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

Yes it seems a small Head and Shoulder will be formed on intraday levels
Quoting whatfx
he he, my longs are doing very well

i posted here 'buy buy buy' people. everyone was shocked. as trend was still down. then i got stick from people because their charts were showing further decline. how dare i say 'buy'.

oh well, my gain. over 30 pips up now, good money made (£100 per point). dont care if market comes down now. trades are safe.
Actually, you posted your ridiculous claim to
Quote
"buy gold. buy buy buy buy !!
 at 8:58am EST on the 19th when gold was at $1608, made a $2 gain, then fell over the next 36 hours to $1,555. Assuming you followed your own advice you lost a lot of money, yet at 7:41am EST on the 21st which was the next time we heard from you, you said
Quote
"well, my longs have fruitified, at least for now."
 when gold was at $1578; and you never explained how you could have been in profit from your previously stated entry for a long position which had clearly suffered significant losses.

Now you're talking about a 30 pip gain so you're obviously talking about silver, and it would take three Comex silver futures contracts to make £100 per pip/point, (a far riskier trade from the technicals than gold as I read them) the margin requirement for which is $56,700 and since Reg T limits margin loans to 50% that's $28,350 for that trade, and from your previous post an hour-and-a-half after your profits had "fruitified"
Quote
"well, my charts are showing sell mode again. we could see another dip coming. still holding longs, if it dips then better position to enter more longs.... "
 if you're holding and adding onto five-figure positions you're either incredibly foolish, playing with a demo account, or you're not being entirely truthful about your trades. The first two possibilities are your own concern; the last, however, doesn't benefit anyone, so please stop if that's the case.

...

Lately there have been a lot of people not following the rules of this thread so though I am using your posts as an example I hope everyone will please remember to substantiate your calls with sensible charts or well reasoned fundamental explanations so that we can all benefit from our shared knowledge and together make more profitable trades.
that small head and shoulder has the price now from 29.21 to 29.01!!!!!!!!!!!!!!!!!
Silver now preparing a bigger head and shoulder pattern ?
Seems like !
With Expiry in US today !
Fireworks ?
Quoting Max Makhija
Silver now preparing a bigger head and shoulder pattern ?
Seems like !
With Expiry in US today !
Fireworks ?

this expire will hapen on certain time or can be any time in day. please provide a little details as i dont have any ideas about futures and options.
Gold Silver Oil
Well I am in India,our expiry is on 5th March.
US, I have no idea but it should happen when market closes for the day ! ( But please check with knowledgable people)

Quoting syedhsg
this expire will hapen on certain time or can be any time in day. please provide a little details as i dont have any ideas about futures and options.
Gold Chart, I do not like the way it is going, this will prepare silver also for a fall, i dont know how Italian exit poll will effect though
Quoting Max Makhija
Silver now preparing a bigger head and shoulder pattern ?
Seems like !
With Expiry in US today !
Fireworks ?
You've now made four references to a head-and-shoulders pattern forming in silver. On what time scale are you looking?

The daily silver chart? (left) The hourly silver chart? (right)

Attached Image (click to enlarge)
Click to Enlarge Name: silver head-and-shoulders.jpg Size: 218 KB


Please post a chart so we can see what you're talking about because I only see patterns that have already formed.
Dear Friend,
I only watch 1 Minute intraday, Indian Chart pattern as I am a intraday trader and i have been passoinate about learning more and more of any kind of technical or fundamental studies.... I saw the chart on Silver doctors.com and felt that this is what is being developed, my intraday chart in silver in Indian rupees, will confuse you as Rupee started weak and ended up strong from 54.27 to 53.87 and a 1 rupee move makes a diffrence of around 1800 rupees ...
It is much more complex than trading a silver in dollars, as we are walking on knives all the times, one announcement by Indian government or any other big event sends shivers that affect the prices....anyhow....

Regards

Quoting KADC
You've now made four references to a head-and-shoulders pattern forming in silver. On what time scale are you looking?

The daily silver chart? (left) The hourly silver chart? (right)

Attachment 1142187

Please post a chart so we can see what you're talking about because I only see patterns that have already formed.
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Thanks the Hourly chart is inverted head and shoulder and the daily is the head and shoulder, thanks that chages my view point.
It makes my study today redundant but I feel that there will be no buyer on the last day of US Silver Current month expiry.
regards

Quoting KADC
You've now made four references to a head-and-shoulders pattern forming in silver. On what time scale are you looking?

The daily silver chart? (left) The hourly silver chart? (right)

Attachment 1142187

Please post a chart so we can see what you're talking about because I only see patterns that have already formed.
The Head and shoulder, i was talking about was based on Indian rupee 1 minute chart please note, Kindly note i will be more careful and putting things on the blog as I realise it has to be only on US Dollars base.Wont happen next time. SORRY GUYS
Quoting Max Makhija
The Head and shoulder, i was talking about was based on Indian rupee 1 minute chart please note, Kindly note i will be more careful and putting things on the blog as I realise it has to be only on US Dollars base.Wont happen next time. SORRY GUYS
A non-US currency viewpoint is always welcome as it provides an alternate look at what's happening; however, it would really only be useful on longer time frames.
I only work on 1 Minute, anyhow thanks for the input, I will keep long term posts

Quoting KADC
A non-US currency viewpoint is always welcome as it provides an alternate look at what's happening; however, it would really only be useful on longer time frames.
Gold formed a Double top pattern a few hours ago and came down , now it formed a Double Dip pattern and going up..what will normally happen in US expiry date ??
Quoting powermatrix
Gold formed a Double top pattern a few hours ago and came down , now it formed a Double Dip pattern and going up..what will normally happen in US expiry date ??
It depends. Currently there are more outstanding shorts than long positions which would imply a fall, but unless there is follow-through (i.e. contract expiry acts as a catalyst) the action is usually over shortly after early market trading for non-24 hour issues starts (4am EST). Also, the February contract is not heavily traded so it's impact should be similarly minimal.
Any ideas what the reaction to Fed's Bernanke testimony might be ?
Patience is magic
Silver contract in India closed.
My Observations:
1. There are too many shorts in Us Market and they are obviously buying albeit slowly and steadily least the price shoots up.
2. The Indian Intraday 1 Minute closed making a head and shoulder formation and just on the neckline and i expect it to open 300 rupees lower in $ terms around 25 cents.
3. Indian stock market had some stocks fall 68% today and many midcaps fell 20 to 25 % this is going to lead the Indian markets lower and make the rupee weaker as it is the Dollar is strong but the weaker Euro helps Indian rupee weaken, so if there is a weakness than the above 25 cents will be lost in terms of the Indian market.
Best of luck, Signning of for the day.
Regards
Max
Quoting Muntu
Any ideas what the reaction to Fed's Bernanke testimony might be ?
I don't believe King, Draghi, or Bernanke are expected to say anything that should seriously impact gold, but that doesn't mean gold and currencies won't spike both ways based on out-of-context phrases the auto-trading software picks up from their speeches. Of course, while virtually every currency pair made HUGE moves today, gold and silver barely moved, proving that the central banks have not yet released their vice-like grip on on the metals so it's far more likely that nothing will happen.

Also, it has become almost a certainty lately that currencies will move opposite whatever should happen based on their own domestic economic data releases followed by a reversal 15 minutes later, and though gold and silver have become unhinged from currency pairs, I'd apply that same awareness to the metals and recommend not trading during red-flag economic data and to ignore any sudden moves that don't coincide with your own technical analysis, potentially treating wrong-way moves as entry or exit points.
Nice insight KADC and others. I am a quantitative trader and find your views and info remarkable.

As i mentioned i would be back when XAU sets up with one of my setups.. a retracement after a big move.. 11 days with lower daily pivots now finally a break in trend, notice target is 38.2 fib level.
Attached Image (click to enlarge)
Click to Enlarge Name: 25-.2.2013 - XAUUSD H4.GIF Size: 69 KB
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