Silver and Gold trading

[maarnio]

Skipped Silver and Gold last week. Focused on Euro and other pairs. Might buy some gold next Friday.

EUR/GBP can continue still up towards 0.89 in medium term
<a href="http://www.investtech.com/main/market.php?CompanyID=99300019"target="_blank">EUR/GBP chart</A>

Best with your trading!

Hi maarnio,

Again, I don't see much changes in your account...and is also extremely surprise that you did not trade Silver and Gold when it was trending downwards last Friday.

I messed up on the USD/JPY trade just after the huge earthquake and tsunami disaster in Japan (my heart felt sorrow for the Japanese people).
I had 6 opened "Sell" positions on USD/JPY when it kept advancing upwards and reducing my free margin drastically.
To prevent possible impending threat to my account, I started reducing lot size by closing out fractional opened losing trades.
But within minutes of closing out these losing trades, the USD/JPY dropped like a ton of bricks and that's when I learned of the huge disaster happeing in Japan. But the damage to my account was done as I had already taken some heavy losses.

However, I made back money trading Silver (and some Gold) on Friday as I took more than 20 "Buy" positions as it track downwards with the last one at 34.10
But I didn't trust predicted near 40.00 level by end of this month (by some experts) as I closed out profit positions as Silver went up (and down) with some TP being triggered at 35.63 level before market close.

All in all, I advanced some 6.3% in my daily profits, which is not bad, but could have been better if I have not taken those earlier losses on USD/JPY.

EUR/USDup to 1.395-1.365 range next week? On market closing, it has shot up somewhat, but.....hmmm, I read some conflicting reports on that pair...I will wait for Sive Morton's analysis tomorrow (Sunday) before I make any commitment on that pair.

I still have 7 opened "Sell" positions on EUR/GBP on Friday's closing, with 4 in profits, but I did not close them out because I think it should go up a bit more. Well, I will find out whether I am correct come Monday when market resume.

Ok, maarnio, I will post again tomorrow after reading and digesting Sive Morton's analysis.

All the best!

 

[maarnio]

Closed my gold shorts last week. I am predicting a range 1.42-1.38 for Eur/Usd next week.

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

 

[RahmanSL]

Hi maarnio,

Well, your account has grown to >usd20.7k. When are you going to do a trial withdrawal?

I am not touching Gold at the moment, but has been active trading Silver taking "Buy" positions on the downside. Has been two good trading weeks for me.
In currencies, I traded mostly EUR/GBP, some EUR/USD & USD/JPY..all on very short "Sell" positions and scalping for some quick profits.

With so many uncertainties in these turbulent times, I think we have to be extra selective when trading forex....I have been practicing trial trades (i.e entering the smallest lot size possible and watch market direction from there before placing a larger size trade). Seems to be working so far!

Ok, all the best!

 

[maarnio]

I have made one withdrawal. When did you post about possibility of me posting the wrong account statements?

Good to hear about your Silver trades. Best with your trading!

Hi maarnio,

Well, your account has grown to >usd20.7k. When are you going to do a trial withdrawal?

I am not touching Gold at the moment, but has been active trading Silver taking "Buy" positions on the downside. Has been two good trading weeks for me.
In currencies, I traded mostly EUR/GBP, some EUR/USD & USD/JPY..all on very short "Sell" positions and scalping for some quick profits.

With so many uncertainties in these turbulent times, I think we have to be extra selective when trading forex....I have been practicing trial trades (i.e entering the smallest lot size possible and watch market direction from there before placing a larger size trade). Seems to be working so far!

Ok, all the best,,,,and do check on what I wrote about possibility of you posting the wrong account statements.

 

[maarnio]

I think that we will trade in 1.4-1.44 range in Eur/Usd next week. Might buy some gold next week as well.

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

 

[RahmanSL]

maarnio, your account looking good with over usd21k from initial usd3k deposit.... ; )

I am not touching Gold for the time being until it has come down to the 1.30 - 1.31 level.

I have the hots for Silver though 'cause it's been quite active recently.
Just a while ago, I went in on some "Buy" positions when it was on the downside at 37.00 level...but I didn't keep my cool and closed almost all positions at profits around the 37.29 - 37.32 level...made some very good pips too

All analysis concurred that Silver is in huge demand as China is buying tons of them and Japan will most probably follow soon to get their electronic & electrical section back on track after the disastrous earth quake & tsunami.

However, I don't think anybody know how high is high and how low is low for Silver...so I hope to catch Silver on the low side....whatever that level would be : )

Cheers & all the best!

 

[maarnio]

Thanks Rahman,

Did add some Gold and Silver last week. There is one good blog covering Gold and Silver <a href="http://www.traderdannorcini.blogspot.com/"target="_blank">Gold and Silver blog</A> . Congrats on your Silver longs. I agree with your thoughts on Silver. I am looking for next peak in Silver($50-60) and Gold($1600-1700) around June.

I think Eur/Usd will trade in range 1.41-1.45 next week.

Best with your trading!

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

maarnio, your account looking good with over usd21k from initial usd3k deposit.... ; )

I am not touching Gold for the time being until it has come down to the 1.30 - 1.31 level.

I have the hots for Silver though 'cause it's been quite active recently.
Just a while ago, I went in on some "Buy" positions when it was on the downside at 37.00 level...but I didn't keep my cool and closed almost all positions at profits around the 37.29 - 37.32 level...made some very good pips too

All analysis concurred that Silver is in huge demand as China is buying tons of them and Japan will most probably follow soon to get their electronic & electrical section back on track after the disastrous earth quake & tsunami.

However, I don't think anybody know how high is high and how low is low for Silver...so I hope to catch Silver on the low side....whatever that level would be : )

Cheers & all the best!

 

[maarnio]

I think we will have the Eur/Usd trading in the range of 1.45-1.42 next week.

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

 

[RahmanSL]

Hi maarnio,

Good to see your account is making progress...but still too many opened positions : )

EUR/USD at 1.4455 is very near the Dec 2009 level...and all charts indicate further upward trend.
So, I supposed, you are quite right that it will trade in the 1.42 - 1.45 range next week. Still, I think I will take a cautious view on this pair.

As some analysts have predicted last month, Silver has indeed broken the 40.00 mark, but not quite meeting end March 2011 as originally predicted.

I didn't quite believe them though and has only enter 5 long positions a little late at the 40.09 to 40.13 level. But I did set TP at 50.00 and might just let these position run until end of 2011.

These people are talking 50.00 Silver and then further upwards to 100.00 by end of 2011, and so, I think I will let my long positions run to end 2011 to see if these analysts are correct.

All the best!

 

[maarnio]

Hi Rahman,

I think that my broker has a limit for open positions. Maybe 100. I have hit that twice.

I think the Eur/Usd will trade in range of 1.44-1.47 next week.

Did you read the Parker's Gold Analysis at T Theory for this week?

Best with your trading!

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

Hi maarnio,

Good to see your account is making progress...but still too many opened positions : )

EUR/USD at 1.4455 is very near the Dec 2009 level...and all charts indicate further upward trend.
So, I supposed, you are quite right that it will trade in the 1.42 - 1.45 range next week. Still, I think I will take a cautious view on this pair.

As some analysts have predicted last month, Silver has indeed broken the 40.00 mark, but not quite meeting end March 2011 as originally predicted.

I didn't quite believe them though and has only enter 5 long positions a little late at the 40.09 to 40.13 level. But I did set TP at 50.00 and might just let these position run until end of 2011.

These people are talking 50.00 Silver and then further upwards to 100.00 by end of 2011, and so, I think I will let my long positions run to end 2011 to see if these analysts are correct.

All the best!