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Gold Mining - Using Each Trading Day's Trend

  • #2,841
  • Jul 15, 2020 6:37pm Jul 15, 2020 6:37pm
Just looking at some the impactful news that has been released this week. Coronavirus is still raising havok around the world. Moderna's mRNA-1273 vaccine successfully produced antibodies in all 40 participants in Phase 2 of their testing. Phase 1 only produced antibodies in 8 participants. China and US are still having issues with the 2nd phase of trade deal. Beige book was released by the Fed in regards to our economic health (it was ultimately a very poor report, despite its positive outlook). Later today, we have China putting out Q2 GDP and Industrial Production numbers. These 2 pieces of data could be impacting considering the US is putting out Sales data and unemployment claims. Lastly we have the University of Michigan putting out sentiment data which could ultimately influence our upcoming week. I don't trade off of news, technical is everything to me but with that being said, it never hurts to be aware, that way if investors do react accordingly, then we are prepared to hit the ground running. Let me know if you guys have any input on this. Otherwise, let's have another successful day!
Getting green but seldom seen
  • #2,842
  • Jul 15, 2020 8:17pm Jul 15, 2020 8:17pm
Quoting Xautrucho
Just looking at some the impactful news that has been released this week. Coronavirus is still raising havok around the world. Moderna's mRNA-1273 vaccine successfully produced antibodies in all 40 participants in Phase 2 of their testing. Phase 1 only produced antibodies in 8 participants. China and US are still having issues with the 2nd phase of trade deal. Beige book was released by the Fed in regards to our economic health (it was ultimately a very poor report, despite its positive outlook). Later today, we have China putting out Q2 GDP and...
Brother, am so focused on the chart that, I see every big invester's or trader's move there.
Such that it is after hours most times that I see what news said.

Fundamentals are funnymentals. And if you happen to catch a profitable one, you will be having a surprise-o-mental... From one of my trade mentors.
Learn... Work Hard... Trade Alone
  • #2,843
  • Jul 15, 2020 8:27pm Jul 15, 2020 8:27pm
Quoting BiteFX
{quote} Brother, am so focused on the chart that, I see every big invester's or trader's move there. Such that it is after hours most times that I see what news said. Fundamentals are funnymentals. And if you happen to catch a profitable one, you will be having a surprise-o-mental... From one of my trade mentors.
Very true, brother. I agree with you tremendously.I need to find better activities for my down-time. I focus too much on irrelevance at times and as you were stating, I am far too often left in awe when the news actually delivers. Typically speaking, it's too late and the market has already reacted when articles are published. On a lighter note, I am currently looking for TP at 1806.20. I want to dispose of my shorts and get back at a better price. I can use the profit for the London session later today.

I would also like to thank you again, BiteFx. You have a way of relaying your opinion without putting down others and I appreciate that very much. I simply want to grow and excel within our domain. Thank you, brother.
Getting green but seldom seen
  • #2,844
  • Jul 15, 2020 9:23pm Jul 15, 2020 9:23pm
Hey everyone ! May You all be blessed and fine. Please all have a look on the image possessing about the news about gold ( ECB CONFERENCE) ,I would be very thankful for my mates (Skolj,Bite fx and other members To give me some Information of the impact of this news on Gold chart! Thanksgiving
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  • #2,845
  • Jul 15, 2020 9:54pm Jul 15, 2020 9:54pm
Will be making an attempt to scalp some quick profit.
Looking to take some retracement from our current downward movement. I will be looking to close a 1811.90 SHORT position at 1806.20 and at the same time, I will be taking a LONG position from 1806.20 to a potential 1812.30. Let's see how this plays out, brothers.
Getting green but seldom seen
  • #2,846
  • Jul 15, 2020 9:59pm Jul 15, 2020 9:59pm
Quoting BiteFX
{quote} Brother, am so focused on the chart that, I see every big invester's or trader's move there. Such that it is after hours most times that I see what news said. Fundamentals are funnymentals. And if you happen to catch a profitable one, you will be having a surprise-o-mental... From one of my trade mentors.
...
Hello great guys, with the USD news pouring in today, market might be a lil unstable. And as a scalper, I just want to make my daily small targets and rest. Maybe wait for some reversal and jump right in. You guys are doing great in this thread and I am priviledge to be here. I look at your analysis (s) and I make used that to compare with mine. As a newbie in forex I may not be vocal in the midst of great minds as the seniors here, but be rest assured that you all have my highest regards
  • #2,847
  • Jul 15, 2020 10:20pm Jul 15, 2020 10:20pm
Quoting ozormaris
{quote} ... Hello great guys, with the USD news pouring in today, market might be a lil unstable. And as a scalper, I just want to make my daily small targets and rest. Maybe wait for some reversal and jump right in. You guys are doing great in this thread and I am priviledge to be here. I look at your analysis (s) and I make used that to compare with mine. As a newbie in forex I may not be vocal in the midst of great minds as the seniors here, but be rest assured that you all have my highest regards
Agreed. Let's make some moves, brother!
Getting green but seldom seen
  • #2,848
  • Jul 15, 2020 10:52pm Jul 15, 2020 10:52pm
Quoting BiteFX
{quote} Sote...
still in that pesky sell although market has gone quite close to bringing the profit in. 1809-1813 still remains a obstacle for price to pass, and as so i will continue to sell from here down to 1803.50 which is where s1 stands roughly.. pivot has already been hit and happens to be very close to 1810 so again stressing this area as huge resistance but a comfortable break above could very well turn it to major support.
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  • #2,849
  • Jul 15, 2020 11:04pm Jul 15, 2020 11:04pm
So xautrucho with news as bite said ive learned to kind of tune out the noise and focus on the chart, the indicators are all there price tells you everything you need to know you just gotra listen to it, with that being said i do always repeat i keep an eye out for news in regards to being aware of valatility and to adjust my lot sizes accordingly and maybe reduce my number of positions open.

(side note I know bite wouldn't agree on this one, but I do like to watch the 1st few mins right after news comes out, and then go against whatever the initial move was for a quick 20 pip 30 pip scalp, tend to find the inital move almost always gives a little recoil thats usable lol)

Spend your down time doing your hw or watching Netflix both work lol but identify trends that you see, do your pivot points something that took me forever to do, and then be patient and wait for your analysis to come to ligjt
  • #2,850
  • Jul 15, 2020 11:15pm Jul 15, 2020 11:15pm
Quoting rayoub
So xautrucho with news as bite said ive learned to kind of tune out the noise and focus on the chart, the indicators are all there price tells you everything you need to know you just gotra listen to it, with that being said i do always repeat i keep an eye out for news in regards to being aware of valatility and to adjust my lot sizes accordingly and maybe reduce my number of positions open. (side note I know bite wouldn't agree on this one, but I do like to watch the 1st few mins right after news comes out, and then go against whatever the initial...
Amen, brother! I'm listening and I'm building the discipline. I like your approach. I can tell your confident by the way you articulate. I'm glad I'm in this room, I can feel the growth with every connection. Patience is key.
Getting green but seldom seen
  • #2,851
  • Jul 16, 2020 1:36am Jul 16, 2020 1:36am
Quoting Xautrucho
Will be making an attempt to scalp some quick profit. Looking to take some retracement from our current downward movement. I will be looking to close a 1811.90 SHORT position at 1806.20 and at the same time, I will be taking a LONG position from 1806.20 to a potential 1812.30. Let's see how this plays out, brothers.
Follow up on this move and we are looking very lovely. We have cashed our SHORT and have injected my LONG to a potential 1812.30. It's a lovely morning, brothers! Let's make our moves
Getting green but seldom seen
  • #2,852
  • Jul 16, 2020 2:45am Jul 16, 2020 2:45am
Quoting Xautrucho
{quote} Follow up on this move and we are looking very lovely. We have cashed our SHORT and have injected my LONG to a potential 1812.30. It's a lovely morning, brothers! Let's make our moves
Yeahp brother...well done job.
Am on board the flight ✈
Learn... Work Hard... Trade Alone
  • #2,853
  • Jul 16, 2020 2:58am Jul 16, 2020 2:58am
Quoting BiteFX
{quote} Yeahp brother...well done job. Am on board the flight ✈
Gratitude! Let's have a wonderful day!
Please fill me in on anything you catch on your radar. Let's make these moves, brother
Getting green but seldom seen
  • #2,854
  • Jul 16, 2020 3:11am Jul 16, 2020 3:11am
Gold eyeing 1802.74 first, then probably our long awaited 1795.46 and 1792.48.
Learn... Work Hard... Trade Alone
  • #2,855
  • Jul 16, 2020 3:26am Jul 16, 2020 3:26am
Quoting BiteFX
Gold eyeing 1802.74 first, then probably our long awaited 1795.46 and 1792.48.
I need to get out of this LONG because I too anticipate the neighborhood of 1795.
Getting green but seldom seen
  • #2,856
  • Jul 16, 2020 4:30am Jul 16, 2020 4:30am
It was a ranging market.
But now, am seeing a break above 1807.23 turning into a bullish run.
Am in.
Learn... Work Hard... Trade Alone
  • #2,857
  • Jul 16, 2020 4:36am Jul 16, 2020 4:36am
Quoting BiteFX
It was a ranging market. But now, am seeing a break above 1807.23 turning into a bullish run. Am in.
And ranging markets make wip-saw of traders account.

We Stay Alive.
Learn... Work Hard... Trade Alone
  • #2,858
  • Jul 16, 2020 4:38am Jul 16, 2020 4:38am
Good day to all.
Great analysis there as always.

I am looking at 1807.94 as a support/resistance line, above it buy, below sell.
If 1807.94 acts as a resistance I expect price to fall down to 1798.67
If 1807.94 acts as a support I expect 1819.40 to be reached.
Always expect unexpected.
  • #2,859
  • Jul 16, 2020 4:41am Jul 16, 2020 4:41am
woke up for a few mins, all shorts closed in profit, 2 buy limits activated at 1805, added another at 1804.50, tp is 1809 , keeping it short and sweet to see if we can pass 1810 again, if so will look for a buy from there later as for now content with what market will give
  • #2,860
  • Jul 16, 2020 5:01am Jul 16, 2020 5:01am
Quoting Itxtaha
Hey everyone ! May You all be blessed and fine. Please all have a look on the image possessing about the news about gold ( ECB CONFERENCE) ,I would be very thankful for my mates (Skolj,Bite fx and other members To give me some Information of the impact of this news on Gold chart! Thanksgiving {image}
Hi Itxtaha,
I don't trade the news but I like to monitor and trying to understand how do they affect the market. But in most times news are already calculated in the price.
This is what I've learned about ECB and it's affection to gold price.

The big market movers are often central banks. In times when foreign exchange reserves are large, and the economy is humming along, a central bank will want to reduce the amount of gold it holds.
The problem for central banks is that this is precisely when the other investors out there aren't that interested in gold.
Thus, a central bank is always on the wrong side of the trade, even though selling that gold is precisely what the bank is supposed to do. As a result, the price of gold falls.
If you're looking at gold prices, it's probably a good idea to look at how well the economies of certain countries are doing. As economic conditions worsen, the price will (usually) rise.
Gold is a commodity that isn't tied to anything else; in small doses, it makes a good diversifying element for a portfolio.

That would be in short.
So, if ECB has bigger amount of gold and wants to reduce it, the price should fall.

As everyone mentioned it so many times, the most important thing is to watch PA because all this what is said above is not a rule. Market is manipulative.
Always expect unexpected.
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