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Gold Mining - Using Each Trading Day's Trend

  • #1,901
  • Edited 4:33am May 7, 2020 4:20am | Edited 4:33am
Quoting Skoljkica
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. {image}
I'm in.
1688.08 could act as a support. I will see price action.
Attached Image
Always expect unexpected.
  • #1,902
  • May 7, 2020 5:23am May 7, 2020 5:23am
Quoting rayoub
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...
Since I don't like to stay long in trades, sometimes I do the same thing.
I give one order and let it hit TP or SL (until the end of the day) and in the meantime I do scalps on 5 or 15 min chart. That way I am still making smaller money while one trade could bring bigger profit. But in scalping, if TP is small, so should SL be the same or even smaller.
I don't want to let myself to stay long in a scalping trade because that isn't scalping trade anymore.
Always expect unexpected.
  • #1,903
  • May 7, 2020 6:23am May 7, 2020 6:23am
Today I went against the trend but scalped with profit couple of trades.
I'm expecting price to make one more push up to 1696.64/1697.40 and then pullback down to 1694.21 or 1688.08.
1694.21 could act as a support and on H4 chart bullish signal turned on.
Always expect unexpected.
  • #1,904
  • May 7, 2020 6:41am May 7, 2020 6:41am
Quoting Skoljkica
Today I went against the trend but scalped with profit couple of trades. I'm expecting price to make one more push up to 1696.64/1697.40 and then pullback down to 1694.21 or 1688.08. 1694.21 could act as a support and on H4 chart bullish signal turned on.
By the trend, what do you mean brother?
A pull back could also be a trend you know.
So fire on let's know...
Learn... Work Hard... Trade Alone
  • #1,905
  • May 7, 2020 7:01am May 7, 2020 7:01am
Quoting BiteFX
{quote} By the trend, what do you mean brother? A pull back could also be a trend you know. So fire on let's know...
By the trend what I mean is that on a daily chart signal says bears are exhausted, so bullish mode could turn on, also H4 turned bullish as well and price went up all day. I was selling. So I went against.

On a daily chart I am looking the trend with trix but it also shows something which already happen. With it I can be prepared and expect bears won't dominate the market for long. So I can prepare my trades for buy. I am looking at pullbacks as a new opportunity to enter (in this example) long.

In the chart below, trix is almost exhausted with sell, so I can expect bears will push the price down to 1672.34 where I will exit my short position and see is price going to find support there.
If trix turns green it means bulls are taking over the market and that is the beginning of bullish trend.
Attached Image
Always expect unexpected.
  • #1,906
  • May 7, 2020 7:21am May 7, 2020 7:21am
Key level of extention actual UP trend is area 1700-1705.....
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  • #1,907
  • May 7, 2020 9:06am May 7, 2020 9:06am
Sorry always disappear when the convos get good i am in US so gotta sleep a bit haha. anyways great analysis all. I am still using demo as I completely blew my acct last week and want to make sure the same mistake is not repeated. Anyways In the charts you will see my same yellow and red trend line as well as my purple consolidation box of where gold got stuck last week. you can see price went back to try the box got rejected and as a result closed above the yellow trendline which it used as support to go above the red trendline. next level to watch is 1703-1705 1hr and 4hr shift this number so they are both important. if price goes above we could see bulls drive price up quickly to 1707, extending to 1710.
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  • #1,908
  • May 7, 2020 9:12am May 7, 2020 9:12am
just to show the way price has been reacting right near lines
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  • #1,909
  • May 7, 2020 10:24am May 7, 2020 10:24am
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 -...
Even H. is now activated...extreme pull back according to my parameters...I Stay Alive
Learn... Work Hard... Trade Alone
  • #1,910
  • May 7, 2020 10:41am May 7, 2020 10:41am
Quoting BiteFX
{quote} Even H. is now activated...extreme pull back according to my parameters...I Stay Alive
But what’s your stop?
  • #1,911
  • May 7, 2020 11:45am May 7, 2020 11:45am
ouch bite I hope you were able to run. thats why I posted those charts price found support on those trend lines and rather went up then down
  • #1,912
  • May 7, 2020 11:50am May 7, 2020 11:50am
Quoting BiteFX
{quote} Even H. is now activated...extreme pull back according to my parameters...I Stay Alive
I guess the price is going to meet 1724 ~ 1725 and then try to back down
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  • #1,913
  • May 7, 2020 11:51am May 7, 2020 11:51am
Quoting rayoub
ouch bite I hope you were able to run. thats why I posted those charts price found support on those trend lines and rather went up then down
Am roasted.
Learn... Work Hard... Trade Alone
  • #1,914
  • May 7, 2020 11:54am May 7, 2020 11:54am
this 4hr trendline is no joke. it is a trendline I've had since last year I tend not to delete the larger trendlines as they usually play a role down the line. As I've posted about the yellow trendline it dis its job rather nicely
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  • #1,915
  • May 7, 2020 11:54am May 7, 2020 11:54am
Quoting BiteFX
{quote} Am roasted.
We see tomorrow guys...
Learn... Work Hard... Trade Alone
  • #1,916
  • May 7, 2020 11:55am May 7, 2020 11:55am
if gold closes where it is now I am expecting 1723.50 to be seen extending to 1727 rather sooner than later.
  • #1,917
  • May 7, 2020 11:56am May 7, 2020 11:56am
Quoting BiteFX
{quote} Am roasted.
am sorry brother honestly. market has been throwing blows left and right since last week.
  • #1,918
  • May 7, 2020 11:58am May 7, 2020 11:58am
Quoting rayoub
{quote} am sorry brother honestly. market has been throwing blows left and right since last week.
Thanks man.
Learn... Work Hard... Trade Alone
  • #1,919
  • May 7, 2020 12:00pm May 7, 2020 12:00pm
quantamath this picture here shows none other than our golden 4hr trendline at the top. i am almost certain price will find a way to return that trend from bottom and see if it can find support off 1727 to go above.

my blue trendline refers to your golden one from before.
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  • #1,920
  • May 7, 2020 12:19pm May 7, 2020 12:19pm
this just to show where that yellow trendline came from
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