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

  • #17,941
  • Mar 23, 2012 5:26am Mar 23, 2012 5:26am
Interesting 1hr xag, see it ping off the 200ma almost 3 times now.
Attached Image (click to enlarge)
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  • #17,942
  • Mar 23, 2012 5:33am Mar 23, 2012 5:33am
Quoting fxbreeze
Dear jaimini,

The figure in circle acts as support/resistance, and does repaint according to volatility.

Trade safe.

breeze
thanks breeze
i know this already and i'm not trading based on these circles
even i'm not trading at all
i have 1 buy at 1793 and another at 1712 and i'm sticking with these buys

i'm just evaluating seryms whole system
  • #17,943
  • Edited 8:19am Mar 23, 2012 6:28am | Edited 8:19am
Quoting jaimini
I'm watching your template for last few days and it looks quite promising to me
with good mm and rr mgmt. this setup can make some money

thanks
Glad you like it. If you combine this with manually placed S/R it is very good.
edit: The best entries are like on March 15 on the left of your chart. notice all the curves had changed color and then price came down near previous support. When you see the candles turn the opposite of the trend and at a level of S/R, this is a great pullback entry.
  • #17,944
  • Mar 23, 2012 7:46am Mar 23, 2012 7:46am
Quoting Cypher
i wouldnt consider it a new leg down, on the H4 price has been in some side ways action for over a week now, the 1637/24 demand area held today

my view now is waiting to see what price wants to do next either move back up to test the 50 fib at 1656 to see if it wants to act as resistance or try another crack at breaking that mature demand area at 1637/24, if the 50 fib dont cause any problems i expect another shot at mondays high at 1669 to see if it can break up to make a higher high and start to change the daily downward move we have been in...
Thanks for that. So far has tested 50FIB. XAU lifting from slightly weaker USD. Lets see what reaction to the Housing data will be.
I have no enemy; I make Incautiousness my Enemy.
  • #17,945
  • Mar 23, 2012 8:34am Mar 23, 2012 8:34am
I'm short @ 1658 TP 1628 SL 1661
  • #17,946
  • Mar 23, 2012 9:06am Mar 23, 2012 9:06am
Quoting fxbreeze
Is there any correlation between equity and gold? I googled them, but found the answer irrelevant.

I read that back in 2005, gold price rose, the same with equity market. How is it then the situation change now? The Fed released "not-so-significant" improvement figures, and we see more fall in gold price. Europe is too not doing well, as shown on the latest figures released.
Perhaps I can answer that question for you

Equity and gold should have negative correlation based on economic theory
since gold has a storage value (gold will be gold no matter when it is) and can be considered "riskless"
as we know, equity is a risky investment. Thus, when the economy goes bad, equity should go down and the demand for safer asset should go up. Hence the negative correlation

I don't know about 2005 since I'm not in the market yet at that time. But, perhaps it is because of some kind of quantitative easing which provide cheaper money cost (i.e. borrowing rate) for companies, while driving the value of dollar down, hence gold increase as well

The situation now is a bit complicated. Too many speculations/manipulations going on. People are divided on the US economy condition, some say that it is getting better and some say that more easing is necessary
same with Europe, some say the Euro is finished, and some say that the Euro is too big to collapse
Therefore, there are mixed information coming out at the same time, hence the jittery nowadays

My 2c
  • #17,947
  • Mar 23, 2012 9:16am Mar 23, 2012 9:16am
Quoting jsr
I'm short @ 1658 TP 1628 SL 1661
I'm stopped out.

I need to remember fundamentals.
  • #17,948
  • Mar 23, 2012 9:23am Mar 23, 2012 9:23am
Quoting grandia
Perhaps I can answer that question for you

Equity and gold should have negative correlation based on economic theory
since gold has a storage value (gold will be gold no matter when it is) and can be considered "riskless"
as we know, equity is a risky investment. Thus, when the economy goes bad, equity should go down and the demand for safer asset should go up. Hence the negative correlation

I don't know about 2005 since I'm not in the market yet at that time. But, perhaps it is because of some kind of quantitative easing which provide...
Thank you, Sir, on the insight of this amazing metal!

breeze
  • #17,949
  • Mar 23, 2012 9:26am Mar 23, 2012 9:26am
Quoting jsr
I'm stopped out.

I need to remember fundamentals.
Is that consider scalping? It's near new release, I will not do that.

I am considering a long term buy on this metal. Is it advisable? Opinions recommended.

beeeze
  • #17,950
  • Mar 23, 2012 9:41am Mar 23, 2012 9:41am
if Market close above the 1666 level.. it's confirm The Reversal pattern.. !!

Hammer + Bullish and engulfing pattern
  • #17,951
  • Mar 23, 2012 9:55am Mar 23, 2012 9:55am
Quoting fxbreeze
Is that consider scalping? It's near new release, I will not do that.
I use tight stop loss and tps. It can be closed in minutes or days. So, I don't consider this as scalping, just extreme optimism.

If it were intended as scalping I could grab anything between 3-5$ and close @ as low as 1653.

That was an entry order programmed this morning and triggered at that price a couple hours later.

I just didn't take in account today's fundamentals.

1658 was a reaction level. Nice for scalping, but I was looking at a bigger picture. Maybe the wrong one. But it was my picture.
Attached Image (click to enlarge)
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  • #17,952
  • Edited 7:27pm Mar 23, 2012 9:59am | Edited 7:27pm
Quoting soochona
if Market close above the 1666 level.. it's confirm The Reversal pattern.. !!

Hammer + Bullish and engulfing pattern
Is Helicopter Ben talking later? If do, I shall not be optimistic.

breeze
  • #17,953
  • Mar 23, 2012 10:23am Mar 23, 2012 10:23am
Nice bounce on the daily bar off the recovered channel bottom,

if we can close above 1550/ 60 + (even better) should be in good shape for renewed strength next week.

Gotta run.
X
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #17,954
  • Mar 23, 2012 10:51am Mar 23, 2012 10:51am
Quoting Cypher
i wouldnt consider it a new leg down, on the H4 price has been in some side ways action for over a week now, the 1637/24 demand area held today

my view now is waiting to see what price wants to do next either move back up to test the 50 fib at 1656 to see if it wants to act as resistance or try another crack at breaking that mature demand area at 1637/24, if the 50 fib dont cause any problems i expect another shot at mondays high at 1669 to see if it can break up to make a higher high and start to change the daily downward move we have been in...
price didnt fancy another shot at the demand area 1637/24 and played the 50fib as i was expecting, there was a little fight around the 50fib when you drop down to M5, but price came back found a bit of support at the 50fib and bounce off to try and have go at that monday high at 1669

high so far today is 1666 just a little bit short of testing that monday high at 1669 but still some trading hours left, im just doing my last post of the week as london close is not far off

as a little note im going to add for people holding trades into the weekend, there was a rumor a few weeks back that a document was passed around some big banks on wall street that details that after business close today greece was going to announce a default, now this is a rumor and should be taken with a pinch of salt

but any traders holding trades into weekend makes sure you have your stop loss set just in case as you never know, better to be safe than sorry

have good weekend guys
Attached Image (click to enlarge)
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  • #17,955
  • Mar 23, 2012 12:02pm Mar 23, 2012 12:02pm
Quoting Cypher
as a little note im going to add for people holding trades into the weekend, there was a rumor a few weeks back that a document was passed around some big banks on wall street that details that after business close today greece was going to announce a default, now this is a rumor and should be taken with a pinch of salt
  • #17,956
  • Mar 23, 2012 12:30pm Mar 23, 2012 12:30pm
Quoting forexfacts
If we look closely, we'll see that Platinum and Palladium have also corrected themselves, so the stage is set
gold is + $12
  • #17,957
  • Mar 23, 2012 3:25pm Mar 23, 2012 3:25pm
They also mention Beebs kingworldnews.com and the "London Trader" these guys know their stuff

Inserted Video
Life's a bitch....so be a dog and cover it!
  • #17,958
  • Mar 23, 2012 5:35pm Mar 23, 2012 5:35pm
Quoting jsr
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #17,959
  • Mar 23, 2012 5:51pm Mar 23, 2012 5:51pm
Slow day in here ? eh? All you guys that went long should be having a beer right now.

Awesome daily close for Gold - right at resistance to beat.

I got my 1660+ so I am satisfied. On the live account I managed a nice lower entry but not on the demo.

I am still not satisfied completely with the silver price action as it is clearly being rejected on the H4 every tap of the the 50 sma. see selected charts below and look at their titles.
Charts: In reverse
Spot board.
Gold 1
Gold 2 there is a lesson here
Silver

Quoting XTrade
Nice bounce on the daily bar off channel bottom,

if we can close above 1550/ 60 + (even better) should be in good shape for renewed strength next week.

Gotta run.
X
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: support rising and riding the channel.GIF Size: 16 KB
Click to Enlarge Name: xag h4.GIF Size: 18 KB
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #17,960
  • Edited 8:34pm Mar 23, 2012 5:58pm | Edited 8:34pm
BTW:

Those of you that had any interest in the demo, I still have it and the trading style should be called

Big bet POSITION trading, meaning months.
daily looking / not changing
NO stop loss besides a mental note of 300 pip atproach on 5+ standards
and +150 on 10 and 20 lot trades.
Trading. what do you think bankers do?

The drawdown of profit this week got into 60K and is now at 2K for the week.
I did not have time to actively trade a demo as well.

Yet stuck to my guns and didn't close the trades either.

So their is still 80K booked profit.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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