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

  • #30,581
  • Dec 16, 2013 7:07pm Dec 16, 2013 7:07pm
Quoting XTrade
{quote} There is always a pause in Gold trading each day (spot and futures) after 5pm, look at the chart I posted and the session overlaps below and you will see the break. If orders are triggered upon the market re-open it will create a gap up or down in price, sometimes the market gaps on the open, sometimes it is stagnant and then a bunch of say market orders or in this case what looks like minimal "buys" were triggered at the same time, creating a flatline price to jump or gap up due to the orders hitting different brokers around the same price....

Appreciated with your explanation

By the way, what you see the gold market in asia session ? as i am from asia, Daylight now ~
  • #30,582
  • Dec 16, 2013 7:24pm Dec 16, 2013 7:24pm
Quoting PIPot
{quote} zigzag indi. but its really the same with manually spotting swings and manual is better. indis lag

Thank you so much. I waited all day for that answer. I'll check it out. In case you're all wondering, it looks like gold is going long again. Be careful though, this is probably another scalp trade of $10 or so on low volume and easily changes direction without warning. Smart money got in 24 mins ago and is looking to short the market. Usualy the market fades the move then switches.
You win, you lose. All else is history. The future does not exist.
  • #30,583
  • Dec 16, 2013 7:29pm Dec 16, 2013 7:29pm
Quoting The Rhodie
{quote} Thank you so much. I waited all day for that answer. I'll check it out. In case you're all wondering, it looks like gold is going long again. Be careful though, this is probably another scalp trade of $10 or so on low volume and easily changes direction without warning. Smart money got in 24 mins ago and is looking to short the market. Usualy the market fades the move then switches.
Rhodie,
Mind to share ur next action on gold ?
  • #30,584
  • Dec 16, 2013 7:36pm Dec 16, 2013 7:36pm
Quoting waifong
{quote} Rhodie, Mind to share ur next action on gold ?

Don't mind at all, but it may be a few hours. I'm going to sleep now. it's late and I'm up before sunrise in UK. I don't trade Asian session. Too dangerous. Earliest trade is 05h30 GMT. Last trade is 18h00 GMT. I try stick to my no-trade zones rule. Now is the biggest rule.
You win, you lose. All else is history. The future does not exist.
  • #30,585
  • Dec 16, 2013 7:40pm Dec 16, 2013 7:40pm
If I thought of going long, now would be the time with $0.50, SL @1239.4 and manual TP.

Conditions to kill the trade is to watch if volume begins to drop the price after gaining maximum profit. This is not the time to be making long-term positions. I don't think about what I do, I just follow my rules. If you don't know my rules, you can't follow them. Always wait for the Low/high of the day to be made then bet on the test of that level.

Following my ideas can be dangerous if you have never traded before. I am an extreme player: if the market is not at an extreme, I'm not playing.
You win, you lose. All else is history. The future does not exist.
  • #30,586
  • Dec 16, 2013 7:49pm Dec 16, 2013 7:49pm
Quoting The Rhodie
If I thought of going long, now would be the time ... I am an extreme player: if the market is not at an extreme, I'm not playing.
But I am looking to go short. After another 5 hours I can tell better what is going to happen. Until then: good night my friends and fans.
You win, you lose. All else is history. The future does not exist.
  • #30,587
  • Dec 16, 2013 8:09pm Dec 16, 2013 8:09pm
Quoting The Rhodie
{quote} Thank you so much. I waited all day for that answer. I'll check it out. In case you're all wondering, it looks like gold is going long again. Be careful though, this is probably another scalp trade of $10 or so on low volume and easily changes direction without warning. Smart money got in 24 mins ago and is looking to short the market. Usualy the market fades the move then switches.
I don't like yesterday bullish move too. That move looks fake, more like stops clearing. Just look at the strong rejection, long tail and resistance line at 1246.

I might be wrong, I am still learning how to trade Gold.
The true fact is market doesn't care, risk mgt is important.
  • #30,588
  • Dec 16, 2013 8:51pm Dec 16, 2013 8:51pm
swing way 1240 +/-3 Good for having some pip.
  • #30,589
  • Dec 16, 2013 9:35pm Dec 16, 2013 9:35pm
Honestly how do you even place a 50 CEnt SL on GOLD SPOT? realistically,[some brokers will not allow this even outside the US.) the spread is usually 50 cents.


IF SO that is just SUICIDE of said trade.

It ALWAYS needs to be at least 10 for 20 or 5 for ten and that IS ONLY if you get in at bottoms. AND daytrading at that.
Otherwise, it's 100 to make 200 / 3oo

USD moves that is.


Quoting The Rhodie
If I thought of going long, now would be the time with $0.50, SL @1239.4 and manual TP. Conditions to kill the trade is to watch if volume begins to drop the price after gaining maximum profit. This is not the time to be making long-term positions. I don't think about what I do, I just follow my rules. If you don't know my rules, you can't follow them. Always wait for the Low/high of the day to be made then bet on the test of that level. Following my ideas can be dangerous if you have never traded before. I am an extreme player: if the market is...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #30,590
  • Dec 16, 2013 9:39pm Dec 16, 2013 9:39pm
CPI poor = 1275+ tomorrow,

said it now.
I don't like repeating myself or quoting my own posts.

CPI pos

I look to 1230/ 1220
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #30,591
  • Dec 16, 2013 9:42pm Dec 16, 2013 9:42pm
Quoting Ssm
{quote} I don't like yesterday bullish move too. That move looks fake, more like stops clearing. Just look at the strong rejection, long tail and resistance line at 1246. I might be wrong, I am still learning how to trade Gold.

Why? it's just simple range trading. I loved it.

Took my long after waking and checking at four and five AM, then hit a nice ride up.

Support didnt break for the day so ???


Whaddya got to lose? This is when you make a FIVE USD STOP on a long off support or a short off resistance,

WHY? so you can flip sides and catch the ride.

GOLD IS A ROLLERCOASTER.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #30,592
  • Dec 16, 2013 10:25pm Dec 16, 2013 10:25pm
Quoting XTrade
{quote} Why? it's just simple range trading. I loved it. Took my long after waking and checking at four and five AM, then hit a nice ride up. Support didnt break for the day so ??? Whaddya got to lose? This is when you make a FIVE USD STOP on a long off support or a short off resistance, WHY? so you can flip sides and catch the ride. GOLD IS A ROLLERCOASTER.
Yes, you are right that it bounced off support at 1227 and resistance at 1252. Those catching the ride should profit from it. I have those lines in my chart but did not trade it as I am uncomfortable with the rollercoaster ride. Is $5 SL a comfortable level for Gold? Or it is too much? I am still having problem with SL, often too wide. I see most traders here have $1 SL or even 50 cents.
The true fact is market doesn't care, risk mgt is important.
  • #30,593
  • Dec 16, 2013 11:44pm Dec 16, 2013 11:44pm
Quoting Ssm
{quote} Yes, you are right that it bounced off support at 1227 and resistance at 1252. Those catching the ride should profit from it. I have those lines in my chart but did not trade it as I am uncomfortable with the rollercoaster ride. Is $5 SL a comfortable level for Gold? Or it is too much? I am still having problem with SL, often too wide. I see most traders here have $1 SL or even 50 cents.

Well,
that's why you don't listen to them. I have been in this Gold / Silver game way way way before I ever attempted to trade "fake gold" meaning I traded only in physical.

A 50 cent or even a 1 uSD stop is BOUND and GOING to get HIT.

It is simply asinine- EVEN IF I used a BOT to trade gold I would NEVER put anything LESS than a 7 to 10 USD stop on ANY trade.

The ONLY REASON you use a 5 USD stop is when you are LUCKY enough to catch the daily low.

DON'T BE CHEAP and DON'T be GREEDY otherwise this market will turn you inside out,
It is WAAAAAYYYYYYYYYYYYYYYYYYY, harder than FX IMO
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #30,594
  • Dec 16, 2013 11:53pm Dec 16, 2013 11:53pm
I use 100 USD stops and 300 USD take profits when GOLD is in my direction,
AND if it is, I forget about the TPs and HOLD THE TRADE FOR MONTHS.

CUT the LOSERS SHORT and let the WINNERS RIDE MY FRIEND!\\

Nite.

XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #30,595
  • Dec 17, 2013 12:35am Dec 17, 2013 12:35am
Quoting XTrade
I use 100 USD stops and 300 USD take profits when GOLD is in my direction, AND if it is, I forget about the TPs and HOLD THE TRADE FOR MONTHS. CUT the LOSERS SHORT and let the WINNERS RIDE MY FRIEND!\ Nite. XT-

i like the part: " forget about the TP and hold the trade for months"
  • #30,596
  • Dec 17, 2013 12:41am Dec 17, 2013 12:41am
Quoting XTrade
CPI poor = 1275+ tomorrow, said it now. I don't like repeating myself or quoting my own posts. CPI pos I look to 1230/ 1220
"CPI poor = 1275+ tomorrow"… do you think that it is still valid?

thanks in advance
The good thing with the future is that it is progressively approaching...
  • #30,597
  • Dec 17, 2013 2:31am Dec 17, 2013 2:31am
http://charts.mql5.com/3/353/gold-h4...l-services.png

<img src="http://charts.mql5.com/3/353/gold-h4-fxpro-financial-services.png" width="800" height="600" alt="Chart GOLD, H4, 2013.12.17 08:30 UTC, FxPro Financial Services Ltd, MetaTrader 4, Real" title="Chart GOLD, H4, 2013.12.17 08:30 UTC, FxPro Financial Services Ltd, MetaTrader 4, Real">

Please comment on this chart. i need guide for my chart
  • #30,598
  • Dec 17, 2013 2:34am Dec 17, 2013 2:34am
Quoting XTrade
{quote} Well, that's why you don't listen to them. I have been in this Gold / Silver game way way way before I ever attempted to trade "fake gold" meaning I traded only in physical. A 50 cent or even a 1 uSD stop is BOUND and GOING to get HIT. It is simply asinine- EVEN IF I used a BOT to trade gold I would NEVER put anything LESS than a 7 to 10 USD stop on ANY trade. The ONLY REASON you use a 5 USD stop is when you are LUCKY enough to catch the daily low. DON'T BE CHEAP and DON'T be GREEDY otherwise this market will turn you inside out, It is WAAAAAYYYYYYYYYYYYYYYYYYY,...
The size of the stop depends on the timeframe and size you are trading, a scalper whos trying to make $3-5 with 100 standard contracts isnt going to want to use a $7-10 stop, only a swing trader who is trying to target $15+ with smaller trade size (relative to his account size) will use such wide stops.

A $5 stop is perfectly fine, I myself often use a $5-7 stop since my targets are usually $10-$20.
"Where you want to be is always in control, never wishing, always trading.
  • #30,599
  • Dec 17, 2013 2:39am Dec 17, 2013 2:39am
Short


Price 1242.0
TP1 1234 (80 Pips)
TP2 1225 (170 Pips)
TP3 1217 (250 Pips)
SL 1248.0 (60 Pips)


Grade 70
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  • #30,600
  • Dec 17, 2013 2:41am Dec 17, 2013 2:41am
Quoting XTrade
I use 100 USD stops and 300 USD take profits when GOLD is in my direction, AND if it is, I forget about the TPs and HOLD THE TRADE FOR MONTHS. CUT the LOSERS SHORT and let the WINNERS RIDE MY FRIEND!\ Nite. XT-
$100 stops are extremely wide IMO, I have $10 - $15 SL targeting $20 - $30. I am thinking if the RR is worth trading, perhaps my strategy is wrong. The spikes in Gold are killing me recently, is it Gold or just the ranging market which is killing me? Thanks for any advice.
The true fact is market doesn't care, risk mgt is important.
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