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

  • #27,041
  • Oct 23, 2013 5:42am Oct 23, 2013 5:42am
Quoting TheArcher
{quote} so, DeMark can be applied on 15min chart too ? i thought DeMark would work best on 4hrs and above charts .
Forgot to draw in the "Blue" reversal line & missed by 0.30 because I forgot to eliminate the "Tails"
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Money Makes Money
  • #27,042
  • Edited 7:23am Oct 23, 2013 7:13am | Edited 7:23am
Apologies if this daily chart is a bit busy but I'm seeing a quite key level of previous S/R, fib retracement and some MA's I trade around (50/25). That's quite a strong looking BUOB yesterday that closed above the 50 and fib ret. A pullback to the bar highs/50 EMA would tempt me for a short term trade if the 38.2 wasn't right above it

Weekly LH is interesting also. I'm thinking about stacking some more physical but wondering if it's just going to get slammed down some more... Or could we be seeing some green (gold) shoots?
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Anything can happen.
  • #27,043
  • Oct 23, 2013 8:35am Oct 23, 2013 8:35am
i think short term top is in now... waiting for consolidation to add to longs,.. could be a few days
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Don't have an ego. Always question yourself and your ability.
  • #27,044
  • Oct 23, 2013 8:38am Oct 23, 2013 8:38am
I must take some time to learn more about Elliot waves - can anyone recommend a good thread/source?
Anything can happen.
  • #27,045
  • Oct 23, 2013 8:47am Oct 23, 2013 8:47am
Gold M30 and Daily:


divergence on the M30 to bearish and divergence to bullish on Daily
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MQL4, Amibroker
  • #27,046
  • Oct 23, 2013 9:19am Oct 23, 2013 9:19am
Will gold touch the 1341 area again...
  • #27,047
  • Oct 23, 2013 9:31am Oct 23, 2013 9:31am
Quoting amilasbandar
Will gold touch the 1341 area again...
1341 is a critical area, (may test it again whose know)

but what I can tell you if price break (closed 1H candle ) above this area so you can enter buy

In my opinion it should reach it again, but there is no confirmation for this
  • #27,048
  • Oct 23, 2013 9:34am Oct 23, 2013 9:34am
Quoting ddinnov
I must take some time to learn more about Elliot waves - can anyone recommend a good thread/source?

The definitive EW textbook is called "Elliott Wave Principle" by Frost and Prechter.

A good EW thread is Luis Carlos's "Elliott Wave Outlook" and also look at "Five waves don't lie but they do tell fibs" by The Cableguy - especially the introductory posts give a good outline of using Fibs with EW.

BTW - Elliott Wave is, at its core, about Fib relationships between PA waves (swings). The counting is just a means of classifying wave structures and labelling their function. But the Fibs come first, then the labels (e.g. 12345 or ABC)
cryptocurrency everytime
  • #27,049
  • Oct 23, 2013 9:38am Oct 23, 2013 9:38am
Lot of turbulence in the 1330's... it seems to be wanting to push up but there is a tussle on for direction, so i'll sit it out until a direction emerges.

Good Luck all
cryptocurrency everytime
  • #27,050
  • Oct 23, 2013 9:41am Oct 23, 2013 9:41am
Quoting venzen
{quote} The definitive EW textbook is called "Elliott Wave Principle" by Frost and Prechter. A good EW thread is Luis Carlos's "Elliott Wave Outlook" and also look at "Five waves don't lie but they do tell fibs" by The Cableguy - especially the introductory posts give a good outline of using Fibs with EW. BTW - Elliott Wave is, at its core, about Fib relationships between PA waves (swings). The counting is just a means of classifying wave structures and labelling their function. But the Fibs come first, then the labels (e.g. 12345 or ABC)
Thanks mate
Anything can happen.
  • #27,051
  • Oct 23, 2013 9:51am Oct 23, 2013 9:51am
Quoting venzen
{quote} The definitive EW textbook is called "Elliott Wave Principle" by Frost and Prechter. A good EW thread is Luis Carlos's "Elliott Wave Outlook" and also look at "Five waves don't lie but they do tell fibs" by The Cableguy - especially the introductory posts give a good outline of using Fibs with EW. BTW - Elliott Wave is, at its core, about Fib relationships between PA waves (swings). The counting is just a means of classifying wave structures and labelling their function. But the Fibs come first, then the labels (e.g. 12345 or ABC)
This is a good summary, but finding yourself a good teacher is the way to go. I've been practicing it since 2008 and can say that it's a great tool but should not be used alone and probably its best function, I've found, is its ability in anticipating strong moves, i.e. wave 3 of 3
Don't have an ego. Always question yourself and your ability.
  • #27,052
  • Oct 23, 2013 10:11am Oct 23, 2013 10:11am
gold will test 1370 in this week so can make long position here with stoploss of 1323
current is 1333 .....
good luck
Good taste is better than bad taste, but bad taste is better than no taste
  • #27,053
  • Oct 23, 2013 10:37am Oct 23, 2013 10:37am
Quoting bugsbunny110
{quote} 1341 is a critical area, (may test it again whose know) but what I can tell you if price break (closed 1H candle ) above this area so you can enter buy In my opinion it should reach it again, but there is no confirmation for this
Thank Mate
  • #27,054
  • Oct 23, 2013 10:39am Oct 23, 2013 10:39am
Quoting ddinnov
I must take some time to learn more about Elliot waves - can anyone recommend a good thread/source?
I have curriculum in waves, but unfortunately not in English
MQL4, Amibroker
  • #27,055
  • Oct 23, 2013 10:44am Oct 23, 2013 10:44am
hi bugs, how r u doing , missing your shapes chart, r u going to start posting them again? it was very helpful


Quoting bugsbunny110
{quote} 1341 is a critical area, (may test it again whose know) but what I can tell you if price break (closed 1H candle ) above this area so you can enter buy In my opinion it should reach it again, but there is no confirmation for this
  • #27,056
  • Oct 23, 2013 11:31am Oct 23, 2013 11:31am
Quoting RamsesII
{quote} This is a good summary, but finding yourself a good teacher is the way to go. I've been practicing it since 2008 and can say that it's a great tool but should not be used alone and probably its best function, I've found, is its ability in anticipating strong moves, i.e. wave 3 of 3

Well said,

On the point of having a teacher, that is invaluable, because by one-self and without a mentor it can be daunting - eventhough EW rules and guidelines are actually simple - it's about practice, practice, practice to get your eye (pattern recognition) atuned, isn't it? In the absence of a teacher, posting to a friendly forum (like EW Outlook) where people can comment and help out is a good alternative and mostly how I attained rungs on the ladder.

On your point about stand-alone EW, I absolutely agree. I'd say S/R, Fib ratios and basic trading concepts are the foundation and then EW can be added to that in order to determine stage of trend. As you say, it's all about anticipating 3rd waves and their termination.

I hear people say EW is overly complicated, but objectively it's not: count to 5 and know your ABC with a few rules about how these labels form pattern sequences. EW has an association with academic maths which is just not true - there are no calculations to do: only drag your Fib tool across swings as they unfold and compare to adjacent ratios to confirm wave count labels. That's it. In the end it's about correctly identifying the start and end of wave 3.
cryptocurrency everytime
  • #27,057
  • Oct 23, 2013 1:26pm Oct 23, 2013 1:26pm
Quoting Drentaga
{image} After highest price at 1344.600 formed, price is moving down to develop a new Consensus Area between previous High (1327.010) and Current High (1344.600). So, i think we'll see a sideway movement until price move above 1344.600. (XTrade, sorry for my bad English) DRT

Seems you are doing just fine !

Welcome.

-------------------

Not really much movement today since last night's correction. Looks like 1330 is holding as support and the price remains above thus far,

Agreed, she will likely move sideways for a bit before the next attempt at crossing 1345/50 resistance.
Too much sideways movement and no topside action should result in a further dip from the highs below 1350
perhaps to 1315 area.

Here some buying should certainly ensue.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,058
  • Oct 23, 2013 1:35pm Oct 23, 2013 1:35pm
Sorry I can't really help you on this one....

I don't use EW although when executed sensibly and correctly it is interesting to review.

There is a guy here "infinitus" who Knows his EW. Not sure if he posts a thread on it but you might check him out.

Looks to me like you have a decent handle on it.

For me it's a tad too subjective to the individual doing the analysis and often leaves many ? marks or multiple probabilities
when we already know the major two UP or Down...

I'm fairly certain there are some good EW threads on the board....

Quoting venzen
{quote} Well said, On the point of having a teacher, that is invaluable, because by one-self and without a mentor it can be daunting - eventhough EW rules and guidelines are actually simple - it's about practice, practice, practice to get your eye (pattern recognition) atuned, isn't it? In the absence of a teacher, posting to a friendly forum (like EW Outlook) where people can comment and help out is a good alternative and mostly how I attained rungs on the ladder. On your point about stand-alone EW, I absolutely agree. I'd say S/R, Fib ratios and...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,059
  • Oct 23, 2013 2:39pm Oct 23, 2013 2:39pm
Quoting XTrade
Sorry I can't really help you on this one.... I don't use EW although when executed sensibly and correctly it is interesting to review. There is a guy here "infinitus" who Knows his EW. Not sure if he posts a thread on it but you might check him out. Looks to me like you have a decent handle on it. For me it's a tad too subjective to the individual doing the analysis and often leaves many ? marks or multiple probabilities when we already know the major two UP or Down... I'm fairly certain there are some good EW threads on the board.... {quote}...

understand where you're coming from - a fair judgement.

Yes, 'infinitus' is well advanced in EW and his thread is called "The Club!". He posts a Gold chart analysis now and again.
cryptocurrency everytime
  • #27,060
  • Edited Oct 24, 2013 7:08am Oct 23, 2013 5:33pm | Edited Oct 24, 2013 7:08am
From my buddy and one of the BEST traders I know.

BEGIN QUOTE"""""""""""""""""""""""""""

XTrade

As a “commercial member” I can’t post on your thread but I do keep an eye on it.

I have to commend you for the way you answer people’s questions, offer advice and help newbies. I am also amazed at what you put up with – the recent arrogant incursion by some know-it-all who tried to hijack your thread and make demands of you was ridiculous. People who don’t show respect for you and the work that you have put in do not deserve the knowledge and insights that you make available for free on the thread...

All power to you , my friend – keep up the good work....

Ben

(btw the GC Daily P and F chart I sent you last week is looking good – breached the resistance from 1796 :

http://www.screencast.com/t/0rKsdIYN81

it’s 10 box/3 reversal – publish if you want)

END QUOTE"""""""""""""""""""""""""""""
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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