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

  • #19,161
  • Jun 8, 2012 10:24am Jun 8, 2012 10:24am
Yes there are some senior member made mistakes especially when I saw his trading without stop loss.

But anyway I fully appreciate these guys because they give us trading ideas and then make other wonderful traders to participate in this thread.
  • #19,162
  • Jun 8, 2012 10:29am Jun 8, 2012 10:29am
This article from Sam Seiden may be helpful to understand why the bullish flag failed to complete.

http://lessons.tradingacademy.com/ar...ifier-support/

Quote
There are many chart patterns such as Triangles, Flags, Pennants, The Cup and Handle, The Head and Shoulders, and many more. While I chose to stick to pure demand (support) and supply (resistance) in my trading, many new traders like these conventional chart patterns. One thing all these patterns have in common is that the entries are all "breakouts". No matter how much you like these patterns however, whether each trade taken ends up in a gain or a loss depends 100% on the supply and demand equation at the price levels to which price is breaking...
  • #19,163
  • Jun 8, 2012 10:34am Jun 8, 2012 10:34am
Quoting forexfacts
....., gold is not like that
Correct - it is down (well unchanged anyway which is the same as down if you have money tied up) from a year ago.

I like up better than down.

Actually I like to short more often than go long.
  • #19,164
  • Jun 8, 2012 11:12am Jun 8, 2012 11:12am
Quoting SunTrader
Actually I like to short more often than go long.
That is why i call you a bear and Xtrade a bull.

We need to be balanced, i can be bullish and i can be bearish, this is what makes me different from both of you
  • #19,165
  • Jun 8, 2012 11:34am Jun 8, 2012 11:34am
Quoting forexfacts
That is why i call you a bear and Xtrade a bull.

We need to be balanced, i can be bullish and i can be bearish, this is what makes me different from both of you
That is a good approach. Let the market tell us what to do.
  • #19,166
  • Jun 8, 2012 11:51am Jun 8, 2012 11:51am
At last, here is someone with a brain between ears ! Thank you, go(l)d help the others...

Quoting jsr
This article from Sam Seiden may be helpful to understand why the bullish flag failed to complete.

http://lessons.tradingacademy.com/ar...ifier-support/
Hello.
  • #19,167
  • Jun 8, 2012 8:17pm Jun 8, 2012 8:17pm
Still long for better or worse - hoping SL is not triggered.

http://www.theglobeandmail.com/repor...rticle4243556/
  • #19,168
  • Jun 8, 2012 10:36pm Jun 8, 2012 10:36pm
Quoting lilpip
pa and candle formations between 1580 and 1590 noted along with drop.
support noted @ 1549-50 area, lets see if she can get above 1570 .

silvers daily lows support area 27.90-95 area hit .
Lets see if she holds. tight stops.
slvr daily
29.80
28.83
27.90-95
Although bias is down from the weekly highs 1640-50 area and the same with major and monthly trend guides 1600-1608 area.
The fri. intra day trade bias of up from daily lows support area held as they rotated back up when silver hit her daily lows.
With normal pattern of new month rotation back to trendguide we know the score, we have to be above 1600-1608 if were moving north.

Rotation back to silvers june monthly pivot area $30 and bounce down is noted also.
  • #19,169
  • Jun 8, 2012 11:46pm Jun 8, 2012 11:46pm
I have been watching gold for about 3 hours on a demo account and found a great support for it for an uprun. Booked some heavy profits. According to my view, gold is going to go up for at least another two weeks straight. Attaching a mt4 trade pic of the gold trade I took.
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 50 KB
  • #19,170
  • Jun 8, 2012 11:51pm Jun 8, 2012 11:51pm
And guys, I am sure you all know that gold and silver trend almost 97% in sink with each other. I always take gold/silver basket when trading and trade them both. This is a picture of silver trade and how it worked out. Almost identical chart to the gold one. Good trading everyone
Attached Image (click to enlarge)
Click to Enlarge Name: silver m5.gif Size: 51 KB
  • #19,171
  • Jun 9, 2012 1:30am Jun 9, 2012 1:30am
Quoting whet412
And guys, I am sure you all know that gold and silver trend almost 97% in sink with each other. I always take gold/silver basket when trading and trade them both. This is a picture of silver trade and how it worked out. Almost identical chart to the gold one. Good trading everyone
Uhh with chinas just released data holding those longs might be a bit umm... risky
  • #19,172
  • Jun 9, 2012 7:25am Jun 9, 2012 7:25am
Quoting HotBiscuits
Uhh with chinas just released data holding those longs might be a bit umm... risky
What are you talking about? **Let me tone this question down a bit - I mean to say, I do not understand your analysis here.

When China discussed easing, it pushed gold and silver up.

It was the Fed's wishy washy statement that knocked down stocks, as well as gold and silver.

The fact that the Spain bailout is looking likely should bode well for the Euro, tame the USD's recent rise, and help gold.

I'm not saying that large traders always use logic in their manipulation, but I would love to hear more about the China angle you just mentioned.
  • #19,173
  • Jun 9, 2012 7:57am Jun 9, 2012 7:57am
Quoting Wheels
What are you talking about? **Let me tone this question down a bit - I mean to say, I do not understand your analysis here.

When China discussed easing, it pushed gold and silver up.

It was the Fed's wishy washy statement that knocked down stocks, as well as gold and silver.

The fact that the Spain bailout is looking likely should bode well for the Euro, tame the USD's recent rise, and help gold.

I'm not saying that large traders always use logic in their manipulation, but I would love to hear more about the China angle you just...
I see it this way: If a slowdown in the almighty powerhouse of China is seen, it will reenforce the greenbacks status as a safehaven from the world ending (Which has even reached China). I also am inclined to disagree with your Spain comment.

A greek fix has yet to be found, let alone Spain, whose economy is larger then Greece, Ireland and Portugal combined. I suspect believing a Spanish bailout as a definite this early is a bit naive. Its going to get alot worse over there before it gets any better.

Of course I feel like I should note that I did not say holding them was a bad idea, I just said it was very risky. This could explode either way.
  • #19,174
  • Jun 9, 2012 8:08am Jun 9, 2012 8:08am
Quoting HotBiscuits
I see it this way: If a slowdown in the almighty powerhouse of China is seen, it will reenforce the greenbacks status as a safehaven from the world ending (Which has even reached China). I also am inclined to disagree with your Spain comment.

A greek fix has yet to be found, let alone Spain, whose economy is larger then Greece, Ireland and Portugal combined. I suspect believing a Spanish bailout as a definite this early is a bit naive. Its going to get alot worse over there before it gets any better.

Of course I feel like I should note...
Fair enough. I agree for the most part. However, I think that people like Soros buying in along with Germany's new idea might boost gold. If loans were given at 1%, "austere" growth might be a remote possibility. Furthermore, drawing the line and forcing countries to pay out in gold reserves rather than bailing them out would be an interesting strategy.

If Spain opposes the bailout, the Euro is officially &%R&^R-ed, so I would envisage any request this weekend for the 40 odd billion euros would give us a brief respite from the doom and gloom.

I do not believe it will be the long term solution, but I believe they will be able to keep this problem on the back burner for a few years until they can either manage an orderly exit for Greece or the system can be fully restructured.
  • #19,175
  • Jun 9, 2012 9:17am Jun 9, 2012 9:17am
Quoting whet412
...... According to my view, gold is going to go up for at least another two weeks straight.....
Happy for your profitables trades but what you or I or anyone else make or lose matters to nobody else but ourselves.
Charts ok, p/l statements

Based on what is Gold going up another two more weeks?
  • #19,176
  • Jun 9, 2012 12:12pm Jun 9, 2012 12:12pm
Quoting Wheels
Fair enough. I agree for the most part.
http://www.zerohedge.com/news/europe...equest-bailout


Interesting read
  • #19,177
  • Jun 9, 2012 12:43pm Jun 9, 2012 12:43pm
Another reason to pay attention to price, pa and candle formations as many times the reasons why are not known till after the fact.

http://kingworldnews.com/kingworldne...n_4_Hours.html
  • #19,178
  • Jun 9, 2012 1:26pm Jun 9, 2012 1:26pm
Quoting lilpip
Another reason to pay attention to price, pa and candle formations as many times the reasons why are not known till after the fact.

http://kingworldnews.com/kingworldne...n_4_Hours.html
The urgency of these guys to bring us the news is as if they were trying to make us think "if I don't buy gold right now I'm such an idiot".

A few months ago they told a similar story and the price was then @ 1650. So, no worries and no hurry.
  • #19,179
  • Jun 9, 2012 1:42pm Jun 9, 2012 1:42pm
I feel the same way, I do think it will raise up a little more just to renforce this fact and make people think that it is a great time to buy. Not much but justtttttt enough to scare people again and get everyone back to the same idea that gold is hitting 2000+ and it sould of happen yesterday. People forget history and focus on their emotions which is what they want.

Quoting jsr
The urgency of these guys to bring us the news is as if they were trying to make us think "if I don't buy gold right now I'm such an idiot".

A few months ago they told a similar story and the price was then @ 1650. So, no worries and no hurry.
  • #19,180
  • Jun 9, 2012 2:16pm Jun 9, 2012 2:16pm
Looks like the request for a bailout is all but official.

I say this will bode well for the Euro next week, cool off the dollar, and boost gold (again).

Alternate angles?

Talk of a further downgrade from BBB?

I don't see it, but would love someone else to fill me in on their analysis.

http://www.theglobeandmail.com/repor...rticle4244425/

I will concede that gold may not react to news from Spain and "analysts" will come up with a new crap correlations explaining the next wave of price moves.
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