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

  • #4,441
  • Edited 7:43am Apr 9, 2011 3:24am | Edited 7:43am
Quoting Pratik
And what is your take on Gold..? A possible sell off in sight..?
Pratik - I follow the trend, using bigger timeframes to get the bigger picture and smaller timeframes to give detail. The first change of trend will be evident from smaller timeframes and then will become apparent in the larger.

At the moment gold is in an uptrend - it reached a resistance level on Friday and it is trying to breach it. If it does, I see it advancing further towards the 1500 level. If it fails to breach resistance then there will be a retracement and a possible chance to reload to continue the major trend. Whether it does and how much it does - the evidence will be in the charts.

What I'm trying to suggest is that you use smaller timeframes to judge the continuing strength of larger timeframes and to provide evidence of change.

For example I posted a 20 min chart above which I am using to gauge whether the move will take out resistance that I have identified from a 240min chart which has a $100 range. Obviously a larger chart has greater "power" but with that you maybe have to sacrifice a bit of accuracy - ie it needs some leeway......

I hope that makes sense.

If anybody tells you that X will do Y exactly, I would advise you to ignore them.....Price and only price tells you what is happening - learn to use the smaller charts to tell you what the larger trends are doing.

beeb
  • #4,442
  • Apr 9, 2011 5:34am Apr 9, 2011 5:34am
sir reminder for the lecture....


Quoting XTrade
Hey beeb give us a reminder post for the start of the lecture if you don't mind.
  • #4,443
  • Apr 9, 2011 5:59am Apr 9, 2011 5:59am
Quoting balanisuresh
sir reminder for the lecture....

i don't quite understand what you are saying but the webinar was yesterday and i have given a link to the recording of it in message # 4557

beeb
  • #4,444
  • Apr 9, 2011 1:21pm Apr 9, 2011 1:21pm
Notice Friday break has put us above the midline.
Attached Image (click to enlarge)
Click to Enlarge Name: GOLD_We_4_ekly Channel.GIF Size: 38 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,445
  • Apr 9, 2011 2:37pm Apr 9, 2011 2:37pm
IF the top of the weekly channel were to break, sufficiently, be tested and flipped support, it would be all over, we would see $2000.00 Gold by the last quarter.

Just a thought.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #4,446
  • Apr 10, 2011 6:28am Apr 10, 2011 6:28am
Something for the weekend.....

http://www.safehaven.com/
http://kingworldnews.com


beeb
  • #4,447
  • Apr 10, 2011 5:09pm Apr 10, 2011 5:09pm
its time for short gold?
sorry just nubie in gold market
  • #4,448
  • Apr 10, 2011 5:24pm Apr 10, 2011 5:24pm
Quoting beeb
Here's the recording of the webinar re forks:


http://www.coghlancapital.com/node/2275


Enjoy

beeb
beeb, many thanks to you for this.

It was very informative and enlightening, especially to a newby as myself, cutting his teeth and searching for the system/method/technique/tools that can be made into his own.

The video provided what I consider to be quite a bit of information. You brought that to us, though you didn't have to. I consider that to be generous of you. I appreciate your effort (this and other posts) in maintaining the quality of this forum.

This is the very reason I am here, to learn quality info from quality folk.

Wile E
  • #4,449
  • Apr 10, 2011 6:18pm Apr 10, 2011 6:18pm
Ladies and Gentlemen, the week has just started, it's not even monday in my country, its sunday!! and GOLD has another historic record high...

We are lucky and experiencing history every single day.
The Black Swan: The Impact of the Highly Improbable
  • #4,450
  • Apr 10, 2011 9:33pm Apr 10, 2011 9:33pm
Hi all, I'm a trader on mainly daily to weekly time frames. Just a small observation on the weekly chart of XAG/usd with RSI 14 as reference, about 3 years ago (Mar 2008) RSI 14 hits 82+ and tops at that area which follow suit a series of fall. Current RSI 14 sits high on 84+ going higher. A possible warning of a top? Well is all up to the market to decide but judging by the fall of price which happened in the past after a top I would not be surprised we see a largest fall to happen in the future.

At this moment I also feel that probably there is nothing much to worry about with the current market sentiment and geopolitical issues providing heavy support, but looking back when we are at the top during 2008 Mar I was probably thinking the same at the top price wasn't it? Just a small input of mine. (>..<)

I'm more of a risk taker, looking for heavy risk entry.
Average Long Positions $36.3 $ closed @ $41. Looking for a few entries of Average Short position at 41.5 to 45 range target 36.5 in 4 to 8 weeks.
Attached Image (click to enlarge)
Click to Enlarge Name: xagweekly.jpg Size: 219 KB
  • #4,451
  • Edited 11:09pm Apr 10, 2011 10:22pm | Edited 11:09pm
Quoting lilpip
as posted @ yearly open jan. 3, im seeing $51 area as yearly high, I cant imagine going strait up from $26 ( exception of our $ 3 scalp) without a serious attempt of support.
may 41.46 give us an oppurtunity to buy more please.

although we having strong moves up my eyes are open and watching how 41.46-80 responds.
looking at the quarterly 41.46 area is of extra interest long with 41.80 on the weekly
If we have a drop below 41.35 will consider it as heads up as indication of heading towards 39.80 and will be looking for direction from there.
gold
watching how 1481-(84 weekly) respond and keeping in mind 1490 area looking at quarterlies
daily
1481
1459
1437
will be an interesting 2 weeks.
  • #4,452
  • Apr 10, 2011 10:45pm Apr 10, 2011 10:45pm
Quoting beeb
Pratik - I follow the trend, using bigger timeframes to get the bigger picture and smaller timeframes to give detail. The first change of trend will be evident from smaller timeframes and then will become apparent in the larger.

What I'm trying to suggest is that you use smaller timeframes to judge the continuing strength of larger timeframes and to provide evidence of change.
beeb
couldnt say it any better myself, Im with ya on that.
  • #4,453
  • Apr 10, 2011 11:23pm Apr 10, 2011 11:23pm
Silver rallying... Close to 42..
Gold slightly sluggish at the moment... Resistance at 1474-75 levels.....
  • #4,454
  • Apr 10, 2011 11:46pm Apr 10, 2011 11:46pm
Quoting Pratik
Silver rallying... Close to 42..
it will be interesting to see what 41.80 area does as 41.35 kicked her back up like she wants to keep going.
will see how she responds when gold hits 1481-84.
days just opened and I cant wait to see where she closes, this is just getting to be to much.
  • #4,455
  • Apr 11, 2011 1:51am Apr 11, 2011 1:51am
Hi all,

It seem xauusd has reach new high. I got $5000 to took a gamble.
Is it wise to short and average along the way?

any comments
  • #4,456
  • Edited 2:03am Apr 11, 2011 1:53am | Edited 2:03am
Quoting jinsen
Hi all,

It seem xauusd has reach new high. I got $5000 to took a gamble.
Is it wise to short and average along the way?

any comments

Read the thread - there are 4500+ comments expressing opinion.......
  • #4,457
  • Apr 11, 2011 2:52am Apr 11, 2011 2:52am
Morning guys, I am back in Prague after a lovely weekend in the UK with my family.

Jesus look at silver, this is the mania phase now, the RSI on the daily CAN go higher but we are getting very close to a tipping point for a pull back.

I thought 40 was extreme ( yes Xtrade, I lost some money ) but now we are getting near mega overbought levels.
  • #4,458
  • Apr 11, 2011 2:55am Apr 11, 2011 2:55am
The market can stay overbought longer than you can stay solvent.
Hardly a mania, just a strong run up.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #4,459
  • Apr 11, 2011 3:02am Apr 11, 2011 3:02am
Quoting LasVahGoose
The market can stay overbought longer than you can stay solvent.
Hardly a mania, just a strong run up.

"just" is not a word I would use for the last 6 months LasVahGoose The eventual pullback is going to make a lot of people INsolvent At some point very soon people are going to throw in their chips and leave town.
  • #4,460
  • Apr 11, 2011 3:26am Apr 11, 2011 3:26am
Quoting Euroscum
"just" is not a word I would use for the last 6 months LasVahGoose The eventual pullback is going to make a lot of people INsolvent At some point very soon people are going to throw in their chips and leave town.
It depends on your time frame, really. I'm looking years out, no the next few weeks or months.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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