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

  • #21,141
  • Oct 9, 2012 1:13pm Oct 9, 2012 1:13pm
Ok, we have now quite free road to 1740. I think all this month will be nice ride, but I can't say how far it will go.
  • #21,142
  • Oct 9, 2012 2:08pm Oct 9, 2012 2:08pm
The reasoning is simple, the gold this almost a month in the range 1750 - 1780, who pays for permanence, it is more practical to close the trade, increasing the amount and wait for another opportunity.

We also hope that gold go up and touch 2000 before a fall, but I prefer to wait for the moment, anyway, you better be sorry for being out of it by being inside. What say who has silver bars to 40.

Of course, this is my way of negotiating.





Quoting XTrade
Personally you are looking for what has already happened to happen again.

When what will likely happen is something else.

This market has been thin since the summer and has recently started (as usual) to pick up again in t typical September fashion, (home from vacation/holiday, kids back to school, people manning desks, etc.)

Others will be looking for gold to take out the old high not simply reverse there (@1900) and stay in a 300 USD range.
there likely will be some resistance, yet again it depends on the circumstances. That high...
  • #21,143
  • Oct 9, 2012 3:15pm Oct 9, 2012 3:15pm
I'll have ranch dressing with that word salad.....



beeb
  • #21,144
  • Oct 9, 2012 3:49pm Oct 9, 2012 3:49pm
Hello everyone. I have just started researching on trading gold. Usually I trade currency but when looking at price movement gold is awesome and would love to add it to part of my trading. May I ask what or where would be a good place to start on reading the unique aspects of gold.

A few things about me. I am a scalper for the most part. Usually 4-8 trades a day and sometimes more depending on volitiliy and if a whole lot of chopping action etc... Appreciate all the help I can get.

Oh also I heard gold cannot be day traded. Is that true? Seems to me it can. I guess it is like those that told me scalping or day trading 5 minute charts could not be done either. Thanks!
  • #21,145
  • Oct 9, 2012 4:14pm Oct 9, 2012 4:14pm
Quoting TRMZXT
Hello everyone. I have just started researching on trading gold. Usually I trade currency but when looking at price movement gold is awesome and would love to add it to part of my trading. May I ask what or where would be a good place to start on reading the unique aspects of gold.

A few things about me. I am a scalper for the most part. Usually 4-8 trades a day and sometimes more depending on volitiliy and if a whole lot of chopping action etc... Appreciate all the help I can get.

Oh also I heard gold cannot be day traded. Is that...
Just started moving into gold myself, Forex is to slow to daytrade these days. Also a scalper although aim to be a slow scalper!!

The 0.00 numbers key, 1770.00 broke and didn't take long before 1760.00 was nearly tested, crazy.

Shame I went long, just over 1770.00 about 5 seconds literally before

Looks very M1 day tradeable to me, moves are strong with good momentum ideal for jumping in and riding till the end which is what we need really, respects ranges all day nicely to, when not trending just bat between the 2 levels.


Down side is, mess up and it will hurt you big time, slow all day then 100 - 300pips outta thin air with no looking back, just quit and exit as soon as you spot it going against you.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #21,146
  • Oct 9, 2012 4:45pm Oct 9, 2012 4:45pm
With gold there are few problems.
1. Spread is enormous - no scalping.
2. Can you withstand 40 dollars drop?
3. Longing is ,,prohibited'' by swaps, they will eat all profit at the end.
4. Market is very manipulated, moves comes in most unusual time or market.
5. Then trading paper gold forget about physical gold, which should lie somewhere for your retirement.
  • #21,147
  • Oct 9, 2012 5:05pm Oct 9, 2012 5:05pm
GC 20 mins showing some good harmony....

http://www.screencast.com/t/k4IHEW76

beeb
  • #21,148
  • Oct 9, 2012 5:15pm Oct 9, 2012 5:15pm
Quoting vaidas7777
With gold there are few problems.
1. Spread is enormous - no scalping.
2. Can you withstand 40 dollars drop?
3. Longing is ,,prohibited'' by swaps, they will eat all profit at the end.
4. Market is very manipulated, moves comes in most unusual time or market.
5. Then trading paper gold forget about physical gold, which should lie somewhere for your retirement.
1. Change broker/use futures
2. Yes if I'm short and it would never happen if I'm long because I always use stops.
3. Does not make sense
4. If you know the market is manipulated you can use that to your advantage - disagree that moves are not predictable - see comex open/close, London fixes, Bernanke speaking, NFP etc etc
5. ?

beeb
  • #21,149
  • Oct 9, 2012 5:26pm Oct 9, 2012 5:26pm
Quoting vaidas7777
With gold there are few problems.
1. Spread is enormous - no scalping.
2. Can you withstand 40 dollars drop?
3. Longing is ,,prohibited'' by swaps, they will eat all profit at the end.
4. Market is very manipulated, moves comes in most unusual time or market.
5. Then trading paper gold forget about physical gold, which should lie somewhere for your retirement.

1. Spread is okay 5 ( 50 whatever ) if you consider how much Gold moves, it works out better than EU for instance.
2. That is what SL's are for, 40 dollar climbs make it worth the risk.
3. ??? errr no idea what that is, trading same as FX here.
4. Yes as the 1 at 4 oclock after well nice ranged trading all day shows, but can make big $$'s any time, keeps you on your toes.
5. No idea again.

DAX is trading / scalping well, 1 pip spread is proper nice and not dealing with stupid 10x's pip values.

Trade at lower risk / lot sizes as sometimes it can blow through the SL nastily.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #21,150
  • Oct 9, 2012 5:27pm Oct 9, 2012 5:27pm
Quoting beeb
1. Change broker/use futures
2. Yes if I'm short and it would never happen if I'm long because I always use stops.
3. Does not make sense
4. If you know the market is manipulated you can use that to your advantage - disagree that moves are not predictable - see comex open/close, London fixes, Bernanke speaking, NFP etc etc
5. ?

beeb

You beat me to it, but we agree! bonus!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #21,151
  • Oct 9, 2012 5:29pm Oct 9, 2012 5:29pm
Quoting TRMZXT
Hello everyone. I have just started researching on trading gold. Usually I trade currency but when looking at price movement gold is awesome and would love to add it to part of my trading. May I ask what or where would be a good place to start on reading the unique aspects of gold.
Welcome

Try post #21205 for starters

beeb
  • #21,152
  • Oct 9, 2012 5:46pm Oct 9, 2012 5:46pm
Time for a little update on GC Daily - same chart as shown for months:

http://www.screencast.com/t/LtWRqOYS0G8g

Purple lines show horiz trading range of 1520ish to 1800ish

SP of red fork was resistance from Feb to July - breaching of red resistances was cue for higher prices, esp when prior res became support in late July/early Aug and again in late Aug.

SP under LP of blue fork gave very low risk entries in mid 1500s and subsequent entries at higher SPs

After the strong rises of recent weeks there is nothing wrong/unexpected about a pause or a retracement - indeed it can work off excess froth. The fact that resistance was encountered at "not unexpected" levels implies the forks are working well and it is a truism that they work until they don't work. Therefore I expect further anticipated support and resistance levels to be areas to watch...

beeb
  • #21,153
  • Oct 9, 2012 5:47pm Oct 9, 2012 5:47pm
Quoting Turveyd
Just started moving into gold myself, Forex is to slow to daytrade these days. Also a scalper although aim to be a slow scalper!!

The 0.00 numbers key, 1770.00 broke and didn't take long before 1760.00 was nearly tested, crazy.

Shame I went long, just over 1770.00 about 5 seconds literally before

Looks very M1 day tradeable to me, moves are strong with good momentum ideal for jumping in and riding till the end which is what we need really, respects ranges and trends or just extremely insane and able to trade off all day.


Down side...
Thanks! yeah. I usually do EURUSD and some GBPUSD and I still will but Gold def seems more my pace. Def will be using SL while not looking and risk will be low. Easier to do that when you have more moverment. 50 pips is NOTHING. Been looking at the daily movments on the 3M and 1M charts and I am counting the moves and going OMG. Scalpers paradise. Was not sure though if it was logical and had good range and respected levels and trends etc...

Have a Q. What are the best hours? It seems it really does not matter with the movement I have seen. You can trade anytime and get 25-50 pips within no time. Just wondering your thoughts.

Also what type of news does it really react to besides US data? Thanks!
  • #21,154
  • Oct 9, 2012 5:48pm Oct 9, 2012 5:48pm
Quoting Turveyd
You beat me to it, but we agree! bonus!!


beeb
  • #21,155
  • Oct 9, 2012 5:53pm Oct 9, 2012 5:53pm
Quoting beeb
Welcome

Try post #21205 for starters

beeb

Thanks!!
  • #21,156
  • Edited 6:38pm Oct 9, 2012 6:00pm | Edited 6:38pm
Quoting Turveyd
1. Spread is okay 5 ( 50 whatever ) if you consider how much Gold moves, it works out better than EU for instance.
2. That is what SL's are for, 40 dollar climbs make it worth the risk.
3. ??? errr no idea what that is, trading same as FX here.
4. Yes as the 1 at 4 oclock after well nice ranged trading all day shows, but can make big $$'s any time, keeps you on your toes.
5. No idea again.

DAX is trading / scalping well, 1 pip spread is proper nice and not dealing with stupid 10x's pip values.

Trade at lower risk / lot sizes as sometimes it...

Mine is 46-50 pips spread which is like 5 pips.... Was trading .10 cent per pip just messing and seeing how it moved. I almost double my account that I setup cheap in like 8 hours. ROFL Heck I only put like $30 in it to open a XAUUSD account. YIKES! So I learned one thing. Even with small amounts this thing can wipe you out fast and def watch the MM. I am glad I was making money. Oh well. Once I learn the in and outs I will put a lot more money in it but I still like the feel of trading real money even at the micro level even if practicing just to get the hang of it. Paper trading.... uhhh no.
  • #21,157
  • Oct 9, 2012 6:42pm Oct 9, 2012 6:42pm
Yes, gold is very sensitive to US news and data.
  • #21,158
  • Edited 2:48am Oct 10, 2012 2:30am | Edited 2:48am
Quoting vaidas7777
Yes, gold is very sensitive to US news and data.

In other news.....bear allegedly seen crapping in woods



beeb
  • #21,159
  • Oct 10, 2012 6:13am Oct 10, 2012 6:13am
[IMG]http://up.vatandownload.com/images2/...rsxc44v7sv.gif[/IMG]
  • #21,160
  • Oct 10, 2012 9:19am Oct 10, 2012 9:19am
Surge in volume looked like a stop hunting exercise.....

beeb
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