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

Quoting XTrade
Here is the triangle follow up on h4

Break candle- test candle - breakout

added first chart so you don't need to find the post.

Almost perfect breakout, pullback, continuation setup from the 4hr wedge, with the underlying market momentum. I'm still holding my position from 1453.

New highs soon maybe.
Quoting blue_z_zz
if we stand over 1460 in euro session we might have a pop to tests the highs 1475 during US session

will it have the momentum to stand it gounds or will it reverse
Attached Image (click to enlarge)
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Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
EUR/USD
Hey Goose,
I picked up fractals from a gent I met who used to trade in the COMEX cotton pit and now day trades sugar.

There main reason is to predict reversals in price action.
SO, the higher the time frame the lesser amount of fractals and the bigger the reversal.

There is one instance of use which can be confusing (in terms of buy and sell, where the buy actually can be a sell indicator and vice versa - it's confusing but at first but you can read about them further here. Plus, there are many other applications. I will list some other uses.
http://forex-indicators.net/bill-williams/fractals

They were made by Bill Williams who I think is great and made the "alligator" also, so they can be used in conjunction with it.

Other uses.

If you take a look at my charts you'll see that the fractals line up very well with some of the support and resistance levels as well as trend and channel lines. So the help to distinguish PA, line placement, and strength or weakness of a particular area.

I also use them for stop placement. ie: if I take a GBP/USD long where the PA is sloppy at the bottom but you want to be safe for entry, if 3 aggressive or 4 safe have been made in one area, it is pretty well established that the price will not break that zone in the immediate future. ANd keep in mind the fractal is always several pips away from the actual price.

I use support and resistance as one of my primary and one of the most simple tools to trade gold technically as well as for targets. Adding fractals enforces what I have already laid out.



Quoting LasVahGoose
That's funny, I thought the same thing, until I noticed the 5 minute chart! haha!

How are you using the Fractals, if you don't mind me asking?
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Silver up close to 3%, Gold more than 1%..
What a rally it has been in the NY session.. Dollar is such a trash.. Shows signs of recovery 1 day and then again continues its downwards journey..
Anybody short here..?
According to the XTrade's method (connecting highest weekly closings)
i obtained next target above 1475: 1488
& 1516 - connecting highs...
Looks like buying awareness is just taking a boost!!!

GOD BLESSED ME!!! I'm finally in this Ag long!!!!!!!!

Weekly bars show great opportunities for longs !!
The Trade should always be placed in the direction of the trend. Which is up in this case so anyone who took it should be happy with the results.

Another way to trade this if you really were unsure or wanted to be safe would
be to place buy and sell orders outside the triangle, you know it is going to break out so you want to get picked up.

See the Green and Purple Xs I've added to the chart for an estimate of where I would have placed the orders.

I was already long as the trainge was forming so did not feel the need to enter again.
Attached Image (click to enlarge)
Click to Enlarge Name: gold_4_14_11_traingle_follow up_h1.GIF Size: 41 KB
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Beeb & Six, I tried pulling a fork on the chart for fun, how does it look?

Blow it up it's in dark blue. seems to be in line with S/R levels.
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Quoting fawaol
According to the XTrade's method (connecting highest weekly closings)
i obtained next target above 1475: 1488
& 1516 - connecting highs...
Looks like buying awareness is just taking a boost!!!

GOD BLESSED ME!!! I'm finally in this Ag long!!!!!!!!

Weekly bars show great opportunities for longs !!
I am waiting for XAU to be less than 1465 to long. Dont want to be on board so soon.
XTrade - looks good - remember that all you are trying to do is find something in harmony with the price which will then give you areas of support and resistance. What you then do with them is the interesting part....

In general terms you are looking to place your A at a significant swing high or low and your B and C points at the next alternative low and high (or vice-versa).....But it's not a perfect science as there is some art involved too....

For your interest here's the 20 min GC I'm currently trading - I think you can see my entry.....the fork is a modified schiff with the A at the NFP spike low.

http://www.screencast.com/t/htv3tLFtB3fb

beeb
Quoting fawaol
According to the XTrade's method (connecting highest weekly closings)
i obtained next target above 1475: 1488
& 1516 - connecting highs...
Looks like buying awareness is just taking a boost!!!

GOD BLESSED ME!!! I'm finally in this Ag long!!!!!!!!

Weekly bars show great opportunities for longs !!

So every time you missed a trade was that god's fault too?

Seriously chum, rely on yourself alone - you get it right or you get it wrong. If you can't do that, if there is always another reason for why things went wrong then you're in the wrong game........

beeb
Quoting beeb
So every time you missed a trade was that god's fault too?

Seriously chum, rely on yourself alone - you get it right or you get it wrong. If you can't do that, if there is always another reason for why things went wrong then you're in the wrong game........

beeb
Of course, i understand what you're talking about...
That was just a joke about god bless...

Nothing personal

PS I think we may see a new highs for gold and silver while asian session no matter what god think about that.
Quoting fawaol
Of course, i understand what you're talking about...
That was just a joke about god bless...

Nothing personal

PS I think we may see a new highs for gold and silver while asian session no matter what god think about that.

Excellent - I'm glad we got that clear

I'm seeing gold at resistance at the moment viz the chart I posted earlier. However the possibility of a new high and a retracement is not a new concept.....

beeb
Deleted last postas My account number was showing on the upload,
How is this trade going for you?

No backup, no chart, no reason, wild punt.

There should be some correction after this massive daily move yet
, poor entry.

The trend is UP, you will make far more money buying dips and holding than shorting "tops" which I guess was supposed to be 41.62 otherwise this level is completely meaningless.



Quoting forexcompoun
Hi all,
sell silver @ 41.62 for today.
Happy trading!
Meshach.
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GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Here's my TA for the current Breakout.



Xtrade : sending you a PM
Attached Image
File Type: bmp Perfect Breakout Setup.bmp   520 KB | 79 downloads
Quoting XTrade
The Trade should always be placed in the direction of the trend. Which is up in this case so anyone who took it should be happy with the results.

Another way to trade this if you really were unsure or wanted to be safe would
be to place buy and sell orders outside the triangle, you know it is going to break out so you want to get picked up.

See the Green and Purple Xs I've added to the chart for an estimate of where I would have placed the orders.

I was already long as the trainge was forming so did not feel the need to enter again.
Hi XTrade

beeb has given the thumbs up on your fork.

TBH I can't see the fork too well with the black background.
I have posted my 5min fork for today.

Price was held tightly within the up trending fork, indeed price never slipped from the upper half of the fork.

Hmmm...
Last night I suggested that silver had given back the $2 it was supposed to and was now going to continue on its way.

I looks like the biggest ever rise in price in one day.

The pull back was partly we had gone through a big round number but mainly price had accelerated too hard and had to be brought back on track.

Each time silver goes too fast the market pulls it back.

With today's effort it looks like it has gone off course again!

I would expect price to drift out the right side of this fork and I will have to draw another fork in.
The direction of that fork will indicate the trend.
Attached Image (click to enlarge)
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Perfect, it was, "just a little patience mm, mmm, yeah" Axl Rose - of Guns N' Roses!

Quoting Dolph
Almost perfect breakout, pullback, continuation setup from the 4hr wedge, with the underlying market momentum. I'm still holding my position from 1453.

New highs soon maybe.
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Gotcha, it's very similar to drawing channels,
I just tried one out before on those particular levels.

What I'd like to see and will try is a Daily fork and an H4 & hourly fork from a bit further back in the chart. I think the incline on the one I drew may be a bit too steep? Definitely a good tool plus a bit less drawing if the PA allows for the fork.

Let me take a look at your link. Do you hold positions overnight? I think speculating FX paper "Gold" (basically spread betting on spot) has some advantages and some disadvantages to trading the GC (non-mini) future.

I always find it interesting to take a peek into the contracts less traded, say for 6 months from now. Sometimes I think we can catch potential spot targets by looking at the longer term futures.

Quoting beeb
XTrade - looks good - remember that all you are trying to do is find something in harmony with the price which will then give you areas of support and resistance. What you then do with them is the interesting part....

In general terms you are looking to place your A at a significant swing high or low and your B and C points at the next alternative low and high (or vice-versa).....But it's not a perfect science as there is some art involved too....

For your interest here's the 20 min GC I'm currently trading - I think you can see my entry.....the...
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Simple - see my second PM
Quoting Dolph
Here's my TA for the current Breakout.



Xtrade : sending you a PM
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Quoting XTrade
Perfect, it was, "just a little patience mm, mmm, yeah" Axl Rose - of Guns N' Roses!


My target is 1484.

Check Your messages Xtrade!
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