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

AGREED and AGREED!

Fortunately, from only dealing in physical bullion I learned to look at the daily "daily" the 3, 5 and 10 year charts as well before paper trading.

YET! Once I started "paper trading" had I heeded the advice of the teachers I had, to LEARN THE HIGHER TIME FRAMES FIRST AND FOREMOST! "then you can do anything," I could have saved an account or two... Especially when I started trading FX...

Already had a good enough handle trading gold/silver, yet as many, I too fell victim to the FAST allure of making - Quick Money with Leverage. - thinking, scalping,
or "day trading" short term positions was a sure fire way to easy wealth....

Personally I hate the Dodd - Frank act, and the restrictions it has put on US ONLY traders with FX.

Yet, I have learned and now LOVE, only trading with an ABSOLUTE MAX of 50:1 leverage for FX.

Gold is a bit of a mix, futures are now FAR cheaper to trade in the US than any FX gold account, due to the fact that the few brokers that still offer it to US clients give you 1:1 leverage. Which means that the amount of Margin required even to take a mini lot is staggering compared to what other countries offer with 100 to 500:1 leverage on spread betting or CFDs.

I have even seen 1000:1 leverage. Which equals a MARGIN CALL! if you abuse it.
Anyone offering or promoting anything above 100:1 to INEXPERIENCED traders is just making it easier for you to commit account suicide.

Most institutional or "bank traders" here only use 25:1 leverage, yet they are pushing around MILLIONs... so the ends do justify the means, just means you need a
large account. AND - people do lose jobs for trading in an excessive or careless way.

Buying physical gold / silver as well, if timed properly and with a broad based clientele, usually I use a mix of internet friends, forums that don't charge for little buy sell trade threads, as well as a few large brokers and custom coin shops, there is money to be made. The game requires more patience and being a bit frugal with the spreads you pay on top of spot. Also, playing the simple GSR or Gold to silver ratio is a way of bullion trading used by many.

Yet, catching a 10 USD move in silver with MULTIPLE OUNCES "troy" is essentially about an 8 USD move NET. Depending on your spreads again. Not too shabby when you bought the bullion for say 20 and sold it for 30. Even 5 USD moves make cash. All depends on the amount of ozts and covering or eliminating certain costs,
eg: free shipping, gas money, buy back price, spread above spot, shipping insurance, etc. everything eats into the bottom line.

This is where - Numismatic coins and knowledge, as well as the history you learn about the entire monetary system comes into play...

Jeese, I was on an auction website the other day Specifically looking at LARGE DENOM, eg: 5000, 10,000 and 100,000 USD old banknotes and some of the sale prices for graded even FAIR condition notes were pushing 500,000 and 1mln for rarities.

There was an old, old, OLD, trend where some people thought acquiring and "holding" these notes would prove a good investment. And unless near mint, uncirculated or Rare, it has not. Even putting 10k in a low yield IRA or other such fund with a stable 1 to 3 % over 50 years would have yielded more cash.

Yet, collectors will be collectors. Gold even in a ten year span has FAR outgrossed as an investment the means of holding any paper currency.

Bearer bonds are yet another thing outlawed in the US as paper based goods, they are now only offered through said, company, fund, etc, in a purely electronic nature that has specific notes as to who the owner is, purchase date, coupons and such.

In the old days and to those that still exist today, as long as you bear the bond and have the coupons YOU are the owner. A highly sought after item by criminals.

Here's a different POV from the daily, as you can see we are right around a minor, yet pain in the a$$ DTL #3.

I expect, by years, end or the new year for these DTLs to be either "ranged out of" or simply defeated. They are a bit too steep and only stem from really one basic origin.

I had added another two, only to show how, when one "wants to see something" on a chart, they can draw the TL to accommodate what may be correct or RATHER incorrect.

I have used, wicks to wicks, bodies to bodies, body cutting through and a basic topside down-sloping price to execute them,
the only ones or really ONE on the top is very broad based and light - also calling for about at current timing a test to easily 1500 which 1550 is also horizontal S/R as well as a 50 % fibo retrace pull with origin 1920 and low 1180.

One can clearly see that an OLD rising TL from the weekly was only tested once with the 1180 low.

We still remain above.

Here's the chart.

Very good insight Xtrade . I personally managed maximum 100 leverage by success but accept that it is too high.As you said 50 leverage is quite enough and safer.25 is even better.I even saw 2000 leverage and they are serious To me a person has to complete a serious course and have a licence to have an account in any fx firm but it doesnt work like that.With the knowledge I learned with my money I wouldnt have done those mistakes and hey I didnt have any teacher or a coach whatsoever.Those were terrible days )

USD indexs will be down today coz no taper till 2014.

no taper means gold will shoot up?

what is the relation between it

tp 1 1295, tp 2 1309.
friday night...!!!

my man!

I never had any formal "teachers" either. Although I wished at times I did. Much of what I know and use is all self taught from years of chart watching, trial and error,
as well as communication directly with people whom, at the time, had more experience than I and were willing to give a guiding hand and offer up some of their own experience. Thus, I look at them as teachers.

This is part of the reason I like to help out newbies here and have patience with people. I have learned a lot from this forum as well as some great futures traders and old gold bugs. But, in the end, the more one can learn and teach themselves that works, putting in the hours and the blown account or two, makes for a thicker skin and lastly a more well rounded individual in this "game."

If most took the time to learn the old 95% failure rate of new traders would be far less in my honest opinion.

The initial days of trading FX for most are indeed painful, partially due to the allure that the brokers sell of making trading "easy."

It may become so. Yet, it will not without one doing their own due diligence.

I could easily sit here all day while trading and in between artwork and tell you what I think might happen, yet, I feel people get more out of picking up skills from different folk, trying them out and making their own decisions. Win or lose!

With enough initiative and stick-to-it-ivness it will come. If it doesn't try try try again.

This is not brain surgery or rocket science although, some might have people believe otherwise.

Look at this specific hit, using again the 3 day line to tie into today's posts.

This was basically outlined before in the sense that if she does not go below 1285 there is a good chance that for now at least 1287 appx would be the entry.

So - we moved along, bobbed up from 1285 during NY end, to 1287, came slightly down again, then when the PA hit the prior day, turned up as of late.

Sure, we could go back into the congestion level and I will not rule out sub 1285, yet, as aforementioned, if the price action remains above water, say at lowest 1275, yet more in the range or NORTH of 1280/5 into London, there is a decent chance of seeing 1300+ by tonight or tomorrow. Then I would expect some profit taking going back to baseline as NY draws to a close tomorrow.

Use at your own risk.

Personally I would like to see a test of 1310 + to conclude the week off the last 1285 hit. Too many tests on 1285 and a stagnant price, could result in a pullback, so beware. In which case I would immediately look to 1275 for further conviction next. Right now working with the 5s and 10 USD fluctuations in price seems to be trending.

agree

Greetings for all goldminers here especially for honorable Xtrade who own the thread.
i hope u dont mind if i joined this thread sir, Im a newbie to this thread, i kno there will be alot of lesson of XAUs trade to be learn here.
i still need alot advise and guidance

sigh !

Hello Sir and welcome.

You might find the past several pages helpful as they are just using a simple 3 day line chart with price action analysis. As well as further discussion and input from other members and a tie in to how news/the calendar here may tie in and why it is useful to stay up on it, even if you are not interested in fundamental analysis.

You should read the first post, there are many links there to familiarize yourself with simple gold and silver related reading.

I have not had the time to update if for quite some time, yet there are links by other members as well as some trade setups, and closures.
Cheers!
XT-

Archer, I don't think he still posts but if you are interested in VSA or just volume, take a look at the VSA with malcomb thread in interactive trading, it still exists and is posted on.

in a nutshell , what did Janet Yellen really say, that could help us (Gold) make up our minds ?

Also, to get a price ladder and better volume on your charts I suggest opening a Futures demo.

She had already previously stated that she was "unhappy with US Unemployment" and the current rate was "too high" - Then the numbers dropped AFTER this "statement" was made which was a day or two ago, which I don't believe was repeated during her speech as of yet...

Here is just a quick link I pulled for you from a slew here at FF.

Basically - the same old shhh-stuff...- lol

http://wallstcheatsheet.com/stocks/3...tml/?a=viewall

Hi all,
I expect gold to sell off until 1269 region. The resistance put up at 1290 looks to me like one that is HEAVILY defended.
I threw in some short around 1289.7
Let's see how it plays out.
Happy trading all

hi pipcenturion,

like you say, the 1290 level is putting up resistance but PA has now attacked it twice and broke through twice, to me that means it's only a matter of time until it gives way...

edit: or put another way: it's no longer resistance because it has been breached twice - so it is a contention level being fought over

Thanks bro,
Let's see how it plays out.
Like I always say, the market is the final arbiter.
Enjoy your day.

correct me if my interpretation is wrong :

janet yellen says economy and labour market are performing below their potential .

therefore stimulus package will continue till economy performs to its potential.

therfore USD will be diluted.

therefore Gold will RISE !

devilish laughter !