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

  • #6,501
  • May 16, 2011 9:59am May 16, 2011 9:59am
It has served as a semi pivot SR level from before and after the rise to 1567.

Draw a line on it on an H4 and look at the PA around the area.

Quoting jimobiwan
What do you see at 1507?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,502
  • May 16, 2011 10:03am May 16, 2011 10:03am
Uptrend line broken. 130 pips off the top. Looking to enter short on pullback.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,503
  • May 16, 2011 10:04am May 16, 2011 10:04am
Great trade

You taking profit or riding? I'm usually always in that pair.

Quoting beeb
i took the swissie this morning - middle of the night your time i guess...



beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,504
  • May 16, 2011 10:06am May 16, 2011 10:06am
Quoting XTrade
Great trade

You taking profit or riding? I'm usually always in that pair.
depends what happens at support levels - will prob do a bit of both and look to reload on a bounce..

beeb
  • #6,505
  • May 16, 2011 10:26am May 16, 2011 10:26am
Lot of good stuff on zerohedge today - imho....

http://www.zerohedge.com/

beeb
  • #6,506
  • May 16, 2011 10:50am May 16, 2011 10:50am
  •  crmcwi
  • | Joined Mar 2010 | Status: Entrepreneur, Programmer, Analyst | 35 Posts
Thank you Beeb. I'm a fan of that site too.
  • #6,507
  • May 16, 2011 10:56am May 16, 2011 10:56am
Quoting XTrade
It has served as a semi pivot SR level from before and after the rise to 1567.

Draw a line on it on an H4 and look at the PA around the area.

Thanks for that. Still have a lot to learn.
I have no enemy; I make Incautiousness my Enemy.
  • #6,508
  • May 16, 2011 2:04pm May 16, 2011 2:04pm
with bounce down from fri. close and move through the 34.60 area with a retest and push down sure doesnt feel like the bulls will make it back at $34.60 for todays close.
wheres the fight ?
  • #6,509
  • May 16, 2011 2:26pm May 16, 2011 2:26pm
I'm fighting pip, in at 33.98. Trying to build some longs to catch the potential breakout.
  • #6,510
  • May 16, 2011 2:38pm May 16, 2011 2:38pm
Quoting M504
I'm fighting pip, in at 33.98. Trying to build some longs to catch the potential breakout.
may mm be with you.
  • #6,511
  • May 16, 2011 3:15pm May 16, 2011 3:15pm
well after being margin called for the 2nd time since the retracement im deciding to step back and not trade until I've gained some more knowledge and experience demo trading and sidelining major market movement events.

I only started with $2000aud so not an investment I can't afford to lose.

When i decide to re-enter the market I will be using a much larger account, probably something along the lines of $20,000.

Sad day but I've learnt my lessons in the past 3 weeks, MM is key. but its pretty hard to MM $2000 on silver when its so volatile. Should have stuck to gold. We learn the hard way

Good luck to you all and hope the breakout happens soon enough.

Mitch
  • #6,512
  • May 16, 2011 3:40pm May 16, 2011 3:40pm
Quoting Mitchoss
well after being margin called for the 2nd time since the retracement im deciding to step back and not trade until I've gained some more knowledge and experience demo trading and sidelining major market movement events.

I only started with $2000aud so not an investment I can't afford to lose.

When i decide to re-enter the market I will be using a much larger account, probably something along the lines of $20,000.

Sad day but I've learnt my lessons in the past 3 weeks, MM is key. but its pretty hard to MM $2000 on silver when its so volatile....
It wont make any difference what size of account you use. It should not be difficult to use MM silver unless you are forced to use big contracts with your broker. If your forced to risk more than 2% then find another broker because this is a no win situation, I use Oanda for silver most of the time and I can trade as little as 1 ounce, although I am using a lot more than this, this kind of flexability means i can position exactly as a need to.

I am not suggesting this broker, but you need something to give you flexability.

Having said that the market is a pig right now, I have not had a decent win in a few weeks, most trades are not going the distance. For me atleast.
  • #6,513
  • May 16, 2011 4:18pm May 16, 2011 4:18pm
Using AxiTrader as my broker at the moment, the smallest lot on silver is 0.1 with a spread of 6pips.

not 100% sure on the contract size but a $1 move in silver is $500aud. which is really risky on a $2000 account IMHO.

I didn't expect to make a mint off $2000, it was merely to get some hands on experience. Could you please tell me how oanda's spreads/contact sizes compare with axitrader please.

thanks mate

Mitch


Quoting highlander2
It wont make any difference what size of account you use. It should not be difficult to use MM silver unless you are forced to use big contracts with your broker. If your forced to risk more than 2% then find another broker because this is a no win situation, I use Oanda for silver most of the time and I can trade as little as 1 ounce, although I am using a lot more than this, this kind of flexability means i can position exactly as a need to.

I am not suggesting this broker, but you need something to give you flexability.

Having said that the...
  • #6,514
  • May 16, 2011 4:22pm May 16, 2011 4:22pm
Quoting Mitchoss
well after being margin called for the 2nd time since the retracement im deciding to step back and not trade until I've gained some more knowledge and experience demo trading and sidelining major market movement events.

I only started with $2000aud so not an investment I can't afford to lose.

When i decide to re-enter the market I will be using a much larger account, probably something along the lines of $20,000.

Sad day but I've learnt my lessons in the past 3 weeks, MM is key. but its pretty hard to MM $2000 on silver when its so volatile....
Sorry to hear that Mitch

If it's any consolation, silver is a really difficult vehicle to trade....

My advice is to go away and learn as much as you possibly can about the markets that interest you. Don't get taken in by "get rich quick" schemes - there aren't any. At the end of the day it comes down to technique, practice and experience - suggest you use dummy accounts and try to hone your skills...

All the best

beeb
  • #6,515
  • May 16, 2011 4:24pm May 16, 2011 4:24pm
Quoting Mitchoss
well after being margin called for the 2nd time since the retracement im deciding to step back and not trade until I've gained some more knowledge and experience demo trading and sidelining major market movement events.

I only started with $2000aud so not an investment I can't afford to lose.

When i decide to re-enter the market I will be using a much larger account, probably something along the lines of $20,000.

Sad day but I've learnt my lessons in the past 3 weeks, MM is key. but its pretty hard to MM $2000 on silver when its so volatile....

Good move, take care with forex. And take care with silver, its going back to levels of year 2010, insane. Check the monthly graphic.

Forex can be gambling most of the times, even more gambling than the casino, where after 30 spins you can start guessing and getting more probability than with forex. In forex anything can happen at any time and nobody ever in this world knows what will happen.

Newspapers always explain why things happened, after they happened, same as experts, but nobody can ever predict what will happen, not even with a 80% or more probability.
The Black Swan: The Impact of the Highly Improbable
  • #6,516
  • May 16, 2011 4:32pm May 16, 2011 4:32pm
Quoting Mitchoss
Using AxiTrader as my broker at the moment, the smallest lot on silver is 0.1 with a spread of 6pips.

not 100% sure on the contract size but a $1 move in silver is $500aud. which is really risky on a $2000 account IMHO.

I didn't expect to make a mint off $2000, it was merely to get some hands on experience. Could you please tell me how oanda's spreads/contact sizes compare with axitrader please.

thanks mate

Mitch
I have stopped trading silver with my broker GFT.
Every cent was £10 - that's £1000 for every $1 move.
With silver like it is at the moment it is an account killer.

A year ago it was fine but silver can now move more in a day that it would move in months.

I would look to gold if you want to trade precious metals. You will usually find the value of each point is far less.
  • #6,517
  • May 16, 2011 4:35pm May 16, 2011 4:35pm
Quoting Mitchoss
Using AxiTrader as my broker at the moment, the smallest lot on silver is 0.1 with a spread of 6pips.

not 100% sure on the contract size but a $1 move in silver is $500aud. which is really risky on a $2000 account IMHO.

I didn't expect to make a mint off $2000, it was merely to get some hands on experience. Could you please tell me how oanda's spreads/contact sizes compare with axitrader please.

thanks mate

Mitch
Oh god! I cant do the maths on that for you, I use oandas profit calculator or my own spread sheet which is in pounds sterling-

But for a £500 profit/loss on 1$ move you need to buy 810 units which is equivelent to 0.10 lots (i think).

On 1 unit the p/L is 61 pence per dollar move.

So on a £2000 account risking 2% over 100 points or a 1$ move in silver you need to by 65 units or ounces.

Its no wonder you had a margin call. see if you can get another broker where you can trade micro lots or 0.01

I hope i got the maths right here!
  • #6,518
  • May 16, 2011 4:43pm May 16, 2011 4:43pm
Yeah I would be much happier trading 0.02-0.05 lots.

I'll do my shopping. thanks

Mitch
  • #6,519
  • May 16, 2011 4:51pm May 16, 2011 4:51pm
Quoting Mitchoss
Yeah I would be much happier trading 0.02-0.05 lots.

I'll do my shopping. thanks

Mitch
Here is a screen shot of pip position calculator, Im pretty useless at calculating pip values, i just punch in numbers and see what come out the other end!!
Attached Image
  • #6,520
  • May 16, 2011 4:56pm May 16, 2011 4:56pm
Pulled the plug onthe gold I bought at 1500 today, Im not happy with this now at all. I will leave the small lot from 1485.

Had enough of this now, PA looks pretty bearish to me at the moment. May regret this decision.
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