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

  • #5,661
  • May 1, 2011 11:05pm May 1, 2011 11:05pm
Yes, breaking news indeed... Might just be the boost USD needed and when nobody expected it... Wait a minute, isn't that exactly Forex?!
  • #5,662
  • May 1, 2011 11:10pm May 1, 2011 11:10pm
Quoting ruffryders
Fmfx if you don't mind me asking, where do you get cleared for gold trades? my spread on dukas is like 60-80 and they are killing me.
Not at all... I have several accounts for trading gold long and ONE account for shorting gold. I treat some of my long accounts on longer time frames for larger profits and ALWAYS keep some of my longs open in those.

But to answer your question, I closed a few of my shorter timeframe longs on Friday at 1565 and some on Sunday open at 1573...

  • #5,663
  • May 1, 2011 11:31pm May 1, 2011 11:31pm
Why the drop? I don't know, but my guess would end of month and changes to increase margin requirements. We saw this kind of PA last time margin requirements were increased.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,664
  • May 2, 2011 1:07am May 2, 2011 1:07am

For latest movement two scenarios in big pictures big time frame:

First uptrend:

A- We are talking about uptrend in Gold, at this level as shown in chart blue line shows upper trend line and it hit on Friday. Even in uptrend in Gold from this level correction due, and it should test red line, than increasing may be happened. Circles show my first second and third targets for retracment.

B- Another chart Pitchfork already happened retracement (indicate another picture as red box).

C- As Elliot wave I Calculated last week 5th wave still not end, it will be end if price hold between 1480 ~ 1530 for at least 1 day.

Second Downtrend:

If we are talking about downtrend we can not say any thing right now, we will be sure if 1400 brake, as shows in chart Red Line.

My Trading Strategy

I am short from 1570 and looking retracment, and looking better entry for exit, I will exit from where I think time to enter long. Better exit point will be red line in my chart. All things are under the way.

About Osama it's good for usd, but only 2% its regretted from me, its should be at least 5% decreased means 1500. Than I can say its Good news, otherwise this news is un-necessary and not good for us economy.

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Trade what you see, Not what you think.
  • #5,665
  • Edited 3:11am May 2, 2011 1:48am | Edited 3:11am
Great fun trading but must go out later videos on http://www.facebook.com/home.php#!/
Attached Image (click to enlarge)
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  • #5,666
  • May 2, 2011 1:52am May 2, 2011 1:52am
London market closed today for bank holiday

SI 1min mod schiff

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


beeb
  • #5,667
  • May 2, 2011 2:44am May 2, 2011 2:44am
Quoting fawaol
42
I told u guys...
  • #5,668
  • May 2, 2011 3:57am May 2, 2011 3:57am
Quoting beeb
mike

am seeing nothing too interesting on GC 1min chart - for forks check out post #5725

beeb
Thx mate.
  • #5,669
  • May 2, 2011 3:59am May 2, 2011 3:59am
GC 240 min - couple of forks to keep perspective....

http://www.screencast.com/t/QcRtnEEH5

beeb
  • #5,670
  • May 2, 2011 4:12am May 2, 2011 4:12am
Quoting harvest3r
hey man, you and highlander seem to be skipping classes here, where have you been all this time? I still remember that you were waiting for 1400 in order to enter long. I hope you didn't wait.
Hehe, had a little (long) trip before Easter, about the 1400 - long gone that lvl without any longs added :|, right now i don't have anything, waiting for that dip...as i "inspected" the earlier charts, we had at least 100$ dip at every big psychological lvl (1200, 1300, 1400), i will add long at 1500-1510 and of course if we go lower

The 1425-1430 seems to be a strong support lvl and almost the middle of the uptrend channel - which to me seems a pretty good re-test before going 1600-1700. Anyways, this waiting is "killing" me
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  • #5,671
  • May 2, 2011 4:28am May 2, 2011 4:28am
Quoting LasVahGoose
Why the drop? I don't know, but my guess would end of month and changes to increase margin requirements. We saw this kind of PA last time margin requirements were increased.
I don't trade Silver, but technically, it should retrace after bullish for so long
  • #5,672
  • May 2, 2011 4:29am May 2, 2011 4:29am
we should wait new york opening...
what us guys bring...
Trade what you see, Not what you think.
  • #5,673
  • May 2, 2011 4:33am May 2, 2011 4:33am
Quoting khizer
we should wait new york opening...
what us guys bring...

why not wait for london opening tomorrow - that's where the real market is.......

beeb
  • #5,674
  • May 2, 2011 4:42am May 2, 2011 4:42am
Quoting myk
osama bin laden killed
I don't know what was more absurd: silver falling 10% in 30 minutes or THIS news... what a surreal night .

Nevertheless, it seems that all the action was due to weak liquidity and nothing else.
"The reason I was born and came into the world is to testify to the truth."
  • #5,675
  • May 2, 2011 4:47am May 2, 2011 4:47am
Quoting harvest3r
Nevertheless, it seems that all the action was due to weak liquidity and nothing else.

margin change
  • #5,676
  • May 2, 2011 4:57am May 2, 2011 4:57am
Quoting beeb
margin change
How comes that the margin change was announced last week and people decided to react only today? Do I miss something in the timeline?
"The reason I was born and came into the world is to testify to the truth."
  • #5,677
  • May 2, 2011 5:32am May 2, 2011 5:32am
This silver fork "survived" somehow, though it's not that accurate. I had to draw another quartile below the lower parallel. (I like my broker's software. But to draw forks... it sucks.)

I feel tempted to enter long if it reaches ~44.50 again and seeks support on the lower parallel.

Well beeb, if you had shorted silver according to your chart, you would be a billionaire by now, wouldn't you?
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"The reason I was born and came into the world is to testify to the truth."
  • #5,678
  • Edited 5:44am May 2, 2011 5:35am | Edited 5:44am
I took a long on silver at 43.13 on last nights "retracement" my stop is below the low, it will be interesting t see if silver can make a new high from here, or are we going to go sideways for a bit.

just happened to be in the right place at the right time...

sorry it wasnt 42.37, its 43.13, read the wrong number
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  • #5,679
  • May 2, 2011 6:48am May 2, 2011 6:48am
having fun taking profit
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  • #5,680
  • May 2, 2011 7:25am May 2, 2011 7:25am
actualy i mean, for better impact of the news, because in Xau we found only 2% decreasing, which inceficient for US on that news.
i m expecting 5% decreasing means arround 1500 should test.

lets see..

(but in the bigining of new york opening looks failed my expectations)

which definatly means Osama news for Obama's election compaign. (worthless)

OSAMA
OBAMA

these S/B makes crazy..

Quoting beeb
why not wait for london opening tomorrow - that's where the real market is.......

beeb
Trade what you see, Not what you think.
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