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

  • #28,181
  • Nov 15, 2013 4:29am Nov 15, 2013 4:29am
Quoting pipcenturion
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
Here is progress report on this trade call.
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  • #28,182
  • Nov 15, 2013 5:17am Nov 15, 2013 5:17am
Maybe something of note for some people for real intraday trading I'd stick to the first 2 hours and a half of RTH since these are the most liquid and that's when European and US session overlap. And I occassionally do that stuff, but I am in no rush and often skip it totally. But hey, that's just how I view things.
  • #28,183
  • Nov 15, 2013 5:17am Nov 15, 2013 5:17am
LONG @1282
  • #28,184
  • Nov 15, 2013 5:30am Nov 15, 2013 5:30am
Quoting andan
LONG @1282

Careful bro.
1283.84 is a big level for today.
  • #28,185
  • Nov 15, 2013 5:30am Nov 15, 2013 5:30am
Quoting cvds16
Maybe something of note for some people for real intraday trading I'd stick to the first 2 hours and a half of RTH since these are the most liquid and that's when European and US session overlap. And I occassionally do that stuff, but I am in no rush and often skip it totally. But hey, that's just how I view things.

This is the most volatile. Actually if you frequently trade these hours and find that by 8:30 AM EST nothing is moving, then once the US stock market bell rings @ 9:30 and the ETFs and options start pumping we get some further volatility usually winding down around around 11:30 AM EST. when Europe closes and London begins wrapping up the day.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,186
  • Nov 15, 2013 5:35am Nov 15, 2013 5:35am
I'm expecting today to be somewhat light in movements. There is a chance the price may stick around between this 1280 / 85 range give or take a few bucks both north and south.

A retest and break on 1290 should push towards 1295 again possibly 1300 yet it is Friday and any quick gains may just as quickly be flattened whether the swing is north or south.

We should be good for at least a 10 USD swing.

Southbound, if 1280 goes, she may push down to 1270.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,187
  • Nov 15, 2013 5:50am Nov 15, 2013 5:50am
It seems both sides are being a bit cautious here.

I am sure there are bulls that were happy to see a 30 USD gain, from 1265 low to 1295, yet in turn disappointed with yesterday's sort of "stall" and so far a failure
to retake 1300.

Whilst the bears managed to push down creating another low mentioned, really 1266, the price then reversed, Seems like the first downside target was really
1250.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,188
  • Nov 15, 2013 6:19am Nov 15, 2013 6:19am
Quoting TheArcher
if Silver is the Leader and Gold follows suit , then what is the silver trying to say here that gives us clues to the direction of Gold ? Classic Bearish Descending Triangle OR Irresistible Solid Support with Triple Bottom ? {image}
It is strong support that is for certain.

The two always flip and that's why people play the GSR.

Right now, there is disconnect, silver is remaining flat while gold is moving a bit more intraday as well as recovered nicely from it's recent losses.

The Gold to silver ratio is on the bottom right, - reflecting right now 1 ounce of gold will get you around 60 ounces of silver.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,189
  • Nov 15, 2013 6:31am Nov 15, 2013 6:31am

Dear X-Trade,


Sir I have been following your posts for quite some time now (and your posts are the reason i joined this forum). I am very naive in trading and lost quite a bit of money. My current open positions (long) in Silver are 20.80 and gold 1285 with s/l at 20.45 and 1277 respectively as i'll be almost done with my funds. What are your suggestions here? Please guide, i'll be really thankful

  • #28,190
  • Nov 15, 2013 6:34am Nov 15, 2013 6:34am
Hi Buddy,

Sorry to hear you are losing. It's often par for the course when learning to trade live.

Gold and Silver both can be exceptionally hard to trade for newbies. Even if you have a handle on FX, Gold and Silver are not currency pairs, rather commodities that have
different factors pushing and pulling them than a central bank, setting interest rates and monetary policy.

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

Right now, 1277 is a bit in the danger zone for a stop with an entry of 1285.
for silver I would feel a bit safer in the short term to have it below 20.40, it could get hit if the metal dives, but for today you should be ok...

What are you using to base your trades off? Technicals? News? etc.
Also what is your leverage ? 100:1 Higher lower?


Quoting Ranjeet1488
Dear X-Trade, Sir I have been following your posts for quite some time now (and your posts are the reason i joined this forum). I am very naive in trading and lost quite a bit of money. My current open positions (long) in Silver are 20.80 and gold 1285 with s/l at 20.45 and 1277 respectively as i'll be almost done with my funds. What are your suggestions here? Please guide, i'll be really thankful
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,191
  • Nov 15, 2013 7:21am Nov 15, 2013 7:21am
Quoting Ranjeet1488
Dear X-Trade, Sir I have been following your posts for quite some time now (and your posts are the reason i joined this forum). I am very naive in trading and lost quite a bit of money. My current open positions (long) in Silver are 20.80 and gold 1285 with s/l at 20.45 and 1277 respectively as i'll be almost done with my funds. What are your suggestions here? Please guide, i'll be really thankful

What I'd advise you is to quit trading gold and silver.It will kıill your account.Do these, stick to daily and 4h charts and use lower tf only to enter trades, choose 1 pair, lets say gbpusd which is also volatile and better trending than eurusd, and only trade gbpusd for 6 months, dont jump to anything else and use max 25 leverage.Soon you will be more confident with 1 pair and you will build your system.If you dont do these you will definitely blow your accounts and feel suicidal always !!!
  • #28,192
  • Nov 15, 2013 7:25am Nov 15, 2013 7:25am
Quoting okanemici
{quote} What I'd advise you is to quit trading gold and silver.It will kıill your account.Do these, stick to daily and 4h charts and use lower tf only to enter trades, choose 1 pair, lets say gbpusd which is also volatile and better trending than eurusd, and only trade gbpusd for 6 months, dont jump to anything else and use max 25 leverage.Soon you will be more confident with 1 pair and you will build your system.If you dont do these you will definitely blow your accounts and feel suicidal always !!!
Thank you so much for the advice. But for now I am stuck in gold and silver and I haven't got grip/much understanding of Fx
  • #28,193
  • Nov 15, 2013 7:34am Nov 15, 2013 7:34am
Been selling gold from mid-80s to low 90s. Looks like it will be range bound, but aiming for 1275-70. Not sure how much this Yellen crap will last. But eventually you have to say:

Inserted Video
When the facts change I change my mind, what do you do sir
  • #28,194
  • Edited 8:01am Nov 15, 2013 7:38am | Edited 8:01am
Hello all, Im newbie and im trying to analyze the market. please kindly give me advise. Thanks

IMO after complete the retracement 5 wave the price will move down again after touch 1303
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  • #28,195
  • Nov 15, 2013 7:39am Nov 15, 2013 7:39am


Yeah, it does look like AU want's to take out 1290, but, this day is looking pretty range bound and flat.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,196
  • Edited 10:36pm Nov 15, 2013 7:43am | Edited 10:36pm
If you have most experience, and I am not sure what your understanding level of the Precious Metals market is or your trading style,
you could stick with them.

Just from your post, it seems you are basically trying to scalp and make quick cash as most new traders do.

This is actually the last way to learn how to trade gold.

Higher time frames, lower leverage, lower lot size, PLAN OUT your trades,
Start drawing major support and resistance levels, then go to the minor ones.

Look at trend lines, moving averages and how the price reacts around them.

those few initial steps will already give you more of an edge for your entries. Gold is also headline and fear driven, so it is good to stay up on news.

Quoting Ranjeet1488
{quote} Thank you so much for the advice. But for now I am stuck in gold and silver and I haven't got grip/much understanding of Fx
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,197
  • Nov 15, 2013 7:54am Nov 15, 2013 7:54am
Quoting XTrade
If you have most experience, and I am not sure what your understanding level of the Precious Metals market is or your trading style, you could stick with them. Just from your post, it seems you are basically trying to scalp and make quick cash as most new traders do. This is actually the last way to learn how to trade gold. Higher time frames, lower leverage, lower lot size, PLAN OUT your trades, Start drawing major support and resistance levels, then go to the minor ones. Look at trend lines, moving averages and how the price reacts around them....
Couldn't agree more that I was trying to earn quick cash and in the process lost quite a lot. Also, I had planned in the longer frames but couldn't execute due to fear of losing (as I had already losta lot).
Now it seems like market wants to break 1292 but still unable to do so since london trend is selling (may be due to fear of deflation) although US want to buy (probably due to Yellen and weak US data indicating lesser chances of tapering in December). One thing I would like to ask do you think if it doesn't break 1292 today, next week's trend may be bearish (or lower to side ways) at least until tuesday due to no major data coming?
  • #28,198
  • Nov 15, 2013 8:00am Nov 15, 2013 8:00am
Quoting Ranjeet1488
{quote} Thank you so much for the advice. But for now I am stuck in gold and silver and I haven't got grip/much understanding of Fx
Put a stop at 1277 where you longed and you will be fine.
  • #28,199
  • Nov 15, 2013 8:02am Nov 15, 2013 8:02am
Unrelated to gold here is a good learning opportunity I am passing along


XTrade – you may be interested in this:

I will be holding a free webinar on Wednesday 20th Nov at midday CET looking at non-dollar forex pairs. This would be an opportunity to look at Median Line Analysis (pitchforks) and how we use them. Registration at:

http://www.coghlancapital.com/node/7293

Ben
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,200
  • Nov 15, 2013 8:04am Nov 15, 2013 8:04am
Quoting okanemici
{quote} Put a stop at 1277 where you longed and you will be fine.
I think he's long from 1285 that's why I don't like the 1277 stop.

1277 as an entry and he'd be up a 10 USD move. as of now.

---
hmm need to look back and see the post.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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