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Gold Mining - Using Each Trading Day's Trend

  • #2,401
  • Jun 4, 2020 6:17am Jun 4, 2020 6:17am
Quoting Skoljkica
1704.93 seems like a deciding price, above buy, below sell. However, I'm prepared price could go up to 1711.65 as well, so I placed my sell orders in a range 1704.93-1711.65, but I will wait for price to reach 1711.65 first, than activate the others. TP will be 1688.40 where I expect some price reversal. If that acts as a resistance, we could easily see 1676.36 There is also possibility that price will find support at 1704.93 on the way down from 1711.65, so I'm prepared for everything. {image}
1711.65 reached. I'm in with bears.
It is possible price will find support at 1704.93, so I will close all trades or I will leave one to go down to 1688.83. Depends on PA.
Always expect unexpected.
  • #2,402
  • Jun 4, 2020 6:29am Jun 4, 2020 6:29am
Quoting Skoljkica
{quote} 1711.65 reached. I'm in with bears. It is possible price will find support at 1704.93, so I will close all trades or I will leave one to go down to 1688.83. Depends on PA.
I'm expecting one more push up to1714.84 or even 1721.55/1722.58
Always expect unexpected.
  • #2,403
  • Jun 4, 2020 6:30am Jun 4, 2020 6:30am
Quoting Skoljkica
{quote} It could be, everything is possible. For me, the mystery has always been, how big pullback does gold do.
It amazes me...
That was why I started using Lucas Numbers in place of the Fibonacci sequence when inputing my Fibonacci retracement for daily price range or target.
Learn... Work Hard... Trade Alone
  • #2,404
  • Jun 4, 2020 6:32am Jun 4, 2020 6:32am
Quoting selfrit
{quote} i think you miss understood what i said. i'm talking about scam broker. their trading platform literally doesn't provide chart only sell and buy button with big current price number. when you press buy or sell they will reqouting in insane price. it goes the same when you close your position it takes minutes to close hence you get worst price. as TA trader of course you only need rely on your chart only.
ahhh got ya sorry for misunderstanding, can't believe there are brokers out there that are allowed to do that. but that is not cool. sorry about that.
  • #2,405
  • Jun 4, 2020 7:00am Jun 4, 2020 7:00am
Good morning all. Hope we are all doing well. So I had left 2 sell limits in when I went to bed 1707 and 1710, both have been activated and am with bears today. I do however agree with you all, i think we could see 1721.50-1723.50 before a continuation down. I haven't been positing charts as much, apparently too messy for others not sure, but its the way I analyze so I will not change it. you can see blue trendline and purple, are acting as resistance for now. the blue trendline on 4hr
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  • #2,406
  • Jun 4, 2020 7:22am Jun 4, 2020 7:22am
Quoting rayoub
Good morning all. Hope we are all doing well. So I had left 2 sell limits in when I went to bed 1707 and 1710, both have been activated and am with bears today. I do however agree with you all, i think we could see 1721.50-1723.50 before a continuation down. I haven't been positing charts as much, apparently too messy for others not sure, but its the way I analyze so I will not change it. you can see blue trendline and purple, are acting as resistance for now. the blue trendline on 4hr {image} {image}
Stick to the game plan brother... NO GREED, NO FEAR.
Someone somewhere is getting something from you...be sure of that.
Learn... Work Hard... Trade Alone
  • #2,407
  • Jun 4, 2020 8:06am Jun 4, 2020 8:06am
Today I enter sell positions from 1712 - 1722; large range, but I’m using small lots. SL 1728 TP 1700, 1690.
I think other ideas on the forum are similar to mine and it give me confidence.
  • #2,408
  • Jun 4, 2020 8:11am Jun 4, 2020 8:11am
It looks like I was looking in the wrong direction.
Bulls are dominating the market.
As I mentioned in my first post, above 1704.93 is buy.
So, I expect pullback down to 1711.65/1704.93 where I will place buy orders.
TP 1733.51
Always expect unexpected.
  • #2,409
  • Jun 4, 2020 9:54am Jun 4, 2020 9:54am
Quoting davwattsg
Today I enter sell positions from 1712 - 1722; large range, but I’m using small lots. SL 1728 TP 1700, 1690. I think other ideas on the forum are similar to mine and it give me confidence.
Market has been trading inside my today's price target
Meaning a ranging market.
And yes, most times after a trending day(s), market consolidates.

Well done with your sell....
Learn... Work Hard... Trade Alone
  • #2,410
  • Jun 4, 2020 10:12am Jun 4, 2020 10:12am
Quoting Skoljkica
It looks like I was looking in the wrong direction. Bulls are dominating the market. As I mentioned in my first post, above 1704.93 is buy. So, I expect pullback down to 1711.65/1704.93 where I will place buy orders. TP 1733.51
just be careful with confusing this pullback with a change in direction. obviously we never know where market goes, but since daily started below 1710, I expect it to finish below. as you know 1714-1717 area pretty strong area to pass especially since it has been above this area for a while now and just recently fipped under, believe it may try its time out under for a bit.

could be wrong await market judgement
  • #2,411
  • Jun 4, 2020 11:53am Jun 4, 2020 11:53am
@Dunca thank you for your reference. I'm thank you to all friends here willing to help me.
Maybe I will not into the market for certain time... but keep follow this forum and learn... Hope still have change to recovery or get out any amount from my balance.

I don't know how the trading system appear besides me, but yes as @Selfrit said my appearance only sell, buy and order, but order didn't work at overnight and the spread between sell and buy 2-4 poin at night/rally price. So when closed position, automatic hit 2-4 poin below and above, and if you click manual at sell/buy bottom, I rarely got the price I want, it took few second until 2 minutes to be done and sometime the price already change (buy = lower I got), (sell = higher I got). That's why Im difficult to catch 1723 when I want to close open buy at 1724 yesterday. It is my first trading, I dont know that almost broker in my country are scam (the system made it difficult).

Here my position right now :

Balance = USD 10,877
Floating Profit/Loss (locked) = USD 9,955
Equity = USD 922
Margin Required = USD 600 (2 locked position @USD 300)
Effective Margin = USD 322

Open position :
Sell 1659.10 (floating loss = USD -5,470 at 1713)
Sell 1696 (floating loss = USD -1,780 at 1713)
Buy 1724.70 (floating loss = USD -1,170 at 1713)
Buy 1728.35 (floating loss = USD -1,535 at 1713)

For now, I cannot open one of them, because need minimum USD 1000 margin required to open 1 locking.
There is overnight fee USD 5/night x 4 open positions. Beside that, there is facility fee USD 15/transaction+VAT 10%.
Effective margin USD 322 will empty automatically without doing nothing, and I will not able to get anything out.

So I need top up my effective margin minimum USD 1,000 only to open position + USD 500 for price range (if I open one position buy/sell, automatic hit 2-4 poin. If the price run up/down reversal, it will not able to hold and suddenly need to lock again if don't have price range). For safety I think minimum should deposit USD 2,500 more to start again. And for now, I don't have that USD 1,500 minimum...

If anybody can suggest me something, I will very appreciate.

Thank you and success for all of you
  • #2,412
  • Jun 4, 2020 12:35pm Jun 4, 2020 12:35pm
Quoting BiteFX
Just a line of thought Market continued to use yesterday's S1 as a support for today's bullish pull back. Then, could it be that it will use yesterday's P2 as resistance for today's bearish continuation? {image}
Am now in at P2... I await market judgement.
Learn... Work Hard... Trade Alone
  • #2,413
  • Jun 4, 2020 12:58pm Jun 4, 2020 12:58pm
Quoting rockiess
@Dunca thank you for your reference. I'm thank you to all friends here willing to help me. Maybe I will not into the market for certain time... but keep follow this forum and learn... Hope still have change to recovery or get out any amount from my balance. I don't know how the trading system appear besides me, but yes as @Selfrit said my appearance only sell, buy and order, but order didn't work at overnight and the spread between sell and buy 2-4 poin at night/rally price. So when closed position, automatic hit 2-4 poin below and above, and if...

Is there specific reason why are you entering long and short at the same time?

If you noticed it goes againts you, you should have exited and find another opportunity. I have tried hedging before....Its a double edged sword. Do not use it

Another question, why are you entering at where you entered?

DO NOT DO THIS
==================
SELL when price is LOW
BUY when price is HIGH?

DO THIS
=====================
enter SHORT when price is HIGH
enter LONG when price is LOW
  • #2,414
  • Jun 4, 2020 1:07pm Jun 4, 2020 1:07pm
Quoting duy90
{quote} Is there specific reason why are you entering long and short at the same time? If you noticed it goes againts you, you should have exited and find another opportunity. I have tried hedging before....Its a double edged sword. Do not use it Another question, why are you entering at where you entered? DO NOT DO THIS ================== SELL when price is LOW BUY when price is HIGH? DO THIS ===================== enter SHORT when price is HIGH enter LONG when price is LOW
Nicely said bro
Learn... Work Hard... Trade Alone
  • #2,415
  • Jun 4, 2020 1:44pm Jun 4, 2020 1:44pm
Baby double top
Maybe Giant Double Bottom
wait for PA around 1712, tomorrow
4H Chart
Attached Image (click to enlarge)
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  • #2,416
  • Jun 4, 2020 1:57pm Jun 4, 2020 1:57pm
@duy90, if you read my posting yesterday, it was my broker asked me to do that. Just read my story.
Its ok, every experience is the best teacher. Thanks
  • #2,417
  • Jun 4, 2020 2:11pm Jun 4, 2020 2:11pm
when I opened new sell at 1695 yesterday, because Im afraid of auto limit price. When I closed sell 1702 at 1698 (I watch it will be going up, and I dont want to loose the moment to open lock before touch 1702) the fact, after that it stuck at 1698 to 1700, but down until 1691 in one second. My auto liquid limit is 1689, once hit that poin, all my floating money will lost. thats why I lock again by open sell at 1695. the poin was my money not enough to convince me that it will not touch 1689 anymore. If I have some spare money, I will not afraid to let it back to up again, because I see Im in the right direction. If Im not lock by open new sell again, now already survived.
  • #2,418
  • Jun 4, 2020 2:16pm Jun 4, 2020 2:16pm
2 words from @Rayoub that encourage me :
- dont chase the price. market is always there (if I missed the train, there will be another chance)
- believe in yourself
  • #2,419
  • Jun 4, 2020 3:32pm Jun 4, 2020 3:32pm
Quoting QuantaMath
Baby double top Maybe Giant Double Bottom wait for PA around 1712, tomorrow 4H Chart {image}
Also in my head...let's watch and see.
Well done job
Learn... Work Hard... Trade Alone
  • #2,420
  • Jun 4, 2020 3:51pm Jun 4, 2020 3:51pm
Quoting BiteFX
Just a line of thought Market continued to use yesterday's S1 as a support for today's bullish pull back. Then, could it be that it will use yesterday's P2 as resistance for today's bearish continuation? {image}
Seem to be playing out well...Sote
Attached Image (click to enlarge)
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Learn... Work Hard... Trade Alone
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