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Gold Mining - Using Each Trading Day's Trend

  • #1,461
  • Apr 17, 2020 12:21am Apr 17, 2020 12:21am
Yesterday I did not recognize double top, until this morning when I was looking at H1 time frame
The important point about the double top is time and sessions that happened
Two green vertical lines at left are and two green vertical lines at right show the same hours but one is 14 April and the other is 16 April, respectively
The price opened bellow the white thick trend line, which it has starting on 20 March and strongly is playing as uptrend support.
if the pullback will not fail, maybe, the downtrend will confirm.

But As BiteFx always says, We await market judgment
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  • #1,462
  • Apr 17, 2020 12:46am Apr 17, 2020 12:46am
Quoting QuantaMath
Yesterday I did not recognize double top, until this morning when I was looking at H1 time frame The important point about the double top is time and sessions that happened Two green vertical lines at left are and two green vertical lines at right show the same hours but one is 14 April and the other is 16 April, respectively The price opened bellow the white thick trend line, which it has starting on 20 March and strongly is playing as uptrend support. if the pullback will not fail, maybe, the downtrend will confirm. But As BiteFx always says,...
Yes, you are right bro... Am seeing a double top too...
A break below 1700 will validate gravity and a run away market.
I bought at 1710 to cover the gap down, now am awaiting market judgement.

The market is always right about where it wants to go.

Well done job brother...We Stay Alive today.
Learn... Work Hard... Trade Alone
  • #1,463
  • Apr 17, 2020 12:50am Apr 17, 2020 12:50am
QuantaMath, you see that 1710...is perhaps acting out the neckline function if all goes in favor of the bears.
Learn... Work Hard... Trade Alone
  • #1,464
  • Apr 17, 2020 1:04am Apr 17, 2020 1:04am
Gravity is upon us.
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  • #1,465
  • Apr 17, 2020 1:05am Apr 17, 2020 1:05am
Quoting rayoub
trade ideas for today is we will see bearish pullback to 1680- 1677. Now that price has broken 1708 which was acting as a neckline to a potential hns on 4he. now that price has broken it. sell limit at 1718.50 safer side would be sell limit at 1725 if bulls can drive price back above 1731 then this move will be invalidated. {image} {image}
Price tried 1718.50 almost on the dot and was rejected right back below 1710. where as we discussed was a possible neckline for structure to go back to 1682. this move seems to be happening now
  • #1,466
  • Apr 17, 2020 1:05am Apr 17, 2020 1:05am
Quoting BiteFX
QuantaMath, you see that 1710...is perhaps acting out the neckline function if all goes in favor of the bears.
Sure, unfortunately I did not focus on it and I lost that point.
  • #1,467
  • Apr 17, 2020 1:05am Apr 17, 2020 1:05am
Looks like running away, but we will find our entry...Gold eyeing 1665
Learn... Work Hard... Trade Alone
  • #1,468
  • Edited 2:26am Apr 17, 2020 1:18am | Edited 2:26am
My stop loss is hit...gap was not closed in full...Double top chart pattern is now confirmed, let's make some money following today's Trend... We Stay Alive, we don't fight it.
Learn... Work Hard... Trade Alone
  • #1,469
  • Apr 17, 2020 1:24am Apr 17, 2020 1:24am
Sell limit 1695...stop loss 1705...I await markets judgement.
Learn... Work Hard... Trade Alone
  • #1,470
  • Apr 17, 2020 1:26am Apr 17, 2020 1:26am
So the market so far did what I expected it to. 1685 was hit, I'm expecting to see 1682 possibly extending down to 1665 (personally I see 1657.8 in its path)
sorry for all the edits seems my phone wanted to upload different charts etc
Attached Image(s) (click to enlarge)
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  • #1,471
  • Apr 17, 2020 1:30am Apr 17, 2020 1:30am
Quoting BiteFX
Sell limit 1695...stop loss 1705...I await markets judgement.
Activated... I await market judgement.
Learn... Work Hard... Trade Alone
  • #1,472
  • Apr 17, 2020 1:31am Apr 17, 2020 1:31am
Quoting rayoub
So the market so far did what I expected it to. 1685 was hit, I'm expecting to see 1682 possibly extending down to 1665 (personally I see 1657.8 in its path) sorry for all the edits seems my phone wanted to upload different charts etc {image} {image}
Nice job brother...
Learn... Work Hard... Trade Alone
  • #1,473
  • Apr 17, 2020 1:35am Apr 17, 2020 1:35am
Quoting BiteFX
{quote} Nice job brother...
thank you sir although I personally sat this trading day out quite a few stop losses hit this week that I overlevaraged on lol.
  • #1,474
  • Apr 17, 2020 1:56am Apr 17, 2020 1:56am
Quoting BiteFX
{quote} Activated... I await market judgement.
Market says this trade idea was wrong...stop loss hit...
Learn... Work Hard... Trade Alone
  • #1,475
  • Apr 17, 2020 2:02am Apr 17, 2020 2:02am
Quoting rayoub
{quote} thank you sir although I personally sat this trading day out quite a few stop losses hit this week that I overlevaraged on lol.
Gold is a fast mover...what I do is to divide my equity such that I can survive 20 trades.
Given 10 losing trades and 10 winning trades...
Loss...1R=1R
Win...1R=2R or more.
At the end of 20 trading days in a month... I should come out profitable.

Quoting BiteFX
{quote} Gold is a fast mover...what I do is to divide my equity such that I can survive 20 trades. Given 10 losing trades and 10 winning trades... Loss...1R=1R Win...1R=2R or more. At the end of 20 trading days in a month... I should come out profitable.
This is not based on an indicator or some signals sold by said Forex professionals.
Learn... Work Hard... Trade Alone
  • #1,476
  • Apr 17, 2020 2:09am Apr 17, 2020 2:09am
Quoting BiteFX
{quote} Gold is a fast mover...what I do is to divide my equity such that I can survive 20 trades. Given 10 losing trades and 10 winning trades... Loss...1R=1R Win...1R=2R or more. At the end of 20 trading days in a month... I should come out profitable. {quote} This is not based on an indicator or some signals sold by said Forex professionals.
I sit down at the end of a given trading day and analyse my chart for the next trading day...then, I just TRUST THE MARKET TO DO IT'S THING.
If am profitable that day... Sote... If am not profitable that day... Sote.
After 20 trading days, I should show profit.
This is a game of probabilities... There is no SURE WINNER!
Learn... Work Hard... Trade Alone
  • #1,477
  • Apr 17, 2020 2:12am Apr 17, 2020 2:12am
Alright...I still had some equity to cover my ass...
So, a sell limit was activated at 1705...where my stop loss was hit before.
Meeeeeen... I Stay Alive on the last trading day of the week
Learn... Work Hard... Trade Alone
  • #1,478
  • Apr 17, 2020 2:28am Apr 17, 2020 2:28am
Quoting BiteFX
Alright...I still had some equity to cover my ass... So, a sell limit was activated at 1705...where my stop loss was hit before. Meeeeeen... I Stay Alive on the last trading day of the week
Looking good at the moment... ... Until market says, hey guy, you're wrong!
Learn... Work Hard... Trade Alone
  • #1,479
  • Apr 17, 2020 2:43am Apr 17, 2020 2:43am
Quoting BiteFX
{quote} I sit down at the end of a given trading day and analyse my chart for the next trading day...then, I just TRUST THE MARKET TO DO IT'S THING. If am profitable that day... Sote... If am not profitable that day... Sote. After 20 trading days, I should show profit. This is a game of probabilities... There is no SURE WINNER!
I appreciate that... that makes much more sense then thinking I will win every trade every day lol... but I like how you put it into perspective, after a given amount of time one should be able to be profitable. And I am still in the process of trying to separate the emotions from the trade, plenty time market reacts and I initiate or long or short premature to where my limits are at ,thus not trusting my own analysis (leading to high risk of failure). Discipline in this game is very very difficult but definitely necessary.
  • #1,480
  • Apr 17, 2020 2:44am Apr 17, 2020 2:44am
Quoting BiteFX
Alright...I still had some equity to cover my ass... So, a sell limit was activated at 1705...where my stop loss was hit before. Meeeeeen... I Stay Alive on the last trading day of the week
glad you caught it back down if market continues you should see some nice $$ going into weekend.
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