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

  • #16,661
  • Feb 23, 2012 5:35am Feb 23, 2012 5:35am
Quoting jaimini
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

I like your style Jamini brother, i too am holding my buys for months now, i can come out with good profit right now but i am sticking to my long term target,

lets hope for better

FF
  • #16,662
  • Feb 23, 2012 5:39am Feb 23, 2012 5:39am
I also have also avafx, but the Internet connection is not always good.
But, otherwise, the broker is quite good.

steve

Quoting jaimini
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
  • #16,663
  • Feb 23, 2012 5:56am Feb 23, 2012 5:56am
Thanks XTrade. I Know what you mean.

I've been there. In November 30, (first days trading gold) I've got a margin call. I had 4 open trades. I was short and price went up 15$ in a few seconds. (Remember I told you 1$ move is 1% of the account in that strategy?) I was really confident that price was going down.

In December it happened again, this time, opposite direction. I had a long, price started to go south and at each "bus stop" I tried to buy a new ticket to give her company in her way back to north. Guess what? She didn't return when I wanted, she said: Goooood byyyyeeeeee.... you're brooooooke... see you when you got some moneeeyyyyy.... and she went to south pole.

That's when I decided that I don't want to be in this market without a safety net.

And even this is a bullish market, I know price can do down, and sometimes, with a stone hung around it's neck.

Maybe my timing to enter the market was not the best. Maybe it is.

One of my friends stopped trading because of gold. When he started, gold was allways up and up. He doubled his account in a week, next week, the same. Ten times his equity in a few weeks. In September he got a margin call. He said: It won't happen again. Gold had it's correction and now price is up and I'll see a new high. December left him knocked out. He is not trading anymore. He is in shock and I think he needs time to see what was wrong with his approach.

I'm trying to be carefull and to place logical stop loss. Letting the price come to my confort levels and not chasing it.

I read once, and I'll put in my own words, that trading is about findind a price level that the market shouldn't touch, and then find the opportunity to trade in the opposite direction.

Next thing to do is find a target, and then identify the entry point and see if RR is good, and then trade.

I've found it very logical, and my best trades are the ones I made using that approach.

In the other hand, sometimes when I try to catch the market I got stopped.

So... still learning, also the hard way.



Again, thanks for your advice. I can see it's value.
  • #16,664
  • Feb 23, 2012 6:00am Feb 23, 2012 6:00am
Quoting jaimini
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
I'm with VantageFx, they are quite Ok.
  • #16,665
  • Feb 23, 2012 6:09am Feb 23, 2012 6:09am
Quoting XTrade
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)
Most valid point that i would agree.
  • #16,666
  • Feb 23, 2012 7:26am Feb 23, 2012 7:26am
Quoting jsr
Thanks XTrade. I Know what you mean.

I've been there. In November 30, (first days trading gold) I've got a margin call. I had 4 open trades. I was short and price went up 15$ in a few seconds. (Remember I told you 1$ move is 1% of the account in that strategy?) I was really confident that price was going down.

In December it happened again, this time, opposite direction. I had a long, price started to go south and at each "bus stop" I tried to buy a new ticket to give her company in her way back to north. Guess what? She didn't return...

For me, the only and best way not to get a margin call is not to over-gear, trade proportionally to your capital, if you have 500-1000 $ account trade micro lots, mini lots start at 10 000 $, lots at 100 000 $...

There is no such thing as easy money or fast money, if you don't have the capital to be trading standard lots, you have to be patient and build your capital (learning at the same time), with time your capital will grow and your buying power as well.

One very good book I read about this is Bird Watching in Lion Country, I think every trader should read it.

Best and green pips !

W
  • #16,667
  • Feb 23, 2012 7:47am Feb 23, 2012 7:47am
Just look what bemac grid is capable of...

Attached Image (click to enlarge)
Click to Enlarge Name: 5.gif Size: 33 KB

Attached Image (click to enlarge)
Click to Enlarge Name: 6.gif Size: 31 KB


If we took a position at the start ot 21st at the break of the upper bamac grid line then we would have expected 1750 level ,or else a long position would be initiated at the rebound of 1737 level.

When the second bemac grid was broken at 1759 level yesterday evening then 1772 level (61.80% level of the first grid) or 1776 level would have been expected.

Now we are again at consolidation level between 1772 and 1781. If broken from below I expect 1788 level for sure
  • #16,668
  • Feb 23, 2012 7:59am Feb 23, 2012 7:59am
Quoting aggravator87
Just look what bemac grid is capable of...

Attachment
Attachment

If we took a position at the start ot 21st at the break of the upper bamac grid line then we would have expected 1750 level ,or else a long position would be initiated at the rebound of 1737 level.

When the second bemac grid was broken at 1759 level yesterday evening then 1772 level (61.80% level of the first grid) or 1776 level would have been expected.

Now we are again at consolidation level between 1772 and 1781. If broken from below I expect...

Which version do you have, I have Bemac Grid ICCE and I don't see exactly what you have on your screnshots, maybe I didn't configure it right or I have another version... please let me know.

Best,

W
  • #16,669
  • Feb 23, 2012 8:34am Feb 23, 2012 8:34am
Quoting adamant
.....
The CME used to publish PDF files containing gold options (OG) and futures dates (GC) for the entire year, eg:

Does anyone have a link to the 2012 version, or know where I can find a reliable alternative Gold Options calendar? .....
Month by month only:

http://www.cmegroup.com/tools-inform...tion-calendar/
  • #16,670
  • Feb 23, 2012 9:37am Feb 23, 2012 9:37am
Quoting SunTrader
Month by month only:

http://www.cmegroup.com/tools-inform...tion-calendar/
Thanks SunTrader. I saw that but couldnt get the calendar for Feb to work. I've just found that the day by day works though, which is good enough for me.
  • #16,671
  • Feb 23, 2012 9:53am Feb 23, 2012 9:53am
Silver is headed towards 35.5 today.
  • #16,672
  • Feb 23, 2012 9:57am Feb 23, 2012 9:57am
I've been shorting silver Mar 36.0 call options that expire today.
  • #16,673
  • Feb 23, 2012 10:02am Feb 23, 2012 10:02am
Silver just got a decisive break north today.

Resistances in the immediate sense are 35.60 and the 50 Week SMA.

It should power through both in the next sessions.

Edit: current spot 35.11 appx
Quoting Pommegranate
Silver is headed towards 35.5 today.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,674
  • Feb 23, 2012 10:22am Feb 23, 2012 10:22am
aint much happening on my long at 85.

may close it at BE.
  • #16,675
  • Feb 23, 2012 10:25am Feb 23, 2012 10:25am
Like I said Gold can be harder to trade than a single currency pair, it is still a commodity and subject to other market conditions.

For instance - supply and demand - Global market conditions- ie: Greece, US news, Fear, etc. - etc. etc.

Someone else just posted "there is no easy ride or free lunch" That could not be more true when trading PMs.

Especially under volatile headline driven conditions.


What's nice about this weeks move is 3 FOLD.

The Techs are there to support it
The news is supporting the techs
The price is not overblowing itself too quickly.

Thus it is clear what the winning position has been since the Aussie open Sunday. We are up almost 100 USD from last week.

Now if you guys want to be truly successful trading in Precious metals
you need to do the time. There is no way around it.

I have people PMing me constantly asking where the price will go and what is a good entry,

BUT the Number one question is "Where should I short?"

After all the analysis I have posted since 1600 -
1 Long position held since then would have allowed any noob. the following.

1 an almost $200 USD move (not profit) A MOVE caught on Gold.
2. the ability to learn to hold a trade
3. a correct entry going with the prevailing trend.
4. The simplicity of doing Nothing besides executing a low risk High reward Trade. Setup ideally the trade could have been

1:4 RR - Entry 1610 Stop below1560 TP 1780 - 1800.

The more people try and fight the trend and do fancy things that don't have the experience the more they will get slaughtered.

It seems you have learned a lot the hard way which often is the only way to learn in this market!

Quoting jsr
Thanks XTrade. I Know what you mean.

I've been there. In November 30, (first days trading gold) I've got a margin call. I had 4 open trades. I was short and price went up 15$ in a few seconds. (Remember I told you 1$ move is 1% of the account in that strategy?) I was really confident that price was going down.

In December it happened again, this time, opposite direction. I had a long, price started to go south and at each "bus stop" I tried to buy a new ticket to give her company in her way back to north. Guess what? She didn't return...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,676
  • Feb 23, 2012 10:25am Feb 23, 2012 10:25am
what is the next target on silver?
  • #16,677
  • Feb 23, 2012 10:33am Feb 23, 2012 10:33am
What do you see on your chart?

Quoting stevebalmmer
what is the next target on silver?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #16,678
  • Feb 23, 2012 10:34am Feb 23, 2012 10:34am
Grrr...........! I hate losing.....come on pips
  • #16,679
  • Feb 23, 2012 10:36am Feb 23, 2012 10:36am
on d1 the next level is 35.61 we must break.

ist it too late to buy?

Quoting XTrade
What do you see on your chart?
  • #16,680
  • Feb 23, 2012 10:36am Feb 23, 2012 10:36am
Silver is testing the DTL from 49.50

If this pops she might explode as shorts get wiped out by stop triggering and confirmation buying...

Be careful.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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