Can you use the same strategies you use to trade the major/minor pairs to trade Gold and Silver?
I think Gold is a kind of currency. I’m a newbie but also keep an eye on XAU/USD as other major pairs. I know a trend signal indicator that works well with Gold.
You can give it a try.
Cheers
That would depend on your strategy, but there is a lot of people who do. The technical indicators work the same and price action is price action. Best thing is to try it and see if your strategy needs adjustments or if you like the results.
Thanks so much for the tip.
I am still tweaking my stratagems for the major/minor pairs, and I’ll probably tweak them a bit more to trade Gold/Silver. I need to understand trends and when to get in/out of a trade cleanly. Thanks for the tips.
Trading gold or silver on a MT4 platform is just too difficult IMO, for a simple fact, the spread.
Technical Analysis of Silver dated 2015.01.13
Price since the end of 2011 till now was in strong and consistent downtrend with a little price reformation and Sellers were successful in achieving the lowest price of 14.401 .Price has formed a bottom price with reaching to the specified supportive levels in the picture below and it has stopped from more descend and has started a little ascend with shows exit of some sellers from their trades.
In Monthly time frame with formation of Spinning Top candlestick pattern in previous candle, there is a warning for formation of a bottom price (need to be recorded) and vulnerability of downtrend. As it is obvious in the picture below, there is AB=CD harmonic pattern with ideal ratios of 0.382 and 2.42 between the bottom price of 14.401 and the top price of 49.689 that warns changing price direction from D point.
Stoch indicator is in saturation Sell area and confirms the harmonic D point and potential for ascending of the price. In case of ascending of the price, one of the buyers target will be the Down Trendline(made of 4 top prices). Generally according to the formed signs in this price chart, until the bottom price of 14.401 is preserved, there will be the potential for ascending and price reformation in this Metal.
I personally trade gold and silver only on higher timeframes like 4h,daily charts.