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Gold Mining - Using Each Trading Day's Trend

  • #41
  • Mar 3, 2020 6:31am Mar 3, 2020 6:31am
Quoting BiteFX
{quote} ...Thanks for the piece. But, let them go to my Stop loss, then and only then, do I know I was wrong. Trade Idea lasts till 22:00 server time for today. I stay Alive.
I agree, the only way to know if you were right is to let your plan to be fulfilled.
Always expect unexpected.
  • #42
  • Mar 3, 2020 6:33am Mar 3, 2020 6:33am
Quoting Skoljkica
{quote} Didn't go long, need to see price action from 1600-1604. If price holds again 1600 it could go up. Not sure yet.
Ouk
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  • #43
  • Mar 3, 2020 6:37am Mar 3, 2020 6:37am
Quoting Skoljkica
{quote} I agree, the only way to know if you were right is to let your plan to be fulfilled.
Exactly! Either the market takes me out, or gives me money.
I follow the "MY ADVICE" on page 1, first post strictly.
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  • #44
  • Mar 3, 2020 6:44am Mar 3, 2020 6:44am
Quoting BiteFX
{quote} Exactly! Either the market takes me out, or gives me money. I follow the "MY ADVICE" on page 1, first post strictly.
I've read it, great intro.

"A Good enough Trading System has losses, but the Winnings cover the losses and over time makes the trader profitable".

Profit should always be greater than loss. I tend to have risk:reward 1:2. That way I can afford myself to have more "bad" trades, but I will still be profitable. If that isn't happening, I need to change something in my approach.
Always expect unexpected.
  • #45
  • Mar 3, 2020 7:40am Mar 3, 2020 7:40am
This time entered long at 1601.35
SL 15 pips,
TP 1616.00
Will see the movement, possible to close earlier
Always expect unexpected.
  • #46
  • Mar 3, 2020 7:42am Mar 3, 2020 7:42am
Quoting Skoljkica
{quote} I've read it, great intro. "A Good enough Trading System has losses, but the Winnings cover the losses and over time makes the trader profitable". Profit should always be greater than loss. I tend to have risk:reward 1:2. That way I can afford myself to have more "bad" trades, but I will still be profitable. If that isn't happening, I need to change something in my approach.
Thanks for the compliment!
You're on point bro...
Learn... Work Hard... Trade Alone
  • #47
  • Mar 3, 2020 7:46am Mar 3, 2020 7:46am
Quoting Skoljkica
This time entered long at 1601.35 SL 15 pips, TP 1616.00 Will see the movement, possible to close earlier
Once your parameters are set, and trade idea is on, you stick to it. No matter what for instance, "Warren Buffet" says.
Let the market price judge you.
Learn... Work Hard... Trade Alone
  • #48
  • Mar 3, 2020 7:50am Mar 3, 2020 7:50am
Quoting BiteFX
{quote} Once your parameters are set, and trade idea is on, you stick to it. No matter what for instance, "Warren Buffet" says. Let the market price judge you.
Of course, I closed my trading at 1604.40 with nice profit, scalping.
Looking for another entry.
Closed it because I feel more comfortable with it after this expansion.
Do what you feel comfortable with.
Always expect unexpected.
  • #49
  • Mar 3, 2020 9:19am Mar 3, 2020 9:19am
Gold broke yesterday's high. Wow!
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  • #50
  • Mar 3, 2020 9:23am Mar 3, 2020 9:23am
Quoting BiteFX
Gold broke yesterday's high. Wow!
Yeah, huge movement. Didn't expect this high today, maximum to 1619.
Will see tomorrow for new opportunities.
Always expect unexpected.
  • #51
  • Mar 3, 2020 7:02pm Mar 3, 2020 7:02pm
March 04, 2020.
Yesterday, Friday's high was broken.
Today, Up Trend lines having an early cross above Resistance-which was a gap on Feb 24th, are signifying possible bear reversal.

So, If Price breaks below Pivot-1630.97, the down trend for today is confirmed. And we may see further move to the downside to support-1616.75 and Breakout - 1599.17.

However, if price runs to Breakout - 1662.77 above Resistance, the overall Uptrend continues.

Trade idea:
Looking to Sell Resistance, Pivot with stop-loss hidden at breakout 1662.77. Take profit at Support 1616.75.
Attached Image (click to enlarge)
Click to Enlarge Name: IMG_20200304_012720_256.jpg Size: 117 KB
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  • #52
  • Mar 3, 2020 7:11pm Mar 3, 2020 7:11pm
Coming up later today...
Attached Image (click to enlarge)
Click to Enlarge Name: IMG_20200304_020948_176.jpg Size: 19 KB
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  • #53
  • Mar 4, 2020 2:04am Mar 4, 2020 2:04am
Quoting BiteFX
March 04, 2020. Yesterday, Friday's high was broken. Today, Up Trend lines having an early cross above Resistance-which was a gap on Feb 24th, are signifying possible bear reversal. So, If Price breaks below Pivot-1630.97, the down trend for today is confirmed. And we may see further move to the downside to support-1616.75 and Breakout - 1599.17. However, if price runs to Breakout - 1662.77 above Resistance, the overall Uptrend continues. Trade idea: Looking to Sell Resistance, Pivot with stop-loss hidden at breakout 1662.77. Take profit...
Sell still looking good at the moment-Am in already...Once the Bears are done, I will be going long.
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  • #54
  • Edited 3:41am Mar 4, 2020 2:38am | Edited 3:41am
Morning Bite,

yesterday Gold did some huge movement. I will look its behavior at 1625.40 (61.8% WS) - 1623. 34 (100% DS).
It is possible price will find support there. If it does, buy up to 1648.78 (100% DR) - 1655.61 (38.2% WR).
If it doesn't reach 1625.40, support will be at 1629.35 (23.6% DS).
Since the price already tried to break 1648.78, it could break it with ease at one moment and go to the next resistance line which is 1655.61.
Attached Image
Always expect unexpected.
  • #55
  • Mar 4, 2020 4:23am Mar 4, 2020 4:23am
Looking at 1640.50. If price can't break it right now,it will become resistance line and price should fall down to 1629.35/1625.40.
If price breaks 1640.50 I will wait for it to retest it again as a support line and enter long.
Always expect unexpected.
  • #56
  • Mar 4, 2020 5:30am Mar 4, 2020 5:30am
Quoting Skoljkica
Looking at 1640.50. If price can't break it right now,it will become resistance line and price should fall down to 1629.35/1625.40. If price breaks 1640.50 I will wait for it to retest it again as a support line and enter long.
Price found support at 1640.50, first resistance line 1643.76 (50% Quarter Resistance).
One more push down and buy to the next resistance at 1648.78 (100% DR). Also H4 candle opened above 1640.50
Always expect unexpected.
  • #57
  • Edited 6:53am Mar 4, 2020 6:21am | Edited 6:53am
Quoting Skoljkica
{quote} Price found support at 1640.50, first resistance line 1643.76 (50% Quarter Resistance). One more push down and buy to the next resistance at 1648.78 (100% DR). Also H4 candle opened above 1640.50
Update: closed long at 1648.78, looking for another entry around 1645.
Attached Image


Did some scalping at 1645, now waiting for possible pullback down to 1643.76 (50% QS), wouldn't be surprised if price makes pullback to 1640.50 due to the upcoming news.
Always expect unexpected.
  • #58
  • Mar 4, 2020 7:23am Mar 4, 2020 7:23am
Quoting Skoljkica
{quote} Update: closed long at 1648.78, looking for another entry around 1645. {image} Did some scalping at 1645, now waiting for possible pullback down to 1643.76 (50% QS), wouldn't be surprised if price makes pullback to 1640.50 due to the upcoming news.
How I wished I could scalp like that!
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  • #59
  • Mar 4, 2020 7:23am Mar 4, 2020 7:23am
I like BIG KILLS...But they don't come always
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  • #60
  • Mar 4, 2020 7:28am Mar 4, 2020 7:28am
I am still with the pull back sell at 1645 I entered this morning. And the one of yesterday, am finding a better way to exit it.
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