now waiting for reaction
first H1 candle made little leg
looks like she wants to go little more downward before resuming uptrend.
Attached Image (click to enlarge)
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #16,802
- Edited 5:34am Feb 27, 2012 5:23am | Edited 5:34am
So finally I didn't keep that trade. (Buy @ 1773 TP 1789 SL 1769)
I could get some 5$,
But that triangle and candlestick formation made me change my mind.
Now a descending triangle visible in H4. Target @1756. I'd say 1760.
I'll wait and see.
This is what I was talking about.
I really don't expect anyone to tell me where to buy or to sell.
I'm just expecting to be aware of possible outcomes.
As I told you before, I had an entry order to buy @ 1773, and I deleted it because PA was telling me something different.
Two triangles, first one was broken and retested, price came inside the triange so I expected higher prices. Gold use to fake. Nop. Price went down again. The second triangle was broken and price was up again. That's why I told I don't like fridays afternoons. No confirmation, no nothing.
Also H&S was visible.
When I asked for a price for an entry it was not a request for a crystal ball, but for a technical approach.
As you've done with S&H or with flags, for example.
When I called for a target @1756-60, I did it based in this:
http://stockcharts.com/school/doku.p...ding_triangle_
1. Trend: In order to qualify as a continuation pattern, an established trend should exist. However, because the descending triangle is definitely a bearish pattern, the length and duration of the current trend is not as important. The robustness of the formation is paramount.
2. Lower Horizontal Line: At least 2 reaction lows are required to form the lower horizontal line. The lows do not have to be exact, but should be within reasonable proximity of each other. There should be some distance separating the lows and a reaction high between them.
3. Upper Descending Trend Line: At least two reaction highs are required to form the upper descending trend line. These reaction highs should be successively lower and there should be some distance between the highs. If a more recent reaction high is equal to or greater than the previous reaction high, then the descending triangle is not valid.
4. Duration: The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months.
5. Volume: As the pattern develops, volume usually contracts. When the downside break occurs, there would ideally be an expansion of volume for confirmation. While volume confirmation is preferred, it is not always necessary.
6. Return to Breakout: A basic tenet of technical analysis is that broken support turns into resistance and visa versa. When the horizontal support line of the descending triangle is broken, it turns into resistance. Sometimes there will be a return to this newfound resistance level before the down move begins in earnest.
7. Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout.
I know the article talks a about duration in terms of many weeks to month, but as it is H4, many bars, would be fine. I think.
Price bounced very close to first triangle apex. The reason I didn't go short is because of fundamentals, as I expect price to go north.
So what I'm trying to do is to build a mindset.
Now another question, a tecnhical one. Let's say price goes lower. At which level can you say there is technical damage tha opens a door for further downwards move?
Please, answer this even if the price goes higher. I just want to know how do you become aware of a possible shift in price direction once price has gone the other way expected.
- #16,803
- Feb 27, 2012 10:40am Feb 27, 2012 10:40am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #16,808
- Feb 27, 2012 1:55pm Feb 27, 2012 1:55pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
Trading is not an OVERNIGHT crash course to success.
You HAVE TO DO THE TIME
If people could pay for success then every noob that started a demo would lose 50,000 USD before being successful.
The main point of this thread has always been to share ideas and analysis with others. I don't post anything I don't stand behind, have looked at and I am ready to back up or have done so, within one sentance of the Question - Why?
You have come to the right place, yet do the TIME if you are interested.
GOLD itself is a fascinating metal to learn about.
People lately have been coming around asking and almost Expecting someone (if not me) here to give them the "holy grail" or ticket to easy street.
There is NONE, and IF there was I would be charging.
I feel confident in what I do and this is a major part of trading, Part of me likes to give something back to the forum, which I learned tons about currencies on.
Yet, there still is NO EASY WAY without, dedication, responsibility, trial and error, reading, experience, etc.
Start in your off hours reading here from
POST 1
If you can read a newspaper you can read a thread over time.
Skip around if there are redundant parts,
Yet you will find consistent almost daily analysis posted from
basically 1050 Gold to 1900 to 1770 now. For trading.
Welcome and please keep up the learning curve.
.
You HAVE TO DO THE TIME
If people could pay for success then every noob that started a demo would lose 50,000 USD before being successful.
The main point of this thread has always been to share ideas and analysis with others. I don't post anything I don't stand behind, have looked at and I am ready to back up or have done so, within one sentance of the Question - Why?
You have come to the right place, yet do the TIME if you are interested.
GOLD itself is a fascinating metal to learn about.
People lately have been coming around asking and almost Expecting someone (if not me) here to give them the "holy grail" or ticket to easy street.
There is NONE, and IF there was I would be charging.
I feel confident in what I do and this is a major part of trading, Part of me likes to give something back to the forum, which I learned tons about currencies on.
Yet, there still is NO EASY WAY without, dedication, responsibility, trial and error, reading, experience, etc.
Start in your off hours reading here from
POST 1
If you can read a newspaper you can read a thread over time.
Skip around if there are redundant parts,
Yet you will find consistent almost daily analysis posted from
basically 1050 Gold to 1900 to 1770 now. For trading.
Welcome and please keep up the learning curve.
.
Yes, Mr. XTrade.
I do take note of your signal and whatever you wrote. LP and you, have really given so much for me to learn. It is not an easy feat. But I will learn.
Thank you both for giving out.
breeze
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #16,809
- Edited 2:05pm Feb 27, 2012 2:03pm | Edited 2:05pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
This is a great post and thank you for writing.
To each is own, yet noobies should not be trading an M15 spot Gold chart, once the market really get's cooking and we have 50 USD swings and 100 USD potential days, many will learn the hard way.
It is easy to lose 100 Profitable scalps in less than 10 minutes, if things are not properly set up.
Just trying to show people the answers to the broad questions.
Yet, every time I post something in depth with accurate forecasts and targets, it seems someone is coming back with one of the 3.
1. Where do I short?
2. Where is the price going?
3. This pattern has occured on the 5 minute chart a Reversal is coming big!
If I had a dollar for every reversal called and then the price moves 300 USD up..........
It is getting a bit redundant, and I will encourage all noobies to read and think about what they write BEFORE posting.
Many of the experienced traders here are happy to share their views, but don't ask if you won't listen. AND believe me, it is OBVIOUS when someone shows true interest, or just wants an "easy street ticket.
---
To each is own, yet noobies should not be trading an M15 spot Gold chart, once the market really get's cooking and we have 50 USD swings and 100 USD potential days, many will learn the hard way.
It is easy to lose 100 Profitable scalps in less than 10 minutes, if things are not properly set up.
Just trying to show people the answers to the broad questions.
Yet, every time I post something in depth with accurate forecasts and targets, it seems someone is coming back with one of the 3.
1. Where do I short?
2. Where is the price going?
3. This pattern has occured on the 5 minute chart a Reversal is coming big!
If I had a dollar for every reversal called and then the price moves 300 USD up..........
It is getting a bit redundant, and I will encourage all noobies to read and think about what they write BEFORE posting.
Many of the experienced traders here are happy to share their views, but don't ask if you won't listen. AND believe me, it is OBVIOUS when someone shows true interest, or just wants an "easy street ticket.
---
This is not directed at any one in particular - I see a lot of people in here looking at lower timeframes and Xtrade is consistently preaching the values of looking at higher timeframes. From a statistical point of view, you have to realize that more data is more reliable... that just makes sense right? So why do people try to determine whether or not trends have reversed or not after 1 or 2 hours of lower prices. I have created an image which shows the difference in size that the timeframes are in relation to each other. The weekly has 576x...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #16,810
- Feb 27, 2012 2:24pm Feb 27, 2012 2:24pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #16,811
- Feb 27, 2012 2:42pm Feb 27, 2012 2:42pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Dear-XTrade
Through my reading of your posts Value noticed you are on the experience and expertise sufficient in yellow metal - gold - and most of the traders here are people who are novices and I am one of them I wish to be your posts in a language understood by more so that we can analyze and I'm here I'm talking about myself, I hope you help to gain for me and my family through as this work is said to benefit from Giralnas --- people --- and here we talk about why a big cake for thee
thank you so mu......
Through my reading of your posts Value noticed you are on the experience and expertise sufficient in yellow metal - gold - and most of the traders here are people who are novices and I am one of them I wish to be your posts in a language understood by more so that we can analyze and I'm here I'm talking about myself, I hope you help to gain for me and my family through as this work is said to benefit from Giralnas --- people --- and here we talk about why a big cake for thee
thank you so mu......
- #16,813
- Feb 27, 2012 4:21pm Feb 27, 2012 4:21pm
Dear-XTrade
Through my reading of your posts Value noticed you are on the experience and expertise sufficient in yellow metal - gold - and most of the traders here are people who are novices and I am one of them I wish to be your posts in a language understood by more so that we can analyze and I'm here I'm talking about myself, I hope you help to gain for me and my family through as this work is said to benefit from Giralnas --- people --- and here we talk about why a big cake for thee
thank you so mu......
- #16,816
- Feb 27, 2012 7:36pm Feb 27, 2012 7:36pm
Trading is not an OVERNIGHT crash course to success.
You HAVE TO DO THE TIME
If people could pay for success then every noob that started a demo would lose 50,000 USD before being successful.
The main point of this thread has always been to share ideas and analysis with others. I don't post anything I don't stand behind, have looked at and I am ready to back up or have done so, within one sentance of the Question - Why?
You have come to the right place, yet do the TIME if you are interested.
GOLD itself is a fascinating metal...
Thank you, Mr. XTrade.
I will read them, learn them, apply them.
I will too want to contribute them.
breeze
- #16,817
- Edited 8:30pm Feb 27, 2012 8:16pm | Edited 8:30pm
- | Joined Aug 2007 | Status: Trader | 2,219 Posts
I just bought at 1768, in the 4h timeframe, 30 SMA seems to hold, last swing down in the 1h timeframe showed nice support.Waiting for a new swing to the upside later in the day over 1800.
- #16,820
- Feb 28, 2012 1:09am Feb 28, 2012 1:09am
- Joined Aug 2011 | Status: Trader | 10,724 Posts
Have I got something on my face, SOLDIER?