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

  • #1,461
  • Oct 11, 2010 7:21am Oct 11, 2010 7:21am
Quoting SilverKnight
Thanks for the well intentioned advice Mike,

I do know what I'm doing though . Indicators are only a tool, they tell you what they are suppose to tell you, it is up to you to interpret the data properly. Thus far, the way I use my 21-period RSI has work very well for me, about 75%-80% hit rate when trading based on my interpretation of the RSI data alone. If indicators haven't worked for you, it doesn't mean they wont serve someone else's purpose.

Just IMHO,

Gold is in for a sizeable retracement fundamentally so, I look for reasons to go...
Silverknight. I'm in total agreement with you. Although the trend of Gold has been going up since 2000 but knowing the fact it's reached a new top 1364, it will probably decrease to 1320ish area before reaching 1375 or even 1400.

Best of luck to us all.
  • #1,462
  • Oct 11, 2010 7:40am Oct 11, 2010 7:40am
short 1342.15 .... 1320 target
Hero calls followed by margin calls...
  • #1,463
  • Oct 11, 2010 9:20am Oct 11, 2010 9:20am
Quoting PhAnTi'
short 1342.15 .... 1320 target
Man. My entry was closed when it hit $1350 with 220pips. I entered short from asia session at $1353. I thought it would go lower today. Hmmm.. The market on Gold is rather resilient.
  • #1,464
  • Oct 11, 2010 9:22am Oct 11, 2010 9:22am
Quoting jacob_ice
Man. My entry was closed when it hit $1350 with 220pips. I entered short from asia session at $1353. I thought it would go lower today. Hmmm.. The market on Gold is rather resilient.
sl hit....shit day today : P

I'm out for today
Hero calls followed by margin calls...
  • #1,465
  • Oct 11, 2010 9:33am Oct 11, 2010 9:33am
Quoting jacob_ice
Man. My entry was closed when it hit $1350 with 220pips. I entered short from asia session at $1353. I thought it would go lower today. Hmmm.. The market on Gold is rather resilient.
It is Columbus Day in the US so it's going to be choppy. Try not to get cut up .

-SilverKnight
  • #1,466
  • Oct 11, 2010 9:37am Oct 11, 2010 9:37am
Quoting PhAnTi'
sl hit....shit day today : P

I'm out for today
Sorry to hear that buddy. I thought for sure it was going to breach down 1340 then downhill from there. I went to the kitchen to prepare breakfast, then boom - it was a shoot up arrow to 1350. Unbelievable!
  • #1,467
  • Oct 11, 2010 9:39am Oct 11, 2010 9:39am
Quoting SilverKnight
It is Columbus Day in the US so it's going to be choppy. Try not to get cut up .

-SilverKnight
That was the very reason I thought USD was weakening and XAU would certain rise respectively. Where did all these buyers come from all of a sudden? What was your entry position?
  • #1,468
  • Oct 11, 2010 9:53am Oct 11, 2010 9:53am
Quoting jacob_ice
That was the very reason I thought USD was weakening and XAU would certain rise respectively. Where did all these buyers come from all of a sudden? What was your entry position?
I entered short on Friday at $1344.00, I've got a much larger stop loss and have my target all the way down at $1304.00.

The buyers stepped in right when equities opened... stock markets opened up on the day at first and that caused the dollar to drop momentarily.

-SilverKnight
  • #1,469
  • Oct 11, 2010 9:56am Oct 11, 2010 9:56am
Quoting SilverKnight
I entered short on Friday at $1344.00, I've got a much larger stop loss and have my target all the way down at $1304.00.

The buyers stepped in right when equities opened... stock markets opened up on the day at first and that caused the dollar to drop momentarily.

-SilverKnight
hmm i'm long for 1359.00 target....
Hero calls followed by margin calls...
  • #1,470
  • Oct 11, 2010 9:57am Oct 11, 2010 9:57am
Quoting PhAnTi'
hmm i'm long for 1359.00 target....
At what price?

-SilverKnight
  • #1,471
  • Oct 11, 2010 10:03am Oct 11, 2010 10:03am
Quoting SilverKnight
I entered short on Friday at $1344.00, I've got a much larger stop loss and have my target all the way down at $1304.00.

The buyers stepped in right when equities opened... stock markets opened up on the day at first and that caused the dollar to drop momentarily.

-SilverKnight
My perception on today's market in USA would more than likely hover between 1340 - 1350. Its been gliding in such range since US opened. I see no reason Not to make quick profits playing 'short term' until a trend is fully developed. I intend to go short again at 1348 -- target 1342.
  • #1,472
  • Oct 11, 2010 10:11am Oct 11, 2010 10:11am
Quoting SilverKnight
At what price?

-SilverKnight
1351

best regards Phanti
Hero calls followed by margin calls...
  • #1,473
  • Oct 11, 2010 10:12am Oct 11, 2010 10:12am
Quoting PhAnTi'
1351

best regards Phanti
trainling stop of course (140)
Hero calls followed by margin calls...
  • #1,474
  • Oct 11, 2010 11:14am Oct 11, 2010 11:14am
Boy... over the last week of trading days, I've seen the biggest daily ranges that we have had in a long time... and today's volatility has all been with fairly low volume. The distribution phase needs to be exhausted before a mark down can begin, so we may see more of this.

-SilverKnight
  • #1,475
  • Oct 11, 2010 10:18pm Oct 11, 2010 10:18pm
What's next this week with gold folks?
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,476
  • Oct 12, 2010 5:38am Oct 12, 2010 5:38am
Quoting Bootleger
What's next this week with gold folks?
Well for this week... I'm looking for a drop to $1,300.00

After that, depending on which direction the market wants to go, either $1,260.00 for more shorts or $1,360.00 for continuation longs.

-SilverKnight
  • #1,477
  • Oct 12, 2010 6:54am Oct 12, 2010 6:54am
Quoting SilverKnight
Well for this week... I'm looking for a drop to $1,300.00

After that, depending on which direction the market wants to go, either $1,260.00 for more shorts or $1,360.00 for continuation longs.

-SilverKnight
Wow. My short trading position was closed at Asian London session at 1342 from 1348. Not bad at all. Are we convinced Gold is declining to the 1320ish area at least before re-bouncing back up?
  • #1,478
  • Oct 12, 2010 7:31am Oct 12, 2010 7:31am
Quoting jacob_ice
Wow. My short trading position was closed at Asian London session at 1342 from 1348. Not bad at all. Are we convinced Gold is declining to the 1320ish area at least before re-bouncing back up?
Well... I don't know about anyone else... but I am!

... Cheers!

-SilverKnight
  • #1,479
  • Oct 12, 2010 7:36am Oct 12, 2010 7:36am
IMO... 1,348.00 would be a great place to enter, to short down to the sub $1,320s. Price is currently retesting the hourly 50-SMA from below.

Ooops as I'm writting this it just dropped $2... heh...

-SilverKnight
  • #1,480
  • Oct 12, 2010 7:38am Oct 12, 2010 7:38am
Looks like the DOW is setting up for a drop today. DOW futures -45.
Which usually means $ strength.

-SilverKnight
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