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

  • #3,661
  • Mar 16, 2011 9:34pm Mar 16, 2011 9:34pm
Quoting Pratik
Dats not my stop..
actually m long on gold from 1403 levels.. 20 ounce deal..
so currently its USD 300 loss...
Any chance of recovery today...?
Its an unstable market right now, USDJPY might shoot down again if there is no intervention from the BOJ. Quite frankly they are more likely to intervene when tokyo has closed than before. There is an emergency G7 teleconference scheduled for today so gold might react violently.

Im a gold buyer at these levels but im not taking much profit as you can see from the chart. Gold should be in very high demand soon though if that nuclear plant explodes...
  • #3,662
  • Mar 16, 2011 9:35pm Mar 16, 2011 9:35pm
Quoting Pratik
Dats not my stop..
actually m long on gold from 1403 levels.. 20 ounce deal..
so currently its USD 300 loss...
Any chance of recovery today...?
Let me consult my market Guru... He says maybe.


.
Attached Image
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #3,663
  • Mar 16, 2011 9:38pm Mar 16, 2011 9:38pm
Quoting Orbital
Its an unstable market right now, USDJPY might shoot down again if there is no intervention from the BOJ. Quite frankly they are more likely to intervene when tokyo has closed than before. There is an emergency G7 teleconference scheduled for today so gold might react violently.

Im a gold buyer at these levels but im not taking much profit as you can see from the chart. Gold should be in very high demand soon though if that nuclear plant explodes...

At wat tym is d conference scheduled... ( GMT )
N acc to u,, wat do u personally feel abt its move... can it get close to 1402 levels...
  • #3,664
  • Mar 16, 2011 9:40pm Mar 16, 2011 9:40pm
Quoting LasVahGoose
Let me consult my market Guru... He says maybe.


.

Wats dis market guru....?
a software or wat... on wat basis does it work and how reliable...?
  • #3,665
  • Mar 16, 2011 10:27pm Mar 16, 2011 10:27pm
Quoting Pratik
Wats dis market guru....?
a software or wat... on wat basis does it work and how reliable...?
It's pretty dead on from what I see. There's a 100% chance that there indeed maybe a recovery today.
  • #3,666
  • Mar 16, 2011 10:34pm Mar 16, 2011 10:34pm
Quoting AllDayIrish
It's pretty dead on from what I see. There's a 100% chance that there indeed maybe a recovery today.
Around wat tym can i hope for a recovery...
london opening..??
  • #3,667
  • Mar 16, 2011 10:38pm Mar 16, 2011 10:38pm
Quoting Pratik
Around wat tym can i hope for a recovery...
london opening..??
Is your keyboard missing letters???
  • #3,668
  • Mar 16, 2011 10:40pm Mar 16, 2011 10:40pm
Quoting SunTrader
Is your keyboard missing letters???
I lolled
  • #3,669
  • Mar 17, 2011 2:21am Mar 17, 2011 2:21am
So that was a nice trade on the jpy, made me some really nice money as I was sleeping. My profit taking was set pretty damn well also.
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  • #3,670
  • Edited 4:14am Mar 17, 2011 4:05am | Edited 4:14am
Quoting Euroscum
So that was a nice trade on the jpy, made me some really nice money as I was sleeping. My profit taking was set pretty damn well also.


I'm still calculating the missed profit, since I closed the positions at 77.50 but I am grateful for the money. EUR 220 in 4 minutes, that was a lifetime jackpot!

Warning for the newbies: don't be misled by such affirmations. Such scenarios (big profit in short time) happen only once in life and they may be very dangerous. It was pure luck. I was at the right time at the right place and acted in the right way at the right moment. That's not usual.


@Pratik: regarding gold, just check my previous posts. The recovery will be very slow, as long as we don't have any bad news from the Japanese reactor. Bad news will create another spike down and then it will take many hours or even days to move back to the 1400 area.

If I were you, I would open a tiny long, right now (only 1 or 2 oz) and wait for 1403. Then close the old 20 oz at BE. Next time, try to open smaller positions.
"The reason I was born and came into the world is to testify to the truth."
  • #3,671
  • Mar 17, 2011 5:22am Mar 17, 2011 5:22am
Quoting harvest3r


I'm still calculating the missed profit, since I closed the positions at 77.50 but I am grateful for the money. EUR 220 in 4 minutes, that was a lifetime jackpot!

Warning for the newbies: don't be misled by such affirmations. Such scenarios (big profit in short time) happen only once in life and they may be very dangerous. It was pure luck. I was at the right time at the right place and acted in the right way at the right moment. That's not usual.


@Pratik: regarding gold, just check my previous posts....

Thanx for ur advise dear.. closed 1 long at +3 pips... waiting for another 1 bought at 1405..
How about going short at these levels...?
  • #3,672
  • Mar 17, 2011 5:36am Mar 17, 2011 5:36am
Quoting Pratik
Thanx for ur advise dear.. closed 1 long at +3 pips... waiting for another 1 bought at 1405..
How about going short at these levels...?
I shouldn't be asking that... every person here will give you a different answer. You need a strategy. You need to test this strategy against historical data. And then you trade accordingly (and carefully).

It's okay to ask for some insights, but I'm not quite sure if you have a strategy at all. I lost EUR 3000 in my first month at Forex because of that. Just for info.

If you still want to know my opinion: the long term trend is UP. If you decide to short, you will be against the trend, unless you just want to scalp (like me). The best way is to buy small positions at the dips.
"The reason I was born and came into the world is to testify to the truth."
  • #3,673
  • Mar 17, 2011 5:49am Mar 17, 2011 5:49am
Quoting Pratik
Thanx for ur advise dear.. closed 1 long at +3 pips... waiting for another 1 bought at 1405..
How about going short at these levels...?

I am going to short if we get to 1406/07. It has been a really tough barrier to get through, no hassles if you have a stop. Market sentiment is better today so maybe there will be some more buyers about. If it is anything like yesterday it could be a range trading day again but my intuition is telling me it could be an up day for everything today.

I have marked the 3 times it tried to get though recently. This is why my position for a short in my mind is valid.
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  • #3,674
  • Mar 17, 2011 6:40am Mar 17, 2011 6:40am
Quoting Euroscum
I am going to short if we get to 1406/07. It has been a really tough barrier to get through, no hassles if you have a stop. Market sentiment is better today so maybe there will be some more buyers about. If it is anything like yesterday it could be a range trading day again but my intuition is telling me it could be an up day for everything today.
I'm for another range day. The market still has no confidence to resume any trend. The risk of a bigger nuclear tragedy continues to be high. Every bad news is like a NFP.

Today some Japanese spokesman was telling that the cool-down process may take 5-10 days. If nothing goes wrong, only then we can think of optimism again.

Of course, in the meanwhile some traders will build their long positions - and those might be the "winners" later on. Good luck for them
"The reason I was born and came into the world is to testify to the truth."
  • #3,675
  • Edited 8:56am Mar 17, 2011 8:28am | Edited 8:56am
Still sidelined - watching GC resistance around 1412 and support around 1388 for clues......

beeb


PS remember that there is always another deal. You don't have to take THIS one......
  • #3,676
  • Mar 17, 2011 10:11am Mar 17, 2011 10:11am
Looks like range so far. News eventually will make this puppy move.

Sitting around 1400. Keep in mind that is only about 44 bucks off the high....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,677
  • Mar 17, 2011 10:13am Mar 17, 2011 10:13am
Except for the Euro kicking a$$. here is what it takes to be
deemed "Good Delivery" which means acceptable for trade and delivery on the
London Bullion Market.

"
Good Delivery
Historically, the members of the London bullion market compiled lists of accredited melters and assayers whose gold and silver bars they would accept without question in settlement against transactions conducted between each other and with other acceptable counterparts. Such bars earned the distinction of London Good Delivery status.

The LBMA Good Delivery List is now widely recognised as representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria for assaying standards and bar quality that an applicant must satisfy in order to be listed. The assaying capabilities of refiners on the Good Delivery List are periodically checked under the LBMA’s Proactive Monitoring programme.

The main requirements to be considered for listing are normally that a refiner must:
Have an established track record of at least three years of producing the refined metal for which the listing is being sought
Produce a minimum quantity of refined metal per year – 10 tonnes of gold and 30 tonnes of silver
Have a tangible net worth of at least £10 million equivalent
Furnish evidence of their ownership structure and directors
Provide, if required, a suitable letter of endorsement, e.g., from the central bank or an acceptable commercial bank in their country of operation."

Want some?
http://www.lbma.org.uk/assets/IMG_0769smallweb.jpg
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,678
  • Mar 17, 2011 10:51am Mar 17, 2011 10:51am
Here are today's base metal charts:

With rebuilding efforts sure to be underway in New Zealand and Japan I would keep an eye on these. Especially copper.

http://www.kitconet.com/charts/metal..._cp180x150.gifhttp://www.kitconet.com/charts/metal..._nk180x150.gifhttp://www.kitconet.com/charts/metal..._al180x150.gifhttp://www.kitconet.com/charts/metal..._zc180x150.gif
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,679
  • Mar 17, 2011 10:53am Mar 17, 2011 10:53am
It's a magic eight ball or a toy that makes decisions for you when you shake it up.
Just about as good as most stock pickers!!!!!!
Here let's try it.
http://web.ics.purdue.edu/~ssanty/cgi-bin/eightball.cgi
Quoting Pratik
Wats dis market guru....?
a software or wat... on wat basis does it work and how reliable...?
Attached Images
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,680
  • Mar 17, 2011 11:04am Mar 17, 2011 11:04am
Quoting Orbital
Bought gold:
Attachment
Closed at 1403.

Enough is enough
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