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

  • #6,301
  • May 12, 2011 6:38am May 12, 2011 6:38am
commods are cooling down generally, and it's a seasonal game as well. + three year balance is 89 oil failed to reach 118,which is an important 3-year mid pivot not to mention previous high of 2008, now we are heading back to 89 and if that won't hold back to 60. 89 is required anyway for further upside momentum to gather, so it's just a qustion of weeks now. for now link will stay and with oil slipping lower gold will sink as well.

Yes part of the sell off is risk aversion and also is due to profit taking before summer holidays. generally the main trend on gold is intact, as many have pointed out already, so just for right now focus should be shifted to selling rallies, rather than buying dips, as fmfx proposed this week.
  • #6,302
  • May 12, 2011 6:41am May 12, 2011 6:41am
Quoting XTrade
Yes - In one and out of another.

It is refreshing to look at a naked gold chart, then plot simple, major support and resistance and a few TLs and MAs after.

Gold has a tendency to move sideways a lot right through Trendlines, forks, channels and what have you.

I find the most impact when we have converging horizontal major support with
converging MA's and a major Trend line.

Weekly channel still intact....
Hi XTrade,

Thanks for mentioning about the sideways tendencies in gold.

When you have a channel in tact, those lines can do wonders . Will keep an eye for the converging tools/indicators that you mentioned.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #6,303
  • May 12, 2011 6:49am May 12, 2011 6:49am
Quoting six gun
.

There are other forms of fork and you can do what I have tried sometimes which is to slide the point A end to somewhere it fits.
Hi SixGun,

It is possible to relocate the anchor pivot (Pivot 1). Sometimes traders move these pivots trying to "fork-fit" it to the chart. That could be dangerous if you ignore the lines of force created by the price swings. In your moving around, keep Pivots 2 and 3 in tact as you are mapping out the swing you are targeting. Be sure that swing is legit. Just a heads up...not implying that you have not .


Hope I didn't confuse the issue.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #6,304
  • Edited 7:06am May 12, 2011 6:53am | Edited 7:06am
Quoting lilpip
was busy at days open till now and missed out on move down from trend guide.
still mindfull of 35.33 from yesterday.
silver daily
39.17
35.91
32.65
if we start working on north side of pivot wil l have eye on 36.54 response and
to the south, 3431.
gold daily
1523
1493
1466
north of pivot eye on 1505 and south 1485
yesterday we hit the daily highs and today the lows, lets see if 32.65 and 1485 holds the ny session.
  • #6,305
  • May 12, 2011 7:04am May 12, 2011 7:04am
Quoting myk
Bought silver target 33.20
that was a quick 100 pips; top trade
  • #6,306
  • May 12, 2011 7:06am May 12, 2011 7:06am
Quoting myk
Bought silver target 33.20
Target achieved will wait for us data now
MMMYYYKKK
  • #6,307
  • May 12, 2011 7:06am May 12, 2011 7:06am
I never found any clear veiws from here.

I placed long entry at 1475~1476

and my first target 1520

thats my chart, PA respect strong trend line.

Happy Trading you all...!
Attached Image (click to enlarge)
Click to Enlarge Name: gold.GIF Size: 11 KB
Trade what you see, Not what you think.
  • #6,308
  • May 12, 2011 7:08am May 12, 2011 7:08am
Quoting olivierforex
that was a quick 100 pips; top trade
thx bro i hope all trade work like this
MMMYYYKKK
  • #6,309
  • May 12, 2011 7:10am May 12, 2011 7:10am
be remember!

I know 1400 strong support.

i have in my mind this support.

if price goes there i will load more long. (not sure becuase of why i start tanking)



Quoting khizer
I never found any clear veiws from here.

I placed long entry at 1475~1476

and my first target 1520

thats my chart, PA respect strong trend line.

Happy Trading you all...!
Trade what you see, Not what you think.
  • #6,310
  • Edited 7:31am May 12, 2011 7:12am | Edited 7:31am
Quoting khizer
I never found any clear veiws from here.

I placed long entry at 1475~1476

and my first target 1520

thats my chart, PA respect strong trend line.

Happy Trading you all...!
Sure like your daily chart, lets see if she holds, she sure acts like it while she is waiting on sis to do her thing.
  • #6,311
  • May 12, 2011 7:21am May 12, 2011 7:21am
a different look on XAU USD while it's not clear that PA will slide below 1474 right now, however sliding below this will indicate 1430-1440.

http://img846.imageshack.us/img846/2...2thmay2011.png
  • #6,312
  • May 12, 2011 7:28am May 12, 2011 7:28am
also xau quarterly pivot is 1395 and thats where we are headed to right now.
  • #6,313
  • May 12, 2011 7:38am May 12, 2011 7:38am
push up off of 32.65 noted, a good sign for up coming sesion.
  • #6,314
  • May 12, 2011 7:42am May 12, 2011 7:42am
Quoting myk
Target achieved will wait for us data now

nice scalp, but a bit early it seems.
  • #6,315
  • May 12, 2011 7:49am May 12, 2011 7:49am
Quoting FX4Newbies
Hi SixGun,

It is possible to relocate the anchor pivot (Pivot 1). Sometimes traders move these pivots trying to "fork-fit" it to the chart. That could be dangerous if you ignore the lines of force created by the price swings. In your moving around, keep Pivots 2 and 3 in tact as you are mapping out the swing you are targeting. Be sure that swing is legit. Just a heads up...not implying that you have not .


Hope I didn't confuse the issue.

FX4
Yes as beeb pointed out this is not a "true" fork it is an action/reaction set up.
I've seen standard forks, modified Schiff and Schiff.
There is also one that the poster who started the fork thread here uses which is different again.

If price is moving in harmony with the setup whatever this might be, then for me it is adequate. If price does not move in harmony there is something wrong with your fork. It happens that price will not fit any forks and you move onto something else if this is your primary method of technical analysis.

Yes if you are setting up a fork in the early stages of a trend you must be careful about what you are doing and try to stick to the principles.
  • #6,316
  • May 12, 2011 7:50am May 12, 2011 7:50am
if we were got strong us news broked 1475 support, but news as expected.

Means we will see may again test arround support than ------>>> targets.


Quoting lilpip
Sure like your daily chart, lets see if she holds, she sure acts like it while she is waiting on sis to do her thing.
Trade what you see, Not what you think.
  • #6,317
  • May 12, 2011 7:51am May 12, 2011 7:51am
Just Opened a very small short position in silver & gold
MMMYYYKKK
  • #6,318
  • May 12, 2011 7:55am May 12, 2011 7:55am
be careful man

Quoting myk
Just Opened a very small short position in silver & gold
Trade what you see, Not what you think.
  • #6,319
  • May 12, 2011 7:56am May 12, 2011 7:56am
Quoting ruffryders
a different look on XAU USD while it's not clear that PA will slide below 1474 right now, however sliding below this will indicate 1430-1440.
personally I prefer that fork on a mod schiff or even taking the B from the previous peak on an unmod schiff.....

i also think 1395 is a VERY long way away and that there are a number of supports before we get there.....



beeb
  • #6,320
  • May 12, 2011 8:03am May 12, 2011 8:03am
going long below weekly and monthly pivot takes some guts for sure. Id rather wait for the line to break and go short.
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