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

  • #32,021
  • Jan 23, 2014 7:41am Jan 23, 2014 7:41am
I had opened two shorts at 1251 earlier but closed untimely now trying again. Opened two shorts at 1252 Stop Loss @ 1280
  • #32,022
  • Jan 23, 2014 7:49am Jan 23, 2014 7:49am
Quoting goldJunkie
I had opened two shorts at 1251 earlier but closed untimely now trying again. Opened two shorts at 1252 Stop Loss @ 1280
wow that's quite an aggressive entry with such a large stop, it's gonna be a big loss if you're stopped out.
What's your 1st target? I guess you're aiming at 11xx and having this as a long term trade? otherwise it's hard to justify the risk reward.

For those calling shorts between 1240-1250 just wondering what ur stop loss is? no one seems to post them.

I had a short at 1237 just to hedge my major longs in gold/silver/platinum/gold stocks, but stop out around 1240.
guess the reason is too obvious to post a chart

My next short target is at 1265, S/L 1275 with target 1255.
Idea is to catch the flush/stop hunting above the 1261 high, not much reasoning behind the stop loss, so might wear pain on that one.
again all my shorts are just hedges so really don't mind it going higher.
  • #32,023
  • Jan 23, 2014 7:52am Jan 23, 2014 7:52am
just wondering whether anyone here trade other instruments?
or just XAU/XAG?
My big chunk is on shorting ES and ASX200, praying for a 10-20% correction soon, or a crash will be even better!
  • #32,024
  • Jan 23, 2014 8:10am Jan 23, 2014 8:10am
I couldn't agree more with your question and the risk reward. Even shorting at 1265 might be a total waste. We still have tomorrow though. Still let's say
It hit's 1265 and stays in range say 5 to 7 until close,
there is a very good chance it could get picked up next week from Aussie and continue north another 30 Bucks through NY. Then maybe off 1275 correct down to 1260.

That's a short I would consider.

Bulls have been wanting this break and close and some like to even buy higher than lower for certainty of trend.

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

Gold junkie to justify a 30 USD stop of 1250 you should have a 60 USD tp which means you might have to stay in the trade at least 2.5 weeks. at very least. And I know you are new and I don't have CLUE what leverage you are using or lot size I just hope you don't have 3k and are at 100:1 using mini lots... .10 --- Likely you are on a demo though - so what you SHOULD DO IMO is put the demo to a realistic amount of money you might have to LOSE not INVEST - this is not investing it's trading. Be prepared to lose and lower the leverage to 50:1 and trade no more than .05 ABSOLUTE highest micro Lots - so you see what kind of money you might be able to really make.

@ wb - Are you hedging your net longs or just a part? I hope a part and they are just to make extra cash if you can and if not u let them stop out?
Do I have it right?


Quoting whichBanker
{quote} wow that's quite an aggressive entry with such a large stop, it's gonna be a big loss if you're stopped out. What's your 1st target? I guess you're aiming at 11xx and having this as a long term trade? otherwise it's hard to justify the risk reward. For those calling shorts between 1240-1250 just wondering what ur stop loss is? no one seems to post them. I had a short at 1237 just to hedge my major longs in gold/silver/platinum/gold stocks, but stop out around 1240. guess the reason is too obvious to post a chart My next short target is at...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #32,025
  • Jan 23, 2014 8:12am Jan 23, 2014 8:12am
Quoting whichBanker
just wondering whether anyone here trade other instruments? or just XAU/XAG? My big chunk is on shorting ES and ASX200, praying for a 10-20% correction soon, or a crash will be even better!

I trade a bunch of pairs - I watch equities but haven't ventured over yet, I have an unfunded account.

I'd like to trade WTI again.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #32,026
  • Jan 23, 2014 8:19am Jan 23, 2014 8:19am
Quoting okanemici
I was waiting for 1245 to short the gold again and I just did.I believe either next north or south it should retrace back to 1235 area first.
This is quite bullish for a day run. I imagine market may test 1265, so I hope you're prepared to lose that amount of money in the wrong direction. It's not that far from 1300, so there's psychology that says market may even test that! It may not be today, but that is a possibility. We will see.
You win, you lose. All else is history. The future does not exist.
  • #32,027
  • Jan 23, 2014 8:22am Jan 23, 2014 8:22am
Quoting goldJunkie
I had opened two shorts at 1251 earlier but closed untimely now trying again. Opened two shorts at 1252 Stop Loss @ 1280

can't understand why you would use such a huge stop. If you're trading $5 bids, that's $1500 you're prepared to give away if you're wrong, so why not use a $2 stop gap instead of $30? If you're right you don't need such a large stop. A stop is there to prevent you losing money on trades, not allow it!
You win, you lose. All else is history. The future does not exist.
  • #32,028
  • Jan 23, 2014 8:31am Jan 23, 2014 8:31am
Quoting XTrade
{quote} Dude your post is fine! U are fine - I was just trying to point out some things to you - If you don't have a thick skin you won't make it in this market. I spend a lot of time helping newbies and answering questions. All I was saying is if your not live - A. you don't have to even tell people. B. Propose your calls as ideas and your reasoning then you will learn some of what is right, you had right, and you had wrong. As well as who here is full of it and who is not.

haha...understood mate..i will be more careful after this... =)
Gold is my pleasure.
  • #32,029
  • Jan 23, 2014 8:32am Jan 23, 2014 8:32am
Quoting The Rhodie
{quote} can't understand why you would use such a huge stop. If you're trading $5 bids, that's $1500 you're prepared to give away if you're wrong, so why not use a $2 stop gap instead of $30? If you're right you don't need such a large stop. A stop is there to prevent you losing money on trades, not allow it!

Isn't $2 stop gap too tight? A range market will easily stop you out.
$10 to max of $15 for me, but currently no trades atm.
The true fact is market doesn't care, risk mgt is important.
  • #32,030
  • Jan 23, 2014 8:35am Jan 23, 2014 8:35am
I entered shorts earlier & closed untimely, my bad (was mentioned here). I did not trade after that, I would have mentioned here if I had. Now about the risk / reward & technical part. I'm certainly not a technical trader & as it appears I would never be able to become a good technical trader, so I hired one such guy with years of experience, another is being tested. After clubbing all the advise & my personal view, my first target is 1225, second target below 1200

On the technical note, I am following signals & my advisers. There is a possibility for sure that it may keep shooting higher & higher & I may lose, but here in this business I need to take risk. Real risks with real losses and real profits. If my positions are not stopped I plan to keep these open for about 1 - 2 weeks.

Quoting whichBanker
{quote} wow that's quite an aggressive entry with such a large stop, it's gonna be a big loss if you're stopped out. What's your 1st target? I guess you're aiming at 11xx and having this as a long term trade? otherwise it's hard to justify the risk reward. For those calling shorts between 1240-1250 just wondering what ur stop loss is? no one seems to post them. I had a short at 1237 just to hedge my major longs in gold/silver/platinum/gold stocks, but stop out around 1240. guess the reason is too obvious to post a chart My next short target is at...
Quoting XTrade
I couldn't agree more with your question and the risk reward. Even shorting at 1265 might be a total waste. We still have tomorrow though. Still let's say It hit's 1265 and stays in range say 5 to 7 until close, there is a very good chance it could get picked up next week from Aussie and continue north another 30 Bucks through NY. Then maybe off 1275 correct down to 1260. That's a short I would consider. Bulls have been wanting this break and close and some like to even buy higher than lower for certainty of trend. ----------------------- Gold junkie...
  • #32,031
  • Jan 23, 2014 8:41am Jan 23, 2014 8:41am
Quoting Ssm
{quote} Isn't $2 stop gap too tight? A range market will easily stop you out. $10 to max of $15 for me, but currently no trades atm.

My stops are 50c. That's tight. I aim for perfect entries and then the market moves away. If I'm wrong I can attack it again later, and the odds are in my favour when I do get in anyway, so I only give away $30 from my account trading $5 bids at the most. Better tan $1500 or even $750? It's called money management. The less I put on the bigger the staop can be, but to use such large gaaps in my opinion is as good as not using a stop at all.
You win, you lose. All else is history. The future does not exist.
  • #32,032
  • Jan 23, 2014 8:43am Jan 23, 2014 8:43am
Quoting The Rhodie
{quote} This is quite bullish for a day run. I imagine market may test 1265, so I hope you're prepared to lose that amount of money in the wrong direction. It's not that far from 1300, so there's psychology that says market may even test that! It may not be today, but that is a possibility. We will see.

Nice 25 USD swing. All you need is some tech levels that are in play and a release or two - like today.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #32,033
  • Jan 23, 2014 8:47am Jan 23, 2014 8:47am
Quoting Ssm
{quote} Isn't $2 stop gap too tight? A range market will easily stop you out. $10 to max of $15 for me, but currently no trades atm.
It really depends on how and what /why you trade. Your lot size. LEverage. Risk Reward. Entry usually will come to you once you look so that's last -
if you want to put on stops like thodie is saying where you are expecting a break, yeah that's tight. It can be done, but you need some kind of system on how to place it.

Using support and resistance, looking for a bottom to enter, then risking a TEN usd move to make 20 is a decent setup but, it should be on daily fill or Kill"
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #32,034
  • Jan 23, 2014 8:56am Jan 23, 2014 8:56am
Quoting XTrade
I couldn't agree more with your question and the risk reward. Even shorting at 1265 might be a total waste. We still have tomorrow though. Still let's say It hit's 1265 and stays in range say 5 to 7 until close, there is a very good chance it could get picked up next week from Aussie and continue north another 30 Bucks through NY. Then maybe off 1275 correct down to 1260. That's a short I would consider. Bulls have been wanting this break and close and some like to even buy higher than lower for certainty of trend. ----------------------- Gold junkie...
That's right XT i'm only hedging part of my longs, i don't see any point of hedging all unless I use option which caps my loss.
I'm a gold bug at heart and bullish on the long term.
Thanks for your advise I might move my sell limit order to around 1270, guess will just keep them when i'm away from trading.
Btw what's an unfunded account?

@goldJunkie, as a long term trade, your trade might work out as long as you're comfortable with the potential loss; I think so long as you have a trading plan it's ok to target longer time frame rather than just day trading.
  • #32,035
  • Jan 23, 2014 8:59am Jan 23, 2014 8:59am
Now they're denying the Indian rumour to remove gold import restriction, that means it's probably true.
poor indians got screwed so hard by their gov that they have to smuggle gold.
well who doesn't, just one way or another
  • #32,036
  • Jan 23, 2014 9:00am Jan 23, 2014 9:00am
Quoting The Rhodie
{quote} My stops are 50c. That's tight. I aim for perfect entries and then the market moves away. If I'm wrong I can attack it again later, and the odds are in my favour when I do get in anyway, so I only give away $30 from my account trading $5 bids at the most. Better tan $1500 or even $750? It's called money management. The less I put on the bigger the staop can be, but to use such large gaaps in my opinion is as good as not using a stop at all.
Quoting XTrade
{quote} It really depends on how and what /why you trade. Your lot size. LEverage. Risk Reward. Entry usually will come to you once you look so that's last - if you want to put on stops like thodie is saying where you are expecting a break, yeah that's tight. It can be done, but you need some kind of system on how to place it. Using support and resistance, looking for a bottom to enter, then risking a TEN usd move to make 20 is a decent setup but, it should be on daily fill or Kill"

Shall explore $2 stop loss on demo.

Currently Gold broke last week high, let see if we can have a day candle close above this level today.
Silver is not following suit, still lagging behind and unable to break the high.
The true fact is market doesn't care, risk mgt is important.
  • #32,037
  • Jan 23, 2014 9:05am Jan 23, 2014 9:05am
Quoting whichBanker
Now they're denying the Indian rumour to remove gold import restriction, that means it's probably true. poor indians got screwed so hard by their gov that they have to smuggle gold. well who doesn't, just one way or another



Why is denying means its probably true?
The true fact is market doesn't care, risk mgt is important.
  • #32,038
  • Jan 23, 2014 9:06am Jan 23, 2014 9:06am
most of US data came out crap (apart from the well adjusted and useless unemployment figure)
good for gold.
Now at trend line resistence, if you really want to short, short it now with tight stop.
those shorting from 1240 would be bleeding/cursing hard now...

ps. had another thought, momentum is really strong so pls don't take my advice to short as it's very high risk.
It's not easy to sell at the top and buy at the bottom at first try. I lost a lot of money trying this in the past already.
  • #32,039
  • Jan 23, 2014 9:07am Jan 23, 2014 9:07am
Quoting Ssm
{quote} Why is denying means its probably true?
that's how gov works
  • #32,040
  • Jan 23, 2014 9:07am Jan 23, 2014 9:07am
Quoting XTrade
{quote} Nice 25 USD swing. All you need is some tech levels that are in play and a release or two - like today.

well we are all human being, sometimes we on track sometimes we are out.

Have to be well understood how the market moves and what will impact the market.
Gold is my pleasure.
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