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

  • #681
  • Jun 29, 2010 7:32am Jun 29, 2010 7:32am
this is what I'm talking about, the volatility of the gold makes stops look like magnets

the market just went down about 1000 pips and then up around 400
  • #682
  • Jun 29, 2010 7:34am Jun 29, 2010 7:34am
Well, that's that. The downward spike stopped me out for a huge loss (to a poor boy like me) that is about 4 weeks of work wiped out in 48 hours.

I truly suck sometimes.
  • #683
  • Jun 29, 2010 7:37am Jun 29, 2010 7:37am
Lower prices seem to be rejected as of now. Looking up possible several dollar breakout and back to higher range.

Proceed with caution.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #684
  • Jun 29, 2010 7:40am Jun 29, 2010 7:40am
Quoting 17121712
Well, that's that. The downward spike stopped me out for a huge loss (to a poor boy like me) that is about 4 weeks of work wiped out in 48 hours.

I truly suck sometimes.

this is exactly what I was talking about. Tight stops with this volatility is asking to be stopped.
  • #685
  • Jun 29, 2010 7:41am Jun 29, 2010 7:41am
This is the most volatile time NY / LDN cross session.

Price spikes will happen.

Stops should be below the last volatile spike. If that makes too wide a stop then don't enter and wait for a better price.

Look back on the H1 and you will see the same sort of spikes
Quoting 17121712
Well, that's that. The downward spike stopped me out for a huge loss (to a poor boy like me) that is about 4 weeks of work wiped out in 48 hours.

I truly suck sometimes.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #686
  • Jun 29, 2010 7:42am Jun 29, 2010 7:42am
Also match stops with firm supports - In this case a safe bet would be a stop below 1225 support.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #687
  • Jun 29, 2010 7:45am Jun 29, 2010 7:45am
you think we might go near 1250 Xtrade? Or would you lock in the profits at around 1240?
  • #688
  • Jun 29, 2010 7:54am Jun 29, 2010 7:54am
I actually had a massive stop at where the price stopped in that spike hence my large losses.

I'm forgetting it for the day, my mindset is not right. There's always an opportunity around the corner. I'll go back to grinding when teh next setup forms. Good luck with the rest of the sesh guys.
  • #689
  • Jun 29, 2010 8:08am Jun 29, 2010 8:08am
Sorry to hear that.
What was your entry? These days even if the entry is at a key area sometimes a $10 or 1000 pip stop is only moderate. This is when I like to look for better

The price just moved about 800 pips in a few minutes.



Quoting 17121712
I actually had a massive stop at where the price stopped in that spike hence my large losses.

I'm forgetting it for the day, my mindset is not right. There's always an opportunity around the corner. I'll go back to grinding when teh next setup forms. Good luck with the rest of the sesh guys.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #690
  • Jun 29, 2010 8:10am Jun 29, 2010 8:10am
If what I am looking at pans out it will break 1260 . NOT today.

If we reach 1240 or 1247 either of those are potential - Depends on your trade and your desired profit and risk assumed for th trade.

Today is tough. Commodities are getting hit... Actually I am looking for the price to range here

Quoting Aneurysm
you think we might go near 1250 Xtrade? Or would you lock in the profits at around 1240?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #691
  • Jun 29, 2010 8:25am Jun 29, 2010 8:25am
my entry was 40, stop was 31. The spike down just caught it. I rally from here, which now looks like a reasonable possibility will really burn. It's these really volatile days that are the problem. I usually do just fine with a 5 point stop. Drawing board time to weed out these awful blunders.
  • #692
  • Jun 29, 2010 8:52am Jun 29, 2010 8:52am
At least consider that I know what I am doing, and that this is a new trend, and its down. Not a matter of who is right and who is wrong. Its all about being profitable.

I think its going to 950. At least. The complete lack of interest by the majors in my companies that have proved up 1.5 million ounces of product spoke volumes. As did the runup and distribution of GOLD itself with huge high volume. Classic distribution.

Of course the favourite tactic is the media reporting all kinds of negative news and bullishness towards bullion.

I hope I am wrong, I have millions of shares in various juniors, and a much smaller stake in futures trading. But I don't think I am wrong.
  • #693
  • Jun 29, 2010 8:54am Jun 29, 2010 8:54am
I hope you guys with longs survived that spike
  • #694
  • Jun 29, 2010 9:00am Jun 29, 2010 9:00am
Markets getting hit!

I just got stopped out on some longs - Luckily hedged with a short. (Still at a loss)

Dow down close to 200 points I think (listening to news)

Oil down,

Risk aversion is the trade right now....

Let's see where we end up. Things are screwed up today and I recommend not trading right now unless in a trade.

Buyers need to follow through here with orders - otherwise we are vulnerable to further correction....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #695
  • Jun 29, 2010 9:03am Jun 29, 2010 9:03am
Every blog and paid analyst that carries an Elliott Wave bias, was waiting for a correction UP before getting hammered.

U had to know that THEY, the outsiders, were not going to get what they were looking for.
  • #696
  • Jun 29, 2010 9:06am Jun 29, 2010 9:06am
Quoting steroidman
Every blog and paid analyst that carries an Elliott Wave bias, was waiting for a correction UP before getting hammered.

U had to know that THEY, the outsiders, were not going to get what they were looking for.
please explain?
  • #697
  • Jun 29, 2010 9:13am Jun 29, 2010 9:13am
Quoting XTrade
Auther you writing down those rules bro?

Also what broker do you use? Wondering what amount 10.00 means in lot size?
THX
Yup... New Rules Even if you lose a battle never lose the lesson

I use easy-forex as my broker,

10.00 is 10 ounces
In other words, i make 10 $ for every 1 $ movement of the price

That spike dint take me out.. My current SL is around 1226, hope it stays above it this time

In the last trade i had placed SL at 1262.10 and it took it out... My biggest loss ever. roughly 265 $
  • #698
  • Edited 9:25am Jun 29, 2010 9:23am | Edited 9:25am
You can "think" all you want.
Opinions are LETHAL in TRADING> THey are like a$$**** everyone has one Get Over the damn juniors and buy some Top Tier if you want a stock play on Gold.

Don't you know what a correction is! The markets across the board are getting hit today on risk aversion and you come in here claiming to be a genius because gold comes off a record high?

Post a valid reason of your bull$hit or take it elsewhere.
HOW BOUT THIS LONG AGAIN and UP 500 pips (1228) and I'll close it (1233) and do the same again and again.
Elliot Wave analysis does not work for Gold. Many laugh at it, especially on days like this.
Why didn't you post a BUY signal AT 1050 as I did? Because you were still shorting gold $200 later.

We are not even close to the daily TL.

NO ONE CARES - Explain yourself in detail or STOP WASTING OUR TIME
Until we hit breach and HOLD multiple supports we are not in a new trend. Stop chiming in here with your crap



Quoting steroidman
At least consider that I know what I am doing, and that this is a new trend, and its down....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #699
  • Jun 29, 2010 9:30am Jun 29, 2010 9:30am
No - If you act and speak like a normal person perhaps this will change.

Second warning.

Three and your are getting a vacation to think...

Quoting steroidman
At least consider that I know what I am doing, and that this is a new trend, and its down. Not a matter of who is right and who is wrong. Its all about being profitable.

I hope I am wrong, I have millions of shares in various juniors, and a much smaller stake in futures trading. But I don't [b]think /B] I am wrong.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #700
  • Jun 29, 2010 9:31am Jun 29, 2010 9:31am
Uhh, I was not shorting gold at 1050. You are a cool guy, you know that was a little presumptious on your part.

I have been shorting gold in these upper regions. And looking for the intermediate top.

Today, by the way is 9/11 day if you understand geomatria, another good reason to look for short opportunities before it occurs. June is 6, 2010 is 3. Together they add up to 9. The 29th, is 11. Its 9/11 day. The men that rule, love to show off.
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