What is the action now in XAUUSD?

When would i go ?
long ?
Short ?
why ?
how many pips ?
what stop ? And so forth....

#Ahdts

If you sell i buy if you buy i sell

Looks like you have hedged your losses for now.
Looking at the daily, I'd be buying now with TP at 1680.

On the M5, I would also buy now with a TP around 1658.

The CCI is at -200, and that is usually a good signal for a reversal.

CCI now +200.

Close buy order and open a sell. TP 1653

:nerd:

One the daily I still think gold will move back to around 1680. Retracing between 30 and 50% of its last downward move.
It's made a new low around 1636, finding some support there, and this upward retrace won't go on forever, so just have to watch carefully and take profit as soon as price starts to stall.

Overall I'm still bearish, and my preference for scalping type trades is to sell new highs.

The daily is still much the same after yesterdays small range.

The M30 doesn't show much for guidance either, but if I was trading right now, I'd risk a long, and watch it closely to grab a few $ and get out.
It might get back up to 1668 today, but it might not either. Take what you can.
A small short right now with a small TP would also be a consideration, as it might go down a bit during the Asian session.

Woke up to see Gold high at a supply point, and that it had been approaching the area for a fair while without penetrating it. Well worth a short to see how it plays out during the asian session. Would expect that a 30% - 50% pullback is very possible.

can you give what is your indicators using for this forum ? im using eta trader 4 to trade.

I'll up some indicators and templates when I get a chance.

I trade very visually, rather than calculating the numbers, so I'm looking for patterns that seem "right". To look at the week ahead, I've prepared three possible chart scenarios that I'll post below.

First the current weekly chart.



Now a chart with a bullish upward week candle added..



To my eye, this does not seem "right". I can't see gold ending this week up high. Next week - thats different!

Now a chart with a bearish weekly candle added...



This one seems more in tune with the pattern. I rate this as definitely possible.

And finally a chart with a "nothing much happening" candle. Like last weeks trading..



This one looks really close to "right" for the chart. A week of ranging. Highly possible.

Now to refine the week.

This is an H1 chart with supply and demand levels added...



Gold is presently sitting on a support level. That level has held all last week (even though the middle blue bar does not show it all). Price has come down to that level on 5 occasions, and has bounced off it and up the resistance level around 1665 three times.

On Monday, two possibilities - up or down. If up, then heading towards 1665. If down, and breakthrough 1652 area, then it could head down to the 1640 area.

For me, the most likely is an early rally up to around 1661/2 area

Here is a basic template I use to give the screen below.



The zip contains all the indicators and the template.

The IT candles give the candle colour change depending on price behavior.
The 123Patterns gives the red and blue boundary lines.
2012 sema4x Places circles with dots in them at potential price extremes. (it needs ZigZag in the indicators folder, but not loaded)
The Daily open line puts a yellow line through days showing the open price.
The signal bats put the display in the RH corner. I mainly use that for the range information.
The II SupDem draws the supply/Demand zones.

(indicators in the "experts/indicators" folder.)



(Template in the "template" folder.)

Well the day opened up, but it seems to have stalled right now.
Could be good for a small scalp down, but still expect it to keep rising a bit more today.
Here's my M5 showing the current price stall point...

Gold has now hit the supply level around 1660, and paused there for a fair while. I feel it's next move is downward as it has made a high, and not come close to exceeding it again. Also this is only the second time it has touched this supply level, and usually it takes three touches to penetrate a level like this.
I've placed a small "sell" here looking to take profit where I can, with the opening price area around 1655 as my max.

Some days you just can't pick em !!!
It broke right thru the supply level, and is heading for the next one around 1665.

Gold finished the week right back where it started giving a nice spinning top candle formation.

Next week is hard to predict. The chart is ready to move either way, or just stay ranging again like last week.

Here is my H1 chart for gold from last week...



The candles are "IT Candles", and the blue line is ALF. Both from the ALF threads on FF. The yellow lines are daily open lines.

Looking at this chart it is easy to see where you should have traded. Green candles closes, and is above the ALF line = buy. Close when candles cross under the ALF line. Sell when a red candle closes below the ALF and close when it crosses back over the ALF.

Or, above the ALF = buy. Below ALF = Sell.

It's easy in hindsight, harder in real time, but its worth exploring.

Lot sizes.

I've only been playing with gold trading for about a year, and I've seen it make some very big moves. Because I use a very wide stop, to keep me in the game I only trade with very small lots. I use an account with $8000, but only trade .01 or .02 size lots. I allow 10% draw down max. so keeping with small lot sizes keeps me well within these parameters.

To use bigger lot sizes, means using very tight stops. Something I'm not too keen on with gold.

TASAYC thread.


There is an older thread on FF by Forexcube that is well worth a read...

http://www.forexfactory.com/showthread.php?t=325369

It shows a method of trading with multiple small lots, very wide stops and small TPs. Something most here say won't work, but he proves that is does. The thread is full of information, and will take a while to read and digest, but I feel the result is well worth the effort.