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

  • #14,121
  • Dec 9, 2011 8:36am Dec 9, 2011 8:36am
Quoting CathS
To be honest, nor am I!

Cath
well the triangle is after a bullish move. NORMALLY, a symmetrical triangle after a bullish move gives way to a bullish breakout. But we saw a hard rejection yesterday at 1755, and now the range is getting too small, so if I'm buying at 1700, I'm looking to make fewer $$ to the other end of the triangle. So reward/risk kinda sux rite now. Rather than trading within the triangle, now I will just wait for a resolution out of the tri.
  • #14,122
  • Dec 9, 2011 9:46am Dec 9, 2011 9:46am
Quoting nim1984
are you trading physical gold? because i don't think anyone here trading futures can give a stop loss all the way to $1660(i think this holds) aiming for $1760.
Ah so that's the reason. I am trading XAU/USD through Oanda, at the momant i try to keep leverage around 1:15 so i could keep in my trades with pretty wide SL. Do i miss any substantial downside risk here? As said, for me XAU/USD is like a no brainer (long)?
  • #14,123
  • Dec 9, 2011 9:50am Dec 9, 2011 9:50am
Quoting zuppi
.......for me XAU/USD is like a no brainer (long)?
Nothing in trading is ever a no-brainer, except maybe having a stop in place.
  • #14,124
  • Dec 9, 2011 9:50am Dec 9, 2011 9:50am
Quoting whatfx
well its not just a question of buying is it ? say you buy now, and it was to fall by 100 pips. will you have a stop large enough to handle the 100 pips drawdown ? even worse, say the market kept on falling to 500 pips down. will you still have enough equity in your account to cope with that ?


if you say to me you have a large enough balance that can withstand any amount of drawdown, then heck yeah just go for it, just buy and buy.

for example if you had $2 million and staked amounts that can handle drawdown.

the problem is , what...
Good point! Thank you!
  • #14,125
  • Dec 9, 2011 9:58am Dec 9, 2011 9:58am
I am just joined the forex factory.now on word my threads will be comming reglarly
  • #14,126
  • Dec 9, 2011 10:18am Dec 9, 2011 10:18am
Au knocking around and maintaining its head above the swing low of 1707.9 (06DEC). Currently is also above 18DMA of 1718.7, PP of 1722 and above 45DMA.

Expecting ranging until news out of Europe which might not even come out before MKT close.

Perhaps the seasonals and interest rate play will lift Au.
I have no enemy; I make Incautiousness my Enemy.
  • #14,127
  • Dec 9, 2011 10:20am Dec 9, 2011 10:20am
Quoting LasVahGoose
A gluten for punishment, but a setup is a setup.


.
Update:
2 trades knocked out at BE. 1 trade still alive in the demand zone, for now at least.

.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-12-09_10-18_Trading Point MT.jpg Size: 88 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #14,128
  • Dec 9, 2011 10:39am Dec 9, 2011 10:39am
Quoting jimobiwan
Au .... Currently is also above 18DMA of 1718.7, PP of 1722 and above 45DMA......
Question: why 18 and not 16 or 17 DMA and same for 45DMA?
  • #14,129
  • Dec 9, 2011 11:02am Dec 9, 2011 11:02am
There are some very strong correlations right now between the EUR/USD the indexes and the Gold.

Everything is related right now.


http://beathespread.com/discussion/view/5224
Attached Images
  • #14,130
  • Dec 9, 2011 11:07am Dec 9, 2011 11:07am
Quoting John Last
There are some very strong correlations right now between the EUR/USD the indexes and the Gold.

Everything is related right now.


http://beathespread.com/discussion/view/5224
MF Global?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #14,131
  • Dec 9, 2011 11:22am Dec 9, 2011 11:22am
Quoting John Last
There are some very strong correlations right now between the EUR/USD the indexes and the Gold.

Everything is related right now.


http://beathespread.com/discussion/view/5224
Everything is either risk on or risk off. And gold is definitely risk on these days.
Kill the ego, or it will kill the mission.
  • #14,132
  • Dec 9, 2011 1:37pm Dec 9, 2011 1:37pm
Quoting AaronWard
Everything is either risk on or risk off. And gold is definitely risk on these days.
Disagree. Been risk off since Sept 6th. It will resume at some point - but not till correction is over.
  • #14,133
  • Dec 9, 2011 1:46pm Dec 9, 2011 1:46pm
Quoting SunTrader
Disagree. Been risk off since Sept 6th. It will resume at some point - but not till correction is over.

What I think you mean is that it has been bearish. I agree. However Gold moves with the other "risk on" assets. Euro up Gold up, Dow up Gold up. Quit literally I have been following the Dow chart patterns to take my gold entries and exits. What is more, it is closely tracking my other favorite instrument the Eur/USD.
Kill the ego, or it will kill the mission.
  • #14,134
  • Dec 9, 2011 1:53pm Dec 9, 2011 1:53pm
Quoting AaronWard
What I think you mean is that it has been bearish. I agree. ........
Since the top on Sept 6th Gold is down, not so S&P and Dow.

Euro is down like Gold though.
  • #14,135
  • Edited 2:17pm Dec 9, 2011 2:04pm | Edited 2:17pm
Quoting SunTrader
Since the top on Sept 6th Gold is down, not so S&P and Dow.

Euro is down like Gold though.
Agreed and agreed.

Actually, I am quite new at gold. I have been trading it for a week now so I am not that familiar with the way it has traded in the past. What I can say with certainty is that it responds to the exact same stimuli as the Euro (for this week) and that today, during the NY hours, I found it easier to trade it using chart patterns from the dow than my gold chart. The somewhat chaotic movement of the last few hours makes perfect sense if you were watching the Dow. Really today the correlation is about 85%.

But maybe next week will be different.

I have attached the Euro and the XAU charts at the bottom. You can see that today they were moving together. To be fair, the Euro has recently been one of the poorer performing of the risk on instruments.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 99 KB
Kill the ego, or it will kill the mission.
  • #14,136
  • Dec 9, 2011 4:32pm Dec 9, 2011 4:32pm
Looks like multiple brokers have claims on bars of gold. Haha! The whole MF Global thing has put out in the open what many have known for a long time. The big institutions have been selling and reselling the same bars over and over and now that they are trying to take claim they are going to court.

Going to be interesting to see how it all pans out.


This week was a whipsaw seek for me, but still ahead just barely. Get my game face ready for next week.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #14,137
  • Dec 9, 2011 7:05pm Dec 9, 2011 7:05pm
Quoting LasVahGoose
Looks like multiple brokers have claims on bars of gold.....
Got a link?
  • #14,138
  • Dec 9, 2011 7:18pm Dec 9, 2011 7:18pm
Quoting SunTrader
Got a link?
Gotta just Love it.
This is from a 5 year Member to a 4 Year Member.
Gotta love Seniority.
OR
Respect Time.
Just the Facts Man... Just The Facts.
B
  • #14,139
  • Dec 9, 2011 7:22pm Dec 9, 2011 7:22pm
Quoting SunTrader
Got a link?
Really - a link would be great.

I've been waiting for these swap reports and the CFTC keeps pushing the regulations ahead.

If you have a link of evidence that they are re-selling the same gold (without being able to deliver), I would love to see it.

That's the kind of news that can kick start an asset bubble, or a legitimate run up.

Jim Rickards was talking about plan B for Europe on TV tonight, which is moving to some kind of gold standard with gold revalued at $5000 to $7000. It was on a CBC financial news program.

Keep in mind, it remains the plan B according to Rickards. The best option is to roll over the debt and hope that only a few banks take a big hit on Greek haircuts without causing the Euro to crash and burn.

I am rooting for Europe to go for plan B. Playing cards with a stacked deck at present and it is a matter of time before most countries are forced to consider some kind of monetary reform.
  • #14,140
  • Dec 9, 2011 10:03pm Dec 9, 2011 10:03pm
Quoting SunTrader
Got a link?
http://www.zerohedge.com/news/gold-r...-physical-gold
Don't wish it were easier, wish you were better. ~ Jim Rohn
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