Gold Mining - Using Each Trading Day's Trend | Page 95 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD

Similar Threads

Scalping Gold using WPR 1,019 replies

Which standard Indicators are most related to each other? 2 replies

Gold Mining II - Using Reference Lines 13 replies

An idea for building wealth...using only gold 9 replies

Trading Gold - An End of Day System 27 replies

Attachments: Gold Mining - Using Each Trading Day's Trend
Exit Attachments

Gold Mining - Using Each Trading Day's Trend

  • #1,881
  • May 6, 2020 11:00am May 6, 2020 11:00am
channel on 4hr I had posted yesterday has proved to be quite a nice channel to trade, until it is broken its still intact.

3rd photo shows the 4hr channel on the hourly tf. I have a light blue channel and a red channel. on hourly tf you can see how price tried the red channel from the bottom and got rejected
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot_20200505-153456_MetaTrader 4.jpg Size: 1.1 MB
Click to Enlarge Name: Screenshot_20200506-115815_MetaTrader 4.jpg Size: 1.6 MB
Click to Enlarge Name: Screenshot_20200506-115926_MetaTrader 4.jpg Size: 627 KB
  • #1,882
  • May 6, 2020 3:59pm May 6, 2020 3:59pm
Quoting rayoub
channel on 4hr I had posted yesterday has proved to be quite a nice channel to trade, until it is broken its still intact. 3rd photo shows the 4hr channel on the hourly tf. I have a light blue channel and a red channel. on hourly tf you can see how price tried the red channel from the bottom and got rejected {image} {image} {image}
Great Analysis Brother
  • #1,883
  • Edited 5:19pm May 6, 2020 4:42pm | Edited 5:19pm
Trade Idea for Thursday May 7, 2020.
Trend lines are pointed downwards in a Broadening formation...We expect a bullish fight back and then the continuation of gravity.
The levels am watching..
A. 1695.09 - Reversal and gravity continuation.
B. 1691.27 - False bullish breakout, then gravity continues.
C. 1688.91 - Resistance provides a ceiling over antigravity and then gravity continues.
D. 1685.09 - Pivot point of the day...market will play around here well enough.
E. 1681.27 - Support may turn resistance to push price further down.
F. 1675.09 - Possible bullish reversal...Therefore, am taking all profits here.
G. 1711.27 - A break above (2) invalidates the gravity.
H. 1701.27 - inclusive in my short position watch.

I Stay Alive...
Attached Image (click to enlarge)
Click to Enlarge Name: IMG_20200506_222424.jpg Size: 110 KB
Learn... Work Hard... Trade Alone
  • #1,884
  • May 6, 2020 5:30pm May 6, 2020 5:30pm
Trade idea for today, as Bitefx said expect gravity to continue so am watching 1695.25, 1688, and 1680 (if price breaks below nicely.)
if price breaks above 1707.50 I could see bulls taking the lead until then am with the bears. as bitefx said tho 1678 is looking like a good tp possible reversal at that point.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot_20200506-182539_MetaTrader 4.jpg Size: 1.6 MB
Click to Enlarge Name: Screenshot_20200506-182656_MetaTrader 4.jpg Size: 1.1 MB
  • #1,885
  • May 6, 2020 7:41pm May 6, 2020 7:41pm
So I've been thinking a lot and obviously always looking to learn more from others who are more successful and experienced, and just want to share something. so initially when I first started trading I would stockpile any and all profits, meaning I would never let it hit my tp I would just close them in profit and add to my capital, this hindered me from reaching max profits because i didn't allow tps to be hit. A friend of mine told me that it's best to let trades run their course etc, and I've done that and found that i was up a nice ways but didn't close because tp wasnt hit..and end up having to close with negative or when stop loss was hit. but then I've been doing a lot of reading and I've found that although one should let some trades run, one should also periodically have some short run trades that are maybe 20, 30 pips away so that at least once your trade gets activated some tps will be hit while the long run might not get hit, this ensures your building capital to allow for more trading eventually. and what I mean is if you have a buy limit for example at 1682 tp for one might be 1706 but for others could potentially be 1685 or 1688 as to ensure something gets collected rather than looking later to see your ultimate tp was missed by 5 pips and now direction has changed etc. Anyways just some thoughts being shared cuz I know many of us have our tps set off somewhere nice and its very upsetting to see the potential profit that was there get reduced.
  • #1,886
  • May 6, 2020 9:39pm May 6, 2020 9:39pm
Thanks for sharing your experience, I agree with you. I lost many potential TP`s, more than 1500 pips since three weeks ago. most of them are due to greed and trades run by very wide tp`s and most of them reached 2/3 of expected tp's and then change the direction and hit SL's near zero, and if I separated positions in two or three pieces and with multilevel tp`s then I could take half of potential tp`s.
And when I calculated that if I took half of the lost potential tp`s then my goal would be achieved.
A penny saved is a penny earned
  • #1,887
  • May 6, 2020 9:57pm May 6, 2020 9:57pm
Quoting QuantaMath
Thanks for sharing your experience, I agree with you. I lost many potential TP`s, more than 1500 pips since three weeks ago. most of them are due to greed and trades run by very wide tp`s and most of them reached 2/3 of expected tp's and then change the direction and hit SL's near zero, and if I separated positions in two or three pieces and with multilevel tp`s then I could take half of potential tp`s. And when I calculated that if I took half of the lost potential tp`s then my goal would be achieved. A penny saved is a penny earned
Absolutely hopefully we can all make each other much better at this game. I was looking back at some things that went wrong last week and I realized that a lot of the moves that I lost on, were not necessarily bad moves but were more bad entries due to overleveraging. for example I had bought at 1682 and 1685 last week and used a large lot size and so when price went down to 1670 I was closed out because of margin % , then price proceeded to go up, to 1699, had I taken out some profits from earlier trades rather than assuming all my tps would get hit, I would have had larger capital larger margin and therfore have maintained my capital enough to withstand the move against me for the better move ahead.
  • #1,888
  • May 6, 2020 9:59pm May 6, 2020 9:59pm
It took me awhile to wraparound but no profits are realized until trade is closed in profit. I've watched so many of my trades go from extremely positive to negative in mere mins and wonder how in the world I could lose all that money, just to realize it was never mine because I never closed the trade.
  • #1,889
  • May 6, 2020 11:40pm May 6, 2020 11:40pm
Rayoub and QuantaMath...Most professional traders are not free from this issue discussed above also. We not alone in this.
One of the solutions I started using lately is to reduce my profit expectation of the market(gold) to average movement/distance covered daily.

For instance, in a terrible ranging day, market moves average 1500-2000 points. While on dangerous days, up to 5000, 7000 or more(doesn't happen every day).

Now, I decided to take 1000 first, then rejoin the day's direction to take may be 500 or 1000 again in extreme pullbacks.

We have to work our socks off...This is our business men.
We Stay Alive Always
Learn... Work Hard... Trade Alone
  • #1,890
  • May 6, 2020 11:45pm May 6, 2020 11:45pm
Quoting BiteFX
Rayoub and QuantaMath...Most professional traders are not free from this issue discussed above also. We not alone in this. One of the solutions I started using lately is to reduce my profit expectation of the market(gold) to average movement/distance covered daily. For instance, in a terrible ranging day, market moves average 1500-2000 points. While on dangerous days, up to 5000, 7000 or more(doesn't happen every day). Now, I decided to take 1000 first, then rejoin the day's direction to take may be 500 or 1000 again in extreme pullbacks....
By the day's direction, I mean to say what my parameters shows me, not the signal sent by one "guru" somewhere or a brokerage firm.

I am learning everyday to totally trust my trading system. That way, I know my chances of survival in the market.
Learn... Work Hard... Trade Alone
  • #1,891
  • May 7, 2020 12:46am May 7, 2020 12:46am
Quoting BiteFX
Rayoub and QuantaMath...Most professional traders are not free from this issue discussed above also. We not alone in this. One of the solutions I started using lately is to reduce my profit expectation of the market(gold) to average movement/distance covered daily. For instance, in a terrible ranging day, market moves average 1500-2000 points. While on dangerous days, up to 5000, 7000 or more(doesn't happen every day). Now, I decided to take 1000 first, then rejoin the day's direction to take may be 500 or 1000 again in extreme pullbacks. We have...
Thank you so much for your guidance. .
  • #1,892
  • May 7, 2020 1:02am May 7, 2020 1:02am
Quoting QuantaMath
{quote} Thank you so much for your guidance. .
My pleasure...
Learn... Work Hard... Trade Alone
  • #1,893
  • May 7, 2020 2:04am May 7, 2020 2:04am
Quoting BiteFX
Rayoub and QuantaMath...Most professional traders are not free from this issue discussed above also. We not alone in this. One of the solutions I started using lately is to reduce my profit expectation of the market(gold) to average movement/distance covered daily. For instance, in a terrible ranging day, market moves average 1500-2000 points. While on dangerous days, up to 5000, 7000 or more(doesn't happen every day). Now, I decided to take 1000 first, then rejoin the day's direction to take may be 500 or 1000 again in extreme pullbacks. We have...
sounds like a good game plan. I will try to incorporate this into my trading strategy. we learn and adjust as we move on.
  • #1,894
  • May 7, 2020 2:06am May 7, 2020 2:06am
Quoting BiteFX
Trade Idea for Thursday May 7, 2020. Trend lines are pointed downwards in a Broadening formation...We expect a bullish fight back and then the continuation of gravity. The levels am watching.. A. 1695.09 - Reversal and gravity continuation. B. 1691.27 - False bullish breakout, then gravity continues. C. 1688.91 - Resistance provides a ceiling over antigravity and then gravity continues. D. 1685.09 - Pivot point of the day...market will play around here well enough. E. 1681.27 - Support may turn resistance to push price further down....
Seems to have played out beautifully...I stay alive.
Learn... Work Hard... Trade Alone
  • #1,895
  • May 7, 2020 2:07am May 7, 2020 2:07am
Quoting rayoub
{quote} sounds like a good game plan. I will try to incorporate this into my trading strategy. we learn and adjust as we move on.
Exactly brother...
Learn... Work Hard... Trade Alone
  • #1,896
  • May 7, 2020 2:52am May 7, 2020 2:52am
Quoting BiteFX
Trade Idea for Thursday May 7, 2020. Trend lines are pointed downwards in a Broadening formation...We expect a bullish fight back and then the continuation of gravity. The levels am watching.. A. 1695.09 - Reversal and gravity continuation. B. 1691.27 - False bullish breakout, then gravity continues. C. 1688.91 - Resistance provides a ceiling over antigravity and then gravity continues. D. 1685.09 - Pivot point of the day...market will play around here well enough. E. 1681.27 - Support may turn resistance to push price further down. F. 1675.09 -...
Great analysis man!
Always expect unexpected.
  • #1,897
  • May 7, 2020 3:09am May 7, 2020 3:09am
Nicely said, all of you. We are here to learn form ourselves and each other, most important is to stay alive and make a profit.

So for today, I want to hunt bears.
1694.21 already acted as a resistance, but price could reach it once again. If it does, sell there with TP 1675.38. Price could make a reversal there, maybe try to confirm 1685.79 as a resistance and down to 1658.55. I will see.

However, if 1694.21 acts as a support, then bulls could move price higher to 1702.62/1713.03
Strong battle between bulls and bears at 1694.21
Attached Image
Always expect unexpected.
  • #1,898
  • May 7, 2020 3:43am May 7, 2020 3:43am
Quoting Skoljkica
{quote} Great analysis man!
Thank you.
Learn... Work Hard... Trade Alone
  • #1,899
  • May 7, 2020 3:47am May 7, 2020 3:47am
Quoting Skoljkica
Nicely said, all of you. We are here to learn form ourselves and each other, most important is to stay alive and make a profit. So for today, I want to hunt bears. 1694.21 already acted as a resistance, but price could reach it once again. If it does, sell there with TP 1675.38. Price could make a reversal there, maybe try to confirm 1685.79 as a resistance and down to 1658.55. I will see. However, if 1694.21 acts as a support, then bulls could move price higher to 1702.62/1713.03 Strong battle between bulls and bears at 1694.21 {image}
Well done job Skoljkica...
Learn... Work Hard... Trade Alone
  • #1,900
  • May 7, 2020 4:19am May 7, 2020 4:19am
Quoting BiteFX
Trade Idea for Thursday May 7, 2020. Trend lines are pointed downwards in a Broadening formation...We expect a bullish fight back and then the continuation of gravity. The levels am watching.. A. 1695.09 - Reversal and gravity continuation. B. 1691.27 - False bullish breakout, then gravity continues. C. 1688.91 - Resistance provides a ceiling over antigravity and then gravity continues. D. 1685.09 - Pivot point of the day...market will play around here well enough. E. 1681.27 - Support may turn resistance to push price further down....
Ouk... A,B,C,D. activated...I await market judgement.
Learn... Work Hard... Trade Alone
0 traders viewing now