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

  • #16,641
  • Edited 5:25pm Feb 22, 2012 5:23pm | Edited 5:25pm
@ JSR

I am not anti scalping, I just think that lately there are a lot of noob's coming here to learn which I love in fact, yet, being a noob at once to paper trading gold I learned the HARD WAY how important it is to follow a few simple rules when TRADING Gold.

1. You are not INVESTING (for a minimal return each year) you are TRADING. Even if it is Position style I hold paper much shorter than I hold real metal.

2. The MARKET CAN AND WILL DO ANYTHING. Always Be READY.

3. Your emotions do NOT mix with trading. The market has no feeling nor should you, a bias or reasoning through techs and fundies is not feeling.

4. When you make a LOT of money quickly, get out and stop trading for a day. Otherwise you WILL GIVE 75% to -100% OF IT BACK to the market. (For day traders)

Just think about #4 for a second.

If you worked a brutal week, coming up with safe ideas, carving them out of wood, then loading them onto a truck and got paid 5k to do so,
would you then go out and say, this is not my money, I made it in this industry here is 75% of it and I WILL PAY the taxes!!! (and give it back to your boss)

Taxes on financial income of sorts in the US are Steep. They will only get worse.


NO!!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,642
  • Feb 22, 2012 7:13pm Feb 22, 2012 7:13pm
She's not letting much up yet.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,643
  • Feb 22, 2012 7:23pm Feb 22, 2012 7:23pm
waiting for 1771 to be tested...
  • #16,644
  • Feb 22, 2012 7:27pm Feb 22, 2012 7:27pm
like how it tested 1752 yesterday...wait was worth while.
  • #16,645
  • Feb 22, 2012 7:29pm Feb 22, 2012 7:29pm
Quoting XTrade
She's not letting much up yet.
I see 73 trying to act as a floor but i wont be surprised to see 65 or even test 62 where it broke out from.
  • #16,646
  • Feb 22, 2012 7:53pm Feb 22, 2012 7:53pm
Quoting XTrade
@ JSR

I am not anti scalping, I just think that lately there are a lot of noob's coming here to learn which I love in fact, yet, being a noob at once to paper trading gold I learned the HARD WAY how important it is to follow a few simple rules when TRADING Gold.

1. You are not INVESTING (for a minimal return each year) you are TRADING. Even if it is Position style I hold paper much shorter than I hold real metal.

2. The MARKET CAN AND WILL DO ANYTHING. Always Be READY.

3. Your emotions do NOT mix with trading. The market has no...
#4 is true..
  • #16,647
  • Feb 22, 2012 9:03pm Feb 22, 2012 9:03pm
Finally, 61.8 broken. A re-test of that resistance now turned support is obvious. Either i would add up long @ 1768 or @ 1758 (previous high, a re-test of which cannot be neglected).
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  • #16,648
  • Feb 22, 2012 9:20pm Feb 22, 2012 9:20pm
Watch out for resistance @ current level when considering a fib from 2011 low to high. But i guess the weekly candle will break it and close above it so that we could expect a nice long position at its retest.

IMO
Attached Image (click to enlarge)
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  • #16,649
  • Feb 23, 2012 3:05am Feb 23, 2012 3:05am
1772 has been tested..
  • #16,650
  • Feb 23, 2012 3:05am Feb 23, 2012 3:05am
1800 next
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,651
  • Feb 23, 2012 3:16am Feb 23, 2012 3:16am
Quoting XTrade
1800 next

it appears gold is overbought at the moment. is anyone looking to sell ? iam looking for the right signals to sell.


iam out of my swing sell position from earlier this week with a loss of -6 pips. however made profit on yesterdays long at 1761 = + 10 pips.

nothing really made this week on gold thus far. oh well, as long as it is in the plus, iam fine.
  • #16,652
  • Feb 23, 2012 3:29am Feb 23, 2012 3:29am
I have closed my yesterdays longs this morning and am waiting to long again around 1782 once fibs and resistance is broken.

I dont see why you would short now. Resistance price has not been rejected yet, it would be too dangerous for me.
  • #16,653
  • Feb 23, 2012 3:44am Feb 23, 2012 3:44am
I'm also hoping to see 1,800.00 plus. Chart D1
Attached Image (click to enlarge)
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  • #16,654
  • Feb 23, 2012 3:56am Feb 23, 2012 3:56am
Quoting XTrade
@ JSR

1. You are not INVESTING (for a minimal return each year) you are TRADING. Even if it is Position style I hold paper much shorter than I hold real metal.

2. The MARKET CAN AND WILL DO ANYTHING. Always Be READY.

3. Your emotions do NOT mix with trading. The market has no feeling nor should you, a bias or reasoning through techs and fundies is not feeling.

4. When you make a LOT of money quickly, get out and stop trading for a day. Otherwise you WILL GIVE 75% to -100% OF IT BACK to the market. (For day traders)
First of all I would like to thank you for that great post! Unfortunately there is one problem. You have to learn this the hard way. I read many of these posts and articles when I started trading one year ago. I remember making $500 in a few days and losing $450 in even fewer days. After that I knew what those rules really mean and followed them
  • #16,655
  • Feb 23, 2012 4:20am Feb 23, 2012 4:20am
I am having a real problem finding the gold options expiry dates for 2012.

The CME used to publish PDF files containing gold options (OG) and futures dates (GC) for the entire year, eg:

http://www.cmegroup.com/trading/meta...dar_metals.pdf

But I can't find this for 2012.

Does anyone have a link to the 2012 version, or know where I can find a reliable alternative Gold Options calendar?

I'm already paranoid about manipulations around expiry dates and this isn't helping (...is it still paranoia if they are out to get you?)

Thanks!
  • #16,656
  • Feb 23, 2012 4:24am Feb 23, 2012 4:24am
Quoting jsr
I'm starting to think that seanpark has a contract that says he can't keep his posts published. Just kidding... Or not, I'm really



MapleLeaf, I like to buy and sell. I saw "a bearish thing out there". So what? lol. I know that in long term gold is bullish. But i'm more interested in the direction of the price for the next hours and days. I usually close my trades the same day. So if price needs to go down for a few hours or days, I'll sell. If I see there is danger i won't trade, I will close my open trades or...
I do agree.
look it like this
buy now 1790 and wait for 1-2 months for price to reach say 1900 and take 110$ profit
or
sell now 1790 tp 1760 profit 30
buy 1760 tp 1825-30 profit 60-70
sell 1825-30 tp 1800 profit 30
buy 1800 tp 1860 profit 60
.
.
.

its all depends on trader to trader that how he feels the market
  • #16,657
  • Feb 23, 2012 4:34am Feb 23, 2012 4:34am
Ok. I have taken a sell position at 1777. Quick scalp for a few pips. Will monitor closely.
  • #16,658
  • Feb 23, 2012 4:41am Feb 23, 2012 4:41am
hi guys,

I need help in deciding new broker for me
right now i'm having account with Exness

and now planning to move to AVA fx(http://www.avafx.com)

I have 550$ and generally trade in gold,crude and currencies pair.
but i also like to monitor USDX as well

also i would like to open mini account where
1$ move in gold for 0.01 lot results in 0.10$ profit/loss

also if any one from India know about a broker where i can make INR as my deposit currencies

Thanks
  • #16,659
  • Feb 23, 2012 4:45am Feb 23, 2012 4:45am
Two more pending oco orders set

buy at 1784

sell at 1768

tp and sl both to be monitered. Provisional disaster sl set at 20 pips on each.

Wish me luck.....
  • #16,660
  • Feb 23, 2012 4:58am Feb 23, 2012 4:58am
Just received an email asking why i went short at 1777.

Well, main reason is that there is strong resistance at around 1776-77. Going back to the level in early november last year, this level seems to be holding. Although price broke above bove recent daily high, price moved back below 1777 suggesting strong resistance there.

If price breaks above 1784 then resistance no longer in the equation. Hence my pending long order at 1784.

In the meantime lets hope i get a few pips on the short at 1777. I have a stop at 1785 on this one.
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