingworldnews.com/kingworldne...ng_Silver.html
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