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  • #8,681
  • Edited 6:50pm May 26, 2023 4:40pm | Edited 6:50pm
I made mistake of not closing my buy order before market close. Market close at my BE level. So I have to manage it as soon as market open and if I find that bulls have still edge on bears then I will keep the position with target of 1951.
After releasing the red data , bulls had edge on bears and that was the reason I took long position.
Love for all; Hatred for none.
  • #8,682
  • May 26, 2023 5:52pm May 26, 2023 5:52pm
Quoting aahmad29
I made mistake of not closing my buy order before market close. Market close at my BE level. So I have to manage it as soon as market open and if I find that bulls have still edge on bears then I will keep the position with target of 1051. After releasing the red data , bulls had edge on bears and that was the reason I took long position.
Same here bro. Please let us know. What u r going to do. Thanks
  • #8,683
  • May 26, 2023 6:03pm May 26, 2023 6:03pm
Gold is melting and BEARS take over the market as News reports hits gold bulls where it hurts, data also shows BIG MONEY LONG contracts reducing and SHORTS contracts gaining ground as DXY gains strength....I was bullish gold till i was proven otherwise today as XAUUSD fails to hold 1960 support turned resistance. I'll be looking to short if gold retest 1960 resistance level and holds
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  • #8,684
  • May 26, 2023 10:26pm May 26, 2023 10:26pm
Is anyone holding the SELL from last Wednesday to Thursday (from 1984 to 1939)? You hit TP with 4500points/450pips.
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We only trade when there is AGREEMENT. Get 1% Better Each Day!
  • #8,685
  • May 27, 2023 1:33am May 27, 2023 1:33am
Quoting deaftrader
Is anyone holding the SELL from last Wednesday to Thursday (from 1984 to 1939)? You hit TP with 4500points/450pips. {image}
Cool chart!

I'm holding a SELL, even though it's below current price level, at 1938, TP for 1936, just in case it touches that 100-SMA, around @1935-1933, which is also the lower upwards trendline, meaning it can always touch and start a bullish candle next week, and thus also a nice engulfing double-bottom candle, starting a new epic rally.

Or it could keep dropping, all the way to 1910-1900, seeing as it looks so bearish at the moment, just depends on this US debt ceiling debate, and whether there'll be another rate hike, which there well might not be, in June.

Another thing... The DXY, has been rallying nicely, but it will run out of steam, maybe at most closest to the 200-SMA, which determines the long term trend, around 105.7, so in my opinion, that's the highest it can go, IF it does go higher... Which is a distance away from the current closing price of 104, which in itself is very interesting as it closed above 104, and with the debt ceiling X-date being postponed to 5 June, the DXY could benefit, going perhaps to 105. 5 June I see is a Monday and the 1st true monthly candle of June then, so that Asian open will probably get volatile, but we must also be aware it is seasonally a week period for Gold, until mid-June, even though news can change it all!

I hope everyone has a restful weekend, and I appreciate all the amazing ideas and input here.

Next week will be interesting, maybe Gold will find its bottom, finally!
"Who Dares Wins"
  • #8,686
  • May 27, 2023 3:35am May 27, 2023 3:35am
Quoting deaftrader
Is anyone holding the SELL from last Wednesday to Thursday (from 1984 to 1939)? You hit TP with 4500points/450pips. {image}
I wish I knew the future.
Success = Practice + Patience + Persistence
  • #8,687
  • Edited 6:18am May 27, 2023 5:54am | Edited 6:18am
Quoting fxpider
{quote} I wish I knew the future.

you can just look at hier timecharts like weekly monthly and quarterly....think of them as 5 min charts and act accordingly....if you would short a 5 min chart than stay bearish for the month or two and vice versa..and thats how ull see the future

trying to scalp a 1 min. or 5 min chart you have to have a high precentage of winners since theres so much noise and false signals...the farther out you move in time even a lower percentage of winners will still make you money..thats why some people say all you need is to be right half the time to make money...but thats only if one moves out to the hourly and daily charts

scalping one needs to be 80% right or hier to pay for all expenses and losses...thats hard to do day in day out without huge draw downs...people do it but leaves them neurotic and makes them crazy LOL....I'll take one or maybe if im lucky and get a second signal just 2 trades a day off the hourly and i can watch tv and live my life in the meantime and not get crosseyed watching squiggles on the monitor all day
short trump and go long the deepstate
  • #8,688
  • May 27, 2023 5:57am May 27, 2023 5:57am
the monthlys about to give a sell signal by wednesday so the future i see is lower prices all summer long
short trump and go long the deepstate
  • #8,689
  • May 27, 2023 6:02am May 27, 2023 6:02am
and stop chasing the trend...if the trend is your friend as the saying goes 90% of traders wouldnt go bust and back to a day job driving uber

do the opposite and short hi and buy low while in a range since the statistics say the market ranges for 60/70% of the time so why try fighting that?


The markets are fractal, so what you see as a range on one time frame is probably just a retracement of a trend in another time frame. But if you wanted to quote a general rule of thumb - markets trend 30% of the time and they are range bound 70% of the time.
short trump and go long the deepstate
  • #8,690
  • May 27, 2023 6:13am May 27, 2023 6:13am
im done lecturing LOL....everybody was boolish last month anticipating a breakout in here...i think i was the only one bearish and said a comet will have to hit earth first for that to happen
short trump and go long the deepstate
  • #8,691
  • May 27, 2023 6:53am May 27, 2023 6:53am
Quoting Ravenfeeder
{quote} Cool chart! I'm holding a SELL, even though it's below current price level, at 1938, TP for 1936, just in case it touches that 100-SMA, around @1935-1933, which is also the lower upwards trendline, meaning it can always touch and start a bullish candle next week, and thus also a nice engulfing double-bottom candle, starting a new epic rally. Or it could keep dropping, all the way to 1910-1900, seeing as it looks so bearish at the moment, just depends on this US debt ceiling debate, and whether there'll be another rate hike, which there well...
i like the idea that gold will visit 2000 area because next week look like not a good fundamental news for usd and dxy chart having a doji pattern.
  • #8,692
  • May 27, 2023 7:02am May 27, 2023 7:02am
Quoting Rossidi
{quote} i like the idea that gold will visit 2000 area because next week look like not a good fundamental news for usd and dxy chart having a doji pattern.
I think so too, hence I'm for it possibly going to weekly low @ 1936 in the start of the trading week, make that beautiful long wick to the bottom, and then start rallying to 2000 - classic confirmation!
"Who Dares Wins"
  • #8,693
  • May 27, 2023 8:39am May 27, 2023 8:39am
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  • #8,694
  • May 27, 2023 8:35pm May 27, 2023 8:35pm
Quoting fxpider
{quote} I wish I knew the future.
This style is a Swing XAUUSD Trader. If you don't mind holding trades from a few days to a few weeks, it means that your holding positions overnight and sometimes over the weekend. Of course, there are a few ways to manage the risks for your longer holding period. Use the Daily Price Action for Swing trading.

It works best on the higher time (4H, D1) frames, opportunities are limited. You may only get five to ten setups each month. However, the return from each one can be much greater than those who day trade.

The reason for using D1 timeframe chart has to do with the amount of volume in each candle. The more liquid a market is, the smoother the price action. Buy and sell signals also become more reliable as volume increases.

The daily chart also acts as a natural filter for the news. If a rate decision triggers a 30 pip spike, it's going to be much more impactful on a 5-minute chart than the daily or even 4-hour chart.
We only trade when there is AGREEMENT. Get 1% Better Each Day!
  • #8,695
  • May 27, 2023 8:51pm May 27, 2023 8:51pm
A potential gold breakdown several times in recent weeks, with the March 21st trend line being the trigger for a short. XAUUSD closed below that trend line on May 16th. Gold has since closed below $1,960, which served as support for a few days but failed on Thursday. Friday retested the level as new resistance, so that will be one to watch next week, as any sustained break above opens up $1,980. We also have a trend line from early November to keep an eye on near $1,935. That’s a massive support for bulls as a failure there opens up levels like $1,920, $1,885, and potentially lower.
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We only trade when there is AGREEMENT. Get 1% Better Each Day!
  • #8,696
  • May 27, 2023 11:09pm May 27, 2023 11:09pm
Quoting deaftrader
{quote} This style is a Swing XAUUSD Trader. If you don't mind holding trades from a few days to a few weeks, it means that your holding positions overnight and sometimes over the weekend........
IMO, every style of trading and every TF have its own pros and cons. Eventually, it's up to the individual trader to decide which one fits into his/her own psychology/emotion. After all, as your signature text indicates, trading is 80% emotional.
Success = Practice + Patience + Persistence
  • #8,697
  • May 27, 2023 11:51pm May 27, 2023 11:51pm
Fellow traders,
I wish you the best always and that is exactly why I would like to respectfully remind you all (myself included), that market(s) are and forever will be a place of uncertainty. All it takes is one data report, an appointed individual stating something ridiculous, unforeseeable events over a weekend, etc.
I also remind you all that as day traders we have the luxury of conducting our analysis and implementing our strategies. I am in no way discouraging any swing traders but I must remind you all that every single trading day offers opportunity. Even for the most conservative trader there is at least one great entry per trading day. As for those of us who aren't reading charts at an efficient pace yet, then at the very least we are growing. I mean it, it is important to start somewhere that somewhere is screen time. Screen time, screen time, screen time and it is entirely free with paper money. The volume is there, let's always make the effort of taking advantage and studying the sequences that come with daily volume. Let's not be the last in line and let's always STAY ALIVE! Enjoy the extended weekend, we all deserve it.
Getting green but seldom seen
  • #8,698
  • May 28, 2023 3:13am May 28, 2023 3:13am
BREAKING: President Biden and Speaker McCarthy reach a tentative deal to raise the debt ceiling; Republican leaders will discuss on a call with their members tonight, sources say

hi guys,
how it could effect Gold you think?
  • #8,699
  • May 28, 2023 7:53am May 28, 2023 7:53am
Any update about Forex market tomorrow? As I checked thare is National Holidays in Australia, Switzerland, Germany, France, United Kingdom and United States.
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  • #8,700
  • May 28, 2023 9:30am May 28, 2023 9:30am
Quoting FarbodKsh
BREAKING: President Biden and Speaker McCarthy reach a tentative deal to raise the debt ceiling; Republican leaders will discuss on a call with their members tonight, sources say hi guys, how it could effect Gold you think?
I think it will negatively effect Gold, boost DXY, but short-lived, hence I expect a quick drop, and then buyers will step in trading will then probably only be okay'ish in Asian session, and be almost no volume in London and NY sessions.

So maybe Gold will drop and stay there, and then go up on Tuesday when markets return to normal volume.
"Who Dares Wins"
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