Okay, I just left some ath’s out and now decided to record that one: 1920.
Unfortunately there was no signal. Only if you had switched the weekly to a daily chart, look at the ema’s. That was a buy at 1703. 
Hi there,
my first post on here, been looking into PM (precious metals) for a while now, fantastic that you started this thread! just wondering if there are any other resources that deal with the precious metals here on babypips or elswhere you could recommend.
My personal experience so far has been fantastic however the drop yesterday from 1920 to “1880-ish” hit me really hard, thats my own fault though… Using to much of margin can be killer I guess, then again good (relative cheap) experience, could have been alot worse.
I have a specific question: i trade with oanda and they only alow 1000 pip trailing stop which I have found to be too little when trading gold. Any advice on how to go about and increasing this?
with regard to your setup, may I ask why you choose 32 and 30 for the ema? Further what value do put in “shift” when entering the ema setup? I do apologize if the questions are stupid noob questions, but I like dissect stuff to understand them better…
Hello, thank you and welcome Diceboy!
I do not trade with Oanda, so maybe somebody else can answer your question. There are a couple of Oanda traders. Not sure if they trade xau, though.
Regarding your other questions, I use the EMAs based on historical analysis. Regarding sl while entering I explained everything above. It’s not really a complete system, just something what I have an eye on while xau is in this bull rally.
Right now xau is overvalued in relation to the regression mean. So, it’s probably better to wait for a pullback until a buy. I do not sell xau, so I can’t recommend shorting it and getting short squeezed. Some might get some profits from it, but in my opinion it is rather risky to short xau in a bull trend.
I hope that helps. 
Finally I found your corner in the vast continent of Babypips.
Yea, this is “my” bridge here where I sleep, lol. 
Thanks for the welcome buckscoder,
I’m still very new at this game just trying to understand how experienced traders think, understanding the process so to say. I love the volatility of the pm, but as mentioned earlier I’m finding it hard to set good SL and TP targets. A trailing stop of 1000 pip where 1pip=1c doesn’t leave much breathing room when prices behave like they have done in the last two days for XAU/USD…
If your broker is hindering you then there are other brokers …
Or you could just change your sl by hand …
If you trade on a daily or weekly chart, you just had to change that sl on a daily or weekly period.
Well, it overshooted the sl ma. That’s a clear sign now it is a bad idea to buy and hope for a recovering bull trend. The probability of going lower is higher than going up much! We could see prices way below 1500.
What you can always do is carefully to watch the charts and buy if it comes back across the green ema, but just for a few bucks. This is a major correction imho. So, we will see very likely a range for the upcoming weeks or months. Fundamentally the world is in recession stage (since a couple of years in waves, despite what the talking heads babble about) and this means money goes out of stocks, which brings the dollar higher. So, this correction is merely a dollar demand increase and not so much a gold value decrease. Fundamentally nothing changed with the debt bubbles and the government to fight the fire with more fire. Sooner or later that will drive gold prices higher. Just a matter of time. The right time to buy on dips soon! The market is imo in a shakeout mode. Most who bought on the last top at 1900 because of greed/fear will give you their gold for bargains soon! After this reaccumulation of gold is finished there is new ground for prices going up.
Bottom line: I’ll watch for a stable bottom building of this major correction and then after that I’ll accumulate slowly.
bought now earlier at 1630 after been short since friday :59: (in all honesty it was through dumb luck i caught it…)
Congrats, DB!
I also bought at 1605 and had a little profit. But not much. Primary reason for the trade was checking the execution with my new broker, lol.
Okay, if you bought at the green arrows you could make some nice profits til now by scalping, which I did just once. I did not let it run, because I have already bought way below and that low there below the red ma was a warning sign.
However, if it will dip again below the green ma, I’d probably buy and let it run now.
So far the first number seems to hold. Recent low was at 1532 and pretty close to my assumption.
Bought some at entry trigger.
Bailed out at 1659 with some pips. I bought at 1654. Now watching where it goes. If it goes again into the setup I’ll wait for a LL and confirmation. If it goes not into setup again I’ll maybe buy if it breaks out.
Reason why I am more careful with it is that the MAs bow into ranging levels.
Still sitting at the sidelines now and the red ema was crossed, so there are even more alarm sign right now it will switch from trending to ranging environment on the weekly. I did well with the trade. It was the right decision to enter because of the confirmation, but it was also the right decision to exit with a small profit as price bounced back very bearish. We have a triangle on the weekly and the lower tl is at 1577 right now. I expect a strong bounce from there, but would only buy if it gets back above the green ema as confirmation and only if the ma’s show that we continue with a bullish sentiment. Even then I’d be more careful to look for bearish bounces and exit quit without waiting til the sl is hit, so minimizing my risk.
Happy pipping!
Most of the analysis here in the gold and eurusd is like what I have found before reading now this from Clive, so I’ll just give a link to his analysis for a raw forecast of what to expect in 2012.
http://www.marketoracle.co.uk/Article32206.html
So what does that mean for my system here? To be very careful. I knew that it would probably bounce from 15xx up, but I am also very aware that we have a lot of bearish warning flags now. The upcoming days/weeks will show if I really would like to enter a long at this level or rather to wait for lower levels. Xau could easily drop til 14xx and then bounce there with a rather quick reaction. Something I expected right now, but what didn’t happen yet.
Hello Buckscoder,
Just came across this thread. Finally a thread on trading Gold on babypips Please continue sharing. Your inputs are always helpful for us newbies.
What are the settings for MAs. I did the following settings on weekly chart but mine looks different than yours:
Simple Moving Avg 32 and 30
apply to Low
shift = 0
Can you please verify?
Regards,
Hello fx280.
There are the rules:
http://forums.babypips.com/forextown/39452-trading-xauusd.html#post264779
Actually we have a confirmed downtrend on the weekly, tho. So I’d wait til this is over and then look for an entry if it starts uptrending again (MAs pointing up again). Or you can try to buy low and collect it. I look for buying some if it should drop til ~ 1450 or lower. Production price is still ~ 1k, so anything close to that would be a really a great buying opportunity. I say it’s probably better to wait a little longer til the chart tells what’s going on. Right now we seem to be as I said in a slight downtrend/ranging environment.
Why did this thread end? Nobody trading gold anymore, or simply stopped sharing?