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Gold Mining - Using Each Trading Day's Trend

  • #1
  • First Post: Edited Oct 8, 2021 4:05am Feb 28, 2020 12:20pm | Edited Oct 8, 2021 4:05am
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.


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. 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!
v. Trading is serious business.
vi. 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.
vii. Subscribe if you are benefitting from this thread.

I shall post charts(according to my discretion) for every single trading day early enough to enable trade idea and judgment.

Welcome to BiteFX's Gold Mining...

......................................
*Copy Trade is Free.
*INVESTORS are to Private Message Me.
......................................

Thank you .
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  • #2
  • Mar 1, 2020 3:17pm Mar 1, 2020 3:17pm
***Disclaimer ***

  1. I AM ALWAYS WRONG UNTIL THE MARKET SAYS I AM RIGHT.
  2. NOTHING IN THIS THREAD PROMISES GET RICH QUICK, NEITHER AM I RESPONSIBLE FOR YOUR PROFITS OR LOSSES .
  3. THE CHARTS, DISCUSSIONS, AND TRADE IDEAS ARE SOLELY MY OPINIONS.
  4. TRADING LEVERAGED PRODUCT IS NOT SUITABLE FOR ALL PERSONS.
  5. PLEASE, SEEK ADDITIONAL PROFESSIONAL ADVICE IF YOU CHOOSE TO TRADE.

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  • #3
  • Edited 5:41pm Mar 1, 2020 5:24pm | Edited 5:41pm
March 02, 2020.
Trend
Trade Idea: Looking to Sell Resistance, Pivot, Support in that order.
Stop Loss at Breakout above Resistance.
1st Take Profit at Breakout below Support.

Bears brokeout from a 3 days range market between Reversal and Breakout on Friday. Hiding a stop-loss there is not a bad idea.

With My Price Channel facing downwards, I see the Bears winning today's fight.

Happy New Month...Great trading today!
Attached Image (click to enlarge)
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  • #4
  • Mar 1, 2020 5:41pm Mar 1, 2020 5:41pm
Quoting BiteFX
March 02, 2020. Trend Down Trade Idea: Looking to Sell Resistance, Pivot, Support in that order. Stop Loss at Breakout above Resistance. 1st Take Profit at Breakout below Support. Bears brokeout from a 3 days range market between Reversal and Breakout on Friday. Hiding a stop-loss there is not a bad idea. With My Price Channel facing downwards, I see the Bears winning today's fight. Happy New Month...Great trading today! {image}
First entry at Resistance is a limit order.
when that area has been visited by price, 2nd Entry at Pivot is a Stop order.
Today is a wide day.
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  • #5
  • Mar 1, 2020 6:26pm Mar 1, 2020 6:26pm
This will be coming later today... braze up.
Thanks FF. Great job!
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  • #6
  • Mar 1, 2020 7:07pm Mar 1, 2020 7:07pm
Sell Limit activated at Resistance..
A new monthly candle needs a wick...we should be able to provide that.
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  • #7
  • Mar 1, 2020 7:08pm Mar 1, 2020 7:08pm
Next entry...at Pivot.
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  • #8
  • Mar 2, 2020 1:51am Mar 2, 2020 1:51am
Bears shouted on the chart on Friday "we are back!" with what some analysts called the biggest drop/loss since 2013.

WOW!
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  • #9
  • Edited 8:28am Mar 2, 2020 8:06am | Edited 8:28am
Hi BiteFX,

i expect Gold to find support at 1585.86 (61.8% Week Support) and go up to 1600.97 (100% Week Resistance).
If price breaks that and find support, it should go up to 1616.07 (38.2% Week Resistance).
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Always expect unexpected.
  • #10
  • Mar 2, 2020 8:24am Mar 2, 2020 8:24am
Quoting Skoljkica
Hi BiteFX, i expect Gold to find support at 1585.86 (61.8% Week Support) and go up to 1616.07 (38.2% Week Resistance). {image}
Yes, you are right. But, I think it will go a little deeper.
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  • #11
  • Mar 2, 2020 8:25am Mar 2, 2020 8:25am
Skoljkica welcome to the thread... let's mine Gold together.
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  • #12
  • Mar 2, 2020 8:30am Mar 2, 2020 8:30am
Quoting BiteFX
{quote} Yes, you are right. But, I think it will go a little deeper.
Moreso, Bears have the upper hand today. because they have put bulls under today's resistance.
Currently heading to Pivot, next Support as on my first chart.
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  • #13
  • Mar 2, 2020 8:34am Mar 2, 2020 8:34am
Chart update...
Uptrend line broken downwards, price currently trading below down trendline and below resistance.
The market has the final say though.
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  • #14
  • Mar 2, 2020 8:35am Mar 2, 2020 8:35am
Quoting BiteFX
Skoljkica welcome to the thread... let's mine Gold together.
Thank you, it is good to be here. Let's mine Gold together!
Always expect unexpected.
  • #15
  • Mar 2, 2020 8:39am Mar 2, 2020 8:39am
Quoting BiteFX
{quote} Moreso, Bears have the upper hand today. because they have put bulls under today's resistance. Currently heading to Pivot, next Support as on my first chart.
If Gold continues to go down, I expect it to go to 1570.76 which is my 23.6% Week support line.
Always expect unexpected.
  • #16
  • Mar 2, 2020 9:06am Mar 2, 2020 9:06am
Although lower than previous/forecast but it's above 50 which signifies industry expansion.
I think it still favors the bears for today.
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  • #17
  • Mar 2, 2020 9:17am Mar 2, 2020 9:17am
Quoting BiteFX
Although lower than previous/forecast but it's above 50 which signifies industry expansion. I think it still favors the bears for today. {image}
For me the deciding line is 1600.97 (100% Week). Above buy, below sell.
For now, no trading until I see is that line going to be support or resistance.
Always expect unexpected.
  • #18
  • Mar 2, 2020 3:05pm Mar 2, 2020 3:05pm
I had to shift Take Profit to Pivot. And it's taken.
170pips...Not bad for a start though for the health of the thread.
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  • #19
  • Mar 2, 2020 5:47pm Mar 2, 2020 5:47pm
March 03, 2020.
Trend
Trade Idea: Looking to Sell Resistance, Pivot, Support in that order.
Stop Loss hidden at 1604.45.
Potential Take Profit at 1570.18

Yesterday, Bears had a sell following through the sell-off of last week's Friday.

With my price channel pointing down, I am only looking for short opportunities.
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  • #20
  • Mar 2, 2020 5:59pm Mar 2, 2020 5:59pm
The level above price has Limit orders while the level below price has Stop orders respectively.
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