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

Look, I am more than a fair person.
We are in here discussing in REAL TIME what is going on in the market entries exits. News ETC.
Then You keep posting about your supposed (millions of shares) what someone else said on a blog. BLah Blah Blah, Whatever the case is. Without ANY link - Chart - Reasoning - and you expect people to pay attention.
Now I will tell you again.
It is Disruptive.
Simply saying that the trend is up and now it "should" go down becuase you "think" so is not a valid reason.

IF any one is interested in what caused all this volatility -

GO to the NEWS board on Forex Factory.

There was a release

USD
S&P/CS Composite-20 HPI y/y --- I apologize for not mentioning this but it seems most are technical in here. Thus I stress the importance of reading these releases.

Positive for the dollar. Also Copper and OIL are getting hit today.

Silver is a bit slumpy looking to.

Before you ban me. Here are two tidbits, that can perhaps explain my eccentric predictions.

First of all the greatest trader in Canada taught me and one other guy. This is the other guy. http://www.usfunds.com/our-funds/

Unlike the "other guy" I am totally beholden to our teacher and guru. Who taught us two things that I have never, ever seen in a book except for one series of three written by a man whose books were on the NEW YORKTIMES bestsellers list for months. Then suddenly they went out of print, and the fellow continued on and suffered greatly for speaking the truth.

Before I get into any techniques. Here is something to read on the books that I was told to read before I would understand anything.

http://www.traderstatus.com/RichardNey.htm

Trust me, you don't want to ban me just yet. I take a while to trust people. That is all.

Looking for a potential breakout here.

Supports not breaking so far

upside or downside ?

Unless 1227 (old record high) goes and is closed below on any chart above m10,

I am maintaining my cup and handle pattern trade.

This has been an abnormally wild morning and in essence this is positive to see GOLD holding up this well amidst all the selloffs.

Preferred range. 1231 thru 1241 I am looking to see the price begin to edge up with lower lows.

If the pattern maintains (it is ugly though LOL) we may not see the breakout today.

Be patient. and protect your funds.

Buy low sell high!

Up. The price is settling down. We are clear for news for the rest of the session (at least on the Economic calendar)

Europe and London really Fvk-ed us up here today.

1230 looks strong after multiple attempts, look at all the wicks on the candles on M30 and no close below 1230.

Once they sign off we should be clear for gradual increases leading to breakout.

Use your discretion, nothing is set in stone - especially these dayS!!!!

Closing rate : 1237.25
Deal opening date: 29-06-2010 07:34
Profit: 25.00 USD

Will look for a lower price to go long
Xtrade : Do you have any open positions. Are you looking for an entry point???

BACK TO 1241!!!

Something to keep in mind - Mnth end and Quarter end is coming so profits are being booked continually by fund managers and the bigger investors.

THis looks GREAT though. LOOK AT THE H$ CANDLE!@!!!

GOLD IS C O O K I N G!!!!!!

After damn EU and LDN sign off with their manipulating and RED ARROWS!
HAHA!!!

H4 is a 1500 pip candle!

I am in line with my pattern here and:

WHAT WE IDEALLY want is a Retest to 1260 area,

Then a slight correction perhaps to 1255 area forming the handle.
THIS will be the area to add or enter if not in yet.

Lastly after the handle is formed we will look to New HIGHS
in the 1275 - 1300 first test area.

I have 3 longs from 1237/8 may take some profit here and add again

in what TF is the cup-and-handle most evident.

are the edges of the cup the 22nd and 29th highs at 1264+?

It is not as perfect as the example I posted earlier but so far is Holding True!

I see it now. Still waiting to form the R side of the cup then the handle forms.

Thanks. Learnt something.

unbelievable, this was by far the most remarking day in my trading history thus far.


I was losing heavily and $500 away of getting a margin call with that spike down because I made a terrible blunder calculating the safety margin, but it rebounded at the limit and I just closed my last position for huge profit.

I'm going to call it a day because I've had too much emotion for a whole month, I don't even want to know if it sets a new high today.

if anyone's interest my trades are attached, stops were all below 1225

Ideally one would want it to be a bit more round on the bottom area. It is the Hourly chart I am using.

However, this doesn't mean that it will not hold.

Obviously there are no guarantees - You can look it up in the link I sent

Great!

Here is another example of a Cup and Handle pattern

a bit more crude looking

http://stockcharts.com/help/data/med...handle-emc.png

This Price action is comical! I don't remember the last time I saw it like this!

1 tick up 1 tick down!

Again awesome continuous posts from everyone here, expecially XTrade with whom I have the greatest respect for your posts. I wish I was knowledgeable enough to post regularly here and join you guys. I am disturbed by Steriodmans present posts as I am heavily long and he really put me crook when I first started reading this thread. I was heavily short and was trying to work out who to trust and I guess my phycology wanted to desperately believe that Steriodman (having indicated he was a shareholder in a major silver company and I thought he must really know the metals), may be right that gold was about to crash big time. I held onto my shorts based on this and the markets just rose and rose. I took my biggest all time loss. I was the fool for believing in someone who did not back up any of his ideas with charts or fundamentals. I blame myself. My question today is: With the huge sell off in equities, I notice the currencies hardly moved and held their ground and therefore gold also didn't make it's move (in my opinion). Based on the fact the gpb, euro etc are holding their ground, is this a concern for our impending move north on gold perhaps.