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

  • #21,161
  • Oct 10, 2012 9:28am Oct 10, 2012 9:28am
Quoting beeb
Surge in volume looked like a stop hunting exercise.....

beeb
It would be nice if these exercises have already finished
  • #21,162
  • Oct 10, 2012 11:20am Oct 10, 2012 11:20am
How does Gold react to US Bond sales etc... Thanks!
  • #21,163
  • Oct 10, 2012 1:34pm Oct 10, 2012 1:34pm
Quoting TRMZXT
How does Gold react to US Bond sales etc... Thanks!

Why don't you check back over the charts and find out for yourself? You can learn much more by doing your own research than just getting other peoples' (possibly incorrect) answers...

Just a thought

beeb
  • #21,164
  • Oct 10, 2012 3:41pm Oct 10, 2012 3:41pm
I seldom look at the spot gold charts, so I hadn't realized how much less overall volume there has been since it hit roughly $1660. That's very encouraging from a bearish standpoint.

I've been short since $1790, but I'm waiting for the bullish trendline on the daily RSI for Euro gold to break down as it did for US gold on Monday before I add to my position. I believe a correction to the area near $1700 where the 50 DMA, 38.2 Fibonacci retracement, and key support lie is both likely and eminent.
You can always make money tomorrow provided you don't lose it today.
  • #21,165
  • Oct 10, 2012 5:54pm Oct 10, 2012 5:54pm
Quoting beeb
Why don't you check back over the charts and find out for yourself? You can learn much more by doing your own research than just getting other peoples' (possibly incorrect) answers...

Just a thought

beeb

I do but I like others impressions having experienced that trading time.
  • #21,166
  • Oct 10, 2012 11:36pm Oct 10, 2012 11:36pm
based on the chart, I will open position based on GTC method while pre open US market. I will use, GMMA-MACD-Volume and fibonacci retracement in order to add position. what do you think, guys?
Attached Image (click to enlarge)
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-sit back, relax, and maximize my profits with just a trade a day-
  • #21,167
  • Edited 2:47am Oct 11, 2012 2:14am | Edited 2:47am
Quoting TRMZXT
I do but I like others impressions having experienced that trading time.

OK - well I feel is that it is a relatively unimportant in the scheme of things though obviously a major surprise would have an effect. Something like the monthly NFP or when BB or Draghi speak tends to be far more relevant...

beeb

EDIT - What is your impression having done the research?
  • #21,168
  • Oct 11, 2012 9:37am Oct 11, 2012 9:37am
For slow "controlled" scalping
Aussie Asia Cross session is best because the moves are usually predictable and tame. However always be aware of those wild nights when Asia rocks the Euro 150 pips from the Gate of Aussie. This will move gold one way or another.

For Fast paced scalping The London / NY cross session is best.

Quoting TRMZXT
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....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,169
  • Oct 11, 2012 9:40am Oct 11, 2012 9:40am
For a safe trade go long once the DTL you have is broken and tested.

If this does not appear to happen and it keeps sliding (WE MAY BE FORMING A HANDLE ON THE WEEKLY of the Cup and Handle pattern which would suggest some downward move) open a short and close it when the DTL breaks.

JUST MY THOUGHTS.

TRADE AT YOUR OWN RISK.

Quoting bejomulyo
based on the chart, I will open position based on GTC method while pre open US market. I will use, GMMA-MACD-Volume and fibonacci retracement in order to add position. what do you think, guys?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,170
  • Oct 11, 2012 9:43am Oct 11, 2012 9:43am
That stop is CRYING to be hit.

Move it down a buck or so... depending on your risk and account. Either way it is very tight and not a scalp b/c you are on H1.

Thus, one good spike and you are out at a loss.

IMO.

Quoting davari_2008
[IMG]http://up.vatandownload.com/images2/...rsxc44v7sv.gif[/IMG]
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,171
  • Oct 11, 2012 9:54am Oct 11, 2012 9:54am
1. Avg, Gold spread is 50 pips or 50 cents which is NOTHING when on a good day it can move 50 USD.

2. No one has to withstand 40 USD drops by the simple implementation of a stop loss

3. HUH?

4. The market is manipulated yet well behaved in the scheme of things.
It trends well and many moves are very predictable.

For instance the price stood still for three days ending I believe yesterday, with small ups and downs. 30 minutes before 12 PM EST when London signs off the price fell ten bucks or so. Simple PROFIT TAKING.

Always beware when one market opens and another closes.

5. Not sure what your wording or point here is, but the POINT is owning physical gold is not at all a stupid idea. Had you had the sense to buy in 2000 or even 2005 you would be sitting on a doubled or tripled profit of several hundred dollars per ounce.

Now, you don't buy gold when you retire, you buy gold BEFORE you retire.

Ahhh, makes sense now huh....

Look below. The grey area of the chart is where all the big moves will usually happen during the LDN / NY cross. the rest of the time the market usually trends one direction or another.

From Mid London to the end of New York NymeX - the area is grey for a reason.

http://www.kitco.com/images/live/gold.gif


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.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,172
  • Oct 11, 2012 10:02am Oct 11, 2012 10:02am
Of course gold can be day traded! 75% of the reason it moves up and down all day is due to day trading.

I wouldn't day trade a pair like USD/MXN

You can start reading here.
As far as trading gold, go to the bookstore and buy a book if you like.

The best experience is following price action, trend and what news/economics affect the major shifts and moves in the metal.

Google gold.

Welcome. Good luck.
XT-

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...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,173
  • Oct 11, 2012 10:06am Oct 11, 2012 10:06am
I could see a test of 1700 maybe 1715. I am waiting to see how the potential cup and handle will turn out on the weekly. IF it persists, it will be quite a powerful play and the optimal buy would be the bottom of the handle which we may potentially be in now.

1700 is about all I'll give it as of now.

Then I would look for a nice position if not already long from below.

Quoting Kadc
I seldom look at the spot gold charts, so I hadn't realized how much less overall volume there has been since it hit roughly $1660. That's very encouraging from a bearish standpoint.

I've been short since $1790, but I'm waiting for the bullish trendline on the daily RSI for Euro gold to break down as it did for US gold on Monday before I add to my position. I believe a correction to the area near $1700 where the 50 DMA, 38.2 Fibonacci retracement, and key support lie is both likely and eminent.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,174
  • Oct 11, 2012 10:39am Oct 11, 2012 10:39am
Quoting Kadc
I seldom look at the spot gold charts, so I hadn't realized how much less overall volume there has been since it hit roughly $1660. That's very encouraging from a bearish standpoint.
Please could you post that as for some reason I can only get spot volume on 240min and lower and it isn't apparent from that .....

TIA

beeb
  • #21,175
  • Oct 11, 2012 10:42am Oct 11, 2012 10:42am
What time frame do you want?

Quoting beeb
Please could you post that as for some reason I can only get spot volume on 240min and lower and it isn't apparent from that .....

TIA

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,176
  • Oct 11, 2012 10:46am Oct 11, 2012 10:46am
Beware of being fooled by volume.

There have been sizable 200 USD+ moves in gold on low volume.

Just because volume is high does not mean the chart will go one way. More than likely it spells out battle between longs and shorts and could be a push.

Yes, there obviously are times when the volume is geared toward one side, however, low volume does not always spell out a move down.

large cap specs, or banks could come in on low volume and a dip and buy a crap load of gold pushing the price up.

Quoting Kadc
I seldom look at the spot gold charts, so I hadn't realized how much less overall volume there has been since it hit roughly $1660. That's very encouraging from a bearish standpoint.

I've been short since $1790, but I'm waiting for the bullish trendline on the daily RSI for Euro gold to break down as it did for US gold on Monday before I add to my position. I believe a correction to the area near $1700 where the 50 DMA, 38.2 Fibonacci retracement, and key support lie is both likely and eminent.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,177
  • Oct 11, 2012 10:47am Oct 11, 2012 10:47am
Quoting XTrade
What time frame do you want?

Hey XTrade - good to have you back - hope all is well......

I got the impression Kadc was talking about Daily....

beeb

EDIT - 240min I see no noticeable difference so I wonder if I'm missing something

http://www.screencast.com/t/pSOP6Acqjb
  • #21,178
  • Oct 11, 2012 11:10am Oct 11, 2012 11:10am
looking at H1 this fall may be over... some support established around 1760,

don't want to speak too soon, because I need to check the weekly and see how the pattern is working, more of a decrease in price may be in order to form a proper handle (for the cup and handle).
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,179
  • Oct 11, 2012 11:15am Oct 11, 2012 11:15am
Thanks Brother!

Here is the daily, as we can see most of the move up from 1600 was on low vol.

There seems to be a spike here, not sure if that is an error or what, the bar has turned as well....

Let's wait and see!

Also I'm not that familiar with comparing the volume below with others. someone might want to post a large broker's volume like fxcm or oanda on the daily and let's see how the two correlate...


Quoting beeb
Hey XTrade - good to have you back - hope all is well......

I got the impression Kadc was talking about Daily....

beeb

EDIT - 240min I see no noticeable difference so I wonder if I'm missing something

http://www.screencast.com/t/pSOP6Acqjb
Attached Image (click to enlarge)
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,180
  • Oct 11, 2012 11:16am Oct 11, 2012 11:16am
Quoting XTrade
Thanks Brother!

Here is the daily, as we can see most of the move up from 1600 was on low vol.

There seems to be a spike here, not sure if that is an error or what, the bar has turned as well....

Let's wait and see!

Thanks XTrade - but that whole chart just looks "wrong" to me.......

beeb

EDIT - just got this from stockcharts.....
Attached Image (click to enlarge)
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