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

Quoting venzen

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{quote} By the way, you should close those orders now while you have the opportunity. It looks like PA is going to fabulous new highs but its not - when PA reverses now it will go down relentlessly to 1330 then later to 1310. Trust me on this. Closing now to preserve your capital means you're in the game later.

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Quoting Jim Wyckoff

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(Kitco News) - Gold prices are moderately lower in early U.S. trading Tuesday. A lack of fresh, bullish fundamental news is keeping buyers scarce. The key “outside markets” are also in a bearish daily posture for the precious metals Tuesday—a firmer U.S. dollar index and weaker crude oil prices. December Comex gold was last down $8.30 at $1,343.90 an ounce. Spot gold was last quoted down $9.20 at $1344.50. December Comex silver last traded down $0.178 at $22.36 an ounce.

It has been a quieter trading week so far as the market place awaits the results of the U.S. Federal Reserve’s Open Market Committee meeting. The meeting begins Tuesday morning and ends Wednesday at midday. There will be no press conference by Fed Chairman Bernanke after this meeting. The FOMC is expected to leave U.S. monetary policy unchanged, but as usual traders and investors will be closely parsing the FOMC statement, looking for any clues on the timing of upcoming changes in policy.

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Quoting venzen

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{quote} morfasie, here you go. this should clarify what i mean by a, b, c, d and e. Target price is in the blue zone and target date is Friday or next week. Just a projection - don't wager any money on it. Although it doesn't look like it, EW is actually simple. You can learn the rules and guidelines at elliottwave.com. If you want to buy a textbook I recommend \\"Elliott Wave Principle\\" by Frost and Prechter. There are unfortunately a lot of bogus \\"teachers\\" and practicioners out there, so best to stick to the original, orthodox, military...

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Quoting XTrade

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I saw someone trading an Oanda account with like 18 bucks in it? I guess the have an account smaller than a micro? because the lot sizes were something like. .001 I believe. Could be an idea with for new traders, anyone seen this? Or do I really have to go to their website!

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Quoting Rf7

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{quote} Excellent charting Venzen.. I have slightly different reading though. Not as detailed as you. Just trying to find swing points. I emphasize more on the S/R of multi-time frame to fine tuning.. {image}

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Quoting venzen

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{quote} Hi XTrade, Hope you're well. About to read your posts but thought i would answer this one quickly: Its true what you say. They have \"units\" instead of lots. So with Gold, for example, you can buy 1 unit for about $26 margin and the $/pip on that is $1 per Gold $1.

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Quoting venzen

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{quote} thanks Rf7. Your target makes sense. I take EW's 62% retracement guideline as just that: a guideline - sometimes it's 58%, sometimes 70% but that general area is where we're heading if my count holds. As it strangely works out, 62% retracement usually coincides with an S/R level, a trendline or a data event that causes reversal. edit: BTW - is that a Tux I see in your avatar?

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Quoting XTrade

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{quote} venzen, you really think that 1310 is in the cards? I suppose if 1330 were to go, but until then I'm sticking to 1330. Overall what everyone should keep an eye on is overall, we have made two fairly steep lows, 1180 and 1250 along with moves north. yet the lows have not been retested or cracked. FOMC tomorrow. also attached. I don't put too much stock in ADPs number, it can be suggestive, yet it is often different than the NFP and they are certainly not the only \"payroll\" company in the US.

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Quoting Rf7

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{quote} Thanks for your explanation Venzen.. I only know the general idea of EW.. Good info on the Fib Ret usage with EW.. I dont use FIB very much... as TL and S/R works fine for me so far.. Even these two tools sometimes make my chart like spaghetti . Yes.. That's a Tux on my avatar.. I'm not a linux person though.. Just like the picture.. Probably best to describe my self ...

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Quoting XTrade

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Here it is- how is this possible to trade lot size .0005? Is it just how the Trade Explorer is reflecting it? {image}

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Quoting venzen

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{quote} S/R and TL are the foundations of analysis so you cannot go wrong with that! Give Fib ratios a spin sometime - they reveal the \\"genetic code\\" of price movement (\\"ooh! you don't say!\\"). It's true, I swear it. I like the Tux picture too, but then I'm biased, being a Linux user. BTW - I appreciate all TA by members here because a man cannot live by EW alone. EW is a guide but it is secondary and subject to S/R, Trendlines, Sentiment and market reaction to Fundamentals. By itself it has almost no practical use, so i learn a lot from...

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