This thread GOLD MINING - Using Each Trading Day's Trend was born out of curiosity and observation. And it is focused on Gold(XAUUSD) only.
A. Curiosity/Hypothesis:-
(I) If previous successful performance does not guaranty future successful performance, then each and every trading day is different.
(II) If each and every trading day is different, then each and every trading day has different or individual trends.
(III) If Meta-Trader4 runs on various devices or OS such as PC, Android, IPhone, Mac, Tablet, Laptop, then all indicators (both built-in or generic and those from other developers) should be such that they can run on all devices.
(IV) If a Trading System is good enough, it should be profitable always.
(V) There are those(traders) who know exactly where the market will stop, turn or continue.
(VI) Diversification is good.
B. Observation/Conclusion:-
(I) Each and every trading day is different.
(II) Each and every trading day has individual or different trends.
(III) Built-in or generic indicators when used nicely (as in, modified, manipulated, tweaked to taste), should run on all devices. No need for other developer's indicators except they can run on Android or IPhone.
(IV) A Good enough Trading System has losses, but the Winnings cover the losses and over time makes the trader profitable.
(V) Nobody knows exactly where the market will stop, turn or continue.
(VI) Specialization is better.
Generic indicators that are used for this trading system in this thread are:
i. Fibonacci-Tweaked.
Rules (Finalised on the 13th of September, 2020)
1. Limit orders as market opens.(exception is when market gaps up or down outside the tweaked Fibo).
2. Stop loss as provided by my tweaked Fibo.
3. Take profit as provided by my tweaked Fibo.
4. When take profit is reached, that's that about that trading day.
5. When stop loss is hit, that's that about that trading day.
6. When one order is activated first and moves toward take profit, close the other unactivated order.
ii. Price-Derived.
iii. Time.
My advice...
i. Ask if you are in doubt.
ii. Don't child fellow traders(Veteran or Mediocre).
iii. Post "anything" about Gold(XAUUSD) only.
iv. NO COUNTER-TREND TRADING. Been there, done that!
v. I don't know what to say to you if you can't be true to your trading system. Stick to the game plan daily. No greed, No Fear!
vi. Trading is serious business.
vii. Read everything you can on trading the financial markets. You will find something important and helpful in everything you have read going forward in your trading career.
viii. Subscribe if you are benefitting from this thread.
I shall post charts for every single trading day early enough to enable trade idea and judgment.
Welcome to BiteFX's Gold Mining...
A. Curiosity/Hypothesis:-
(I) If previous successful performance does not guaranty future successful performance, then each and every trading day is different.
(II) If each and every trading day is different, then each and every trading day has different or individual trends.
(III) If Meta-Trader4 runs on various devices or OS such as PC, Android, IPhone, Mac, Tablet, Laptop, then all indicators (both built-in or generic and those from other developers) should be such that they can run on all devices.
(IV) If a Trading System is good enough, it should be profitable always.
(V) There are those(traders) who know exactly where the market will stop, turn or continue.
(VI) Diversification is good.
B. Observation/Conclusion:-
(I) Each and every trading day is different.
(II) Each and every trading day has individual or different trends.
(III) Built-in or generic indicators when used nicely (as in, modified, manipulated, tweaked to taste), should run on all devices. No need for other developer's indicators except they can run on Android or IPhone.
(IV) A Good enough Trading System has losses, but the Winnings cover the losses and over time makes the trader profitable.
(V) Nobody knows exactly where the market will stop, turn or continue.
(VI) Specialization is better.
Generic indicators that are used for this trading system in this thread are:
i. Fibonacci-Tweaked.
Rules (Finalised on the 13th of September, 2020)
1. Limit orders as market opens.(exception is when market gaps up or down outside the tweaked Fibo).
2. Stop loss as provided by my tweaked Fibo.
3. Take profit as provided by my tweaked Fibo.
4. When take profit is reached, that's that about that trading day.
5. When stop loss is hit, that's that about that trading day.
6. When one order is activated first and moves toward take profit, close the other unactivated order.
ii. Price-Derived.
iii. Time.
My advice...
i. Ask if you are in doubt.
ii. Don't child fellow traders(Veteran or Mediocre).
iii. Post "anything" about Gold(XAUUSD) only.
iv. NO COUNTER-TREND TRADING. Been there, done that!
v. I don't know what to say to you if you can't be true to your trading system. Stick to the game plan daily. No greed, No Fear!
vi. Trading is serious business.
vii. Read everything you can on trading the financial markets. You will find something important and helpful in everything you have read going forward in your trading career.
viii. Subscribe if you are benefitting from this thread.
I shall post charts for every single trading day early enough to enable trade idea and judgment.
Welcome to BiteFX's Gold Mining...
Attached Image (click to enlarge)
Trading is war, STAY ALIVE!!!
