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Gold Mining - Using Each Trading Day's Trend

  • #921
  • Edited 10:46pm Mar 30, 2020 8:56pm | Edited 10:46pm
Quoting BiteFX
Tuesday March 31, 2020. The bears finally won the fight yesterday. With the chart giving off a Bearish Broadening formation and 1620 acting as a near term resistance to send price even lower, a break below 1610 will confirm the bearish move opening up to more downside opportunities the 1510-1500 psych levels. Meanwhile, a break above 1620-1630 will invalidate the bearish move and reaffirm the bullish flag pattern. We Stay Alive guys for the last trading day of the month... Don't give back all of the profit you made since the beginning of the month....
Trade idea...Limit order at 1620, stop loss at 1630.
Allow price to break below 1610...then initiate a limit order at 1610 stop loss at 1620.
Learn... Work Hard... Trade Alone
  • #922
  • Mar 30, 2020 9:10pm Mar 30, 2020 9:10pm
Quoting BiteFX
{quote} Trade idea...Limit order at 1620, stop loss at 1630. Allow price to break below 1610...then initiate a limit order at 1610 stop loss at 1620.
Talking about this... I found a limit order to be more conservative than a stop order. From its own very word, limiting unnecessary draw downs.

Stop orders tries to predict a breakout(really dangerous), while limit orders tends to systematically wait for a pull back, and then, follow back in in the direction of the market's current price movement.
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  • #923
  • Mar 30, 2020 10:20pm Mar 30, 2020 10:20pm
Quoting BiteFX
may be up to something...I've got a limit order at 1620....stop loss at 1600.
Note, this trade was closed manually with a 60pips loss considering new trading day's parameters.

I Stay Alive...and move ahead.
Learn... Work Hard... Trade Alone
  • #924
  • Mar 30, 2020 10:22pm Mar 30, 2020 10:22pm
Quoting BiteFX
{quote} Note, this trade was closed manually with a 60pips loss considering new trading day's parameters. I Stay Alive...and move ahead.
Would have left with a little profit, say 10pips, but, I slept off. Then saw the manual exit when I awoke...This is part of the business. Am not a machine.
Learn... Work Hard... Trade Alone
  • #925
  • Mar 31, 2020 2:07am Mar 31, 2020 2:07am
Market has been ranging downward for two consecutive days. Today is a third day, can we see a sharp move? Let's wait some more.
Learn... Work Hard... Trade Alone
  • #926
  • Mar 31, 2020 3:06am Mar 31, 2020 3:06am
Quoting Skoljkica
Morning all I'm looking to buy gold at 1613.84 (23.6% WS), but I'm also prepared that price could go lower down to 1599.29 (100% WS) TP 1646.41 (76.4% WR) {image}{image}
Morning all

Price is still in a range between 1622.85 and 1613.84
Will 1613.84 act as a support?
It will find 1622.85 as a resistance and then wait for price to confirm 1613.84 as a support or resistance.

I think price will go down to 1599.29 and find it as a support.
Attached Image
Always expect unexpected.
  • #927
  • Mar 31, 2020 3:15am Mar 31, 2020 3:15am
Quoting Skoljkica
{quote} Morning all Price is still in a range between 1622.85 and 1613.84 Will 1613.84 act as a support? It will find 1622.85 as a resistance and then wait for price to confirm 1613.84 as a support or resistance. I think price will go down to 1599.29 and find it as a support. {image}
Morning Skoljkica,
Nice one!
Learn... Work Hard... Trade Alone
  • #928
  • Mar 31, 2020 3:24am Mar 31, 2020 3:24am
Skolj, what's your trade idea for today? Am looking at shorting at 1620 following a retest.
Learn... Work Hard... Trade Alone
  • #929
  • Mar 31, 2020 3:30am Mar 31, 2020 3:30am
Quoting BiteFX
Skolj, what's your trade idea for today? Am looking at shorting at 1620 following a retest.
I don't think price will go up to 1620.00/1622.85 again.
It will go down to 1599.29 and find it as a support.
I will look for a short position after price falls below 1613.84 and confirm it as a resistance.

But if I am wrong and price rises up to 1622.85 I will short there with TP 1613.84
Today is the last trading day of the month, maybe we will have more dynamic day.
Always expect unexpected.
  • #930
  • Mar 31, 2020 3:33am Mar 31, 2020 3:33am
Quoting Skoljkica
{quote} I don't think price will go up to 1620.00/1622.85 again. It will go down to 1599.29 and find it as a support. I will look for a short position after price falls below 1613.84 and confirm it as a resistance. But if I am wrong and price rises up to 1622.85 I will short there with TP 1613.84 Today is the last trading day of the month, maybe we will have more dynamic day.
Thanks niggi,
I learnt from that trade idea... That's the essence of this thread... We're not afraid to make the calls...profit is ours in the long run.
Learn... Work Hard... Trade Alone
  • #931
  • Mar 31, 2020 3:41am Mar 31, 2020 3:41am
Quoting BiteFX
{quote} Thanks niggi, I learnt from that trade idea... That's the essence of this thread... We're not afraid to make the calls...profit is ours in the long run.
Thanks man..I've learned that gold doesn't always make that big pull back I'm expecting and I would always miss a chance to enter the trade.
That is the reason I think 1622.85 won't be retested. Not before some bigger fall.
Always expect unexpected.
  • #932
  • Mar 31, 2020 3:45am Mar 31, 2020 3:45am
Did you see this injection?
Attached Image

Now up to 1622.85?
Or 1613.84 will act as a resistance?
Always expect unexpected.
  • #933
  • Mar 31, 2020 4:03am Mar 31, 2020 4:03am
Quoting Skoljkica
{quote} I think price will go down to 1599.29 and find it as a support. {image}
Price could go even lower, down to 1590.40/1588.61
Always expect unexpected.
  • #934
  • Mar 31, 2020 4:05am Mar 31, 2020 4:05am
1610 broken downward, shows are serious...am initiating a limit order there, and stop loss at 1620 shows that could not get to that price before.
Learn... Work Hard... Trade Alone
  • #935
  • Mar 31, 2020 4:06am Mar 31, 2020 4:06am
Quoting Skoljkica
{quote} Price could go even lower, down to 1590.40/1588.61
Yeahp man... The market has told us where it is headed, so we follow until this trend dies off. (My take)
Learn... Work Hard... Trade Alone
  • #936
  • Mar 31, 2020 4:11am Mar 31, 2020 4:11am
Quoting BiteFX
{quote} Yeahp man... The market has told us where it is headed, so we follow until this trend dies off. (My take)
1510-1500 psych level is one vital neck line of the breakout last week... Am thinking of going back there with the market.
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  • #937
  • Mar 31, 2020 4:15am Mar 31, 2020 4:15am
Quoting BiteFX
{quote} 1510-1500 psych level is one vital neck line of the breakout last week... Am thinking of going back there with the market.
Until the end of the week 1537.61 seems attainable.
Below that price, agree with you, 1510-1500
Always expect unexpected.
  • #938
  • Mar 31, 2020 4:16am Mar 31, 2020 4:16am
Am already in...I await market judgement.
Learn... Work Hard... Trade Alone
  • #939
  • Mar 31, 2020 4:33am Mar 31, 2020 4:33am
The nearest stubborn support to be broken is 1600..Once done, it's gonna be a free ride niggis.
Learn... Work Hard... Trade Alone
  • #940
  • Mar 31, 2020 5:27am Mar 31, 2020 5:27am
Quoting BiteFX
The nearest stubborn support to be broken is 1600..Once done, it's gonna be a free ride niggis.
are currently challenging this level...a break will open us up to the 1500 psychological levels...
Learn... Work Hard... Trade Alone
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