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  • #13,061
  • Jul 21, 2023 1:06am Jul 21, 2023 1:06am
Hello everyone, I need your advice on a matter. Today, I attempted scalping, but I have some concerns about selling gold from 1972.5 to 1969.9, with a SL at 1975.5 and a TP at 1968.4. I'm facing a potential loss of around 30 USD with the SL and only a gain of 13.20 USD with the TP. Is this acceptable, or am I making a mistake? Please keep in mind that I'm new to trading.
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  • #13,062
  • Edited 1:35am Jul 21, 2023 1:16am | Edited 1:35am
If y'all keep up with news you would know why price broke 87 level. IMO only time price will break 83 again would be for bad news, strong feel like gold is back on bearish momentum for the time being. No economic data, end of the week, DXY will try to close with maximum gains as possible for the week.

I see some of yall reaching for 1994, 2000. Impossible unless with bad economic data. Only reason we here is coz of bad NFP or we under 1900 now without a doubt. Trade safe

Quoting David-Roddel
I am very thoughtful right now... Recent move seems gold has lost the 1990+ target and we are heading to Fed's announcement (mostly pure lies). Price aiming 1900?.. what are your thoughts ?
Market has priced in this month's hike anyway, wouldn't make much of a difference in terms of momentum. DXY will shoot up after data comes though so expect a drop imo to 20-30's range maybe, overall market momentum seems to have returned back to bearish.
  • #13,063
  • Jul 21, 2023 1:27am Jul 21, 2023 1:27am
Quoting d1zzy
If y'all keep up with news you would know why price broke 87 level. IMO only time price will break 83 again would be for bad news, strong feel like gold is back on bearish momentum for the time being. No economic data, end of the week, DXY will try to close with maximum gains as possible for the week. I see some of yall reaching 1994, 2000. Impossible unless with bad economic data. Only reason we here is coz of bad NFP or we under 1900 now without a doubt. Trade safe {quote} Market has priced in this month's hike anyway, wouldn't make much of a...
This is only good news i heard since last week.
  • #13,064
  • Jul 21, 2023 1:38am Jul 21, 2023 1:38am
1960-61 or 1955-6 is next target..
Everything, what's meant to be will find its way
  • #13,065
  • Jul 21, 2023 1:45am Jul 21, 2023 1:45am
Quoting saisadhan
Hello everyone, I need your advice on a matter. Today, I attempted scalping, but I have some concerns about selling gold from 1972.5 to 1969.9, with a SL at 1975.5 and a TP at 1968.4. I'm facing a potential loss of around 30 USD with the SL and only a gain of 13.20 USD with the TP. Is this acceptable, or am I making a mistake? Please keep in mind that I'm new to trading. {image}
This forces your win rate to have to be 3 wins for every loss in order to be ahead. It's always preferable to have a greater reward than risk so that if you lose every other time you can still be ahead.
  • #13,066
  • Jul 21, 2023 1:49am Jul 21, 2023 1:49am
Quoting your6s
{quote} This forces your win rate to have to be 3 wins for every loss in order to be ahead. It's always preferable to have a greater reward than risk so that if you lose every other time you can still be ahead.
Thank you, that's the reason I refrained from entering the trade. Do you have any suggestions on how to achieve at least a 1:2 risk-to-reward ratio for the SL and TP?
  • #13,067
  • Jul 21, 2023 1:53am Jul 21, 2023 1:53am
It's going to be one of those indecisive days that just destroys my account isn't it?
  • #13,068
  • Jul 21, 2023 1:54am Jul 21, 2023 1:54am
Quoting d1zzy
If y'all keep up with news you would know why price broke 87 level. IMO only time price will break 83 again would be for bad news, strong feel like gold is back on bearish momentum for the time being. No economic data, end of the week, DXY will try to close with maximum gains as possible for the week. I see some of yall reaching for 1994, 2000. Impossible unless with bad economic data. Only reason we here is coz of bad NFP or we under 1900 now without a doubt. Trade safe {quote} Market has priced in this month's hike anyway, wouldn't make much of...
Nothing is impossible if you're trading gold. Higher TF is bullish and now Low TF is also bullish. From this position it will take something massive to push down bulls. They are making higher highs.
  • #13,069
  • Jul 21, 2023 1:54am Jul 21, 2023 1:54am
Gonna short at 1978 if it goes there tp 1964
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  • #13,070
  • Jul 21, 2023 1:59am Jul 21, 2023 1:59am
Quoting d1zzy
{quote} Still holding these long positions at 1956, 1959, 1963. Should I post screenshots?
Nice! did you close your positions on the high yesterday?

I've got a lot to learn and feel what you mentioned earlier regarding some bearish momentums is true unless some bad data comes out... especially since the DXY will rise with the rate increase announcements if I'm correct ...
  • #13,071
  • Jul 21, 2023 2:05am Jul 21, 2023 2:05am
Quoting Pipsolengelo
{quote} Nothing is impossible if you're trading gold. Higher TF is bullish and now Low TF is also bullish. From this position it will take something massive to push down bulls. They are making higher highs.
I'm incredibly bullish on gold. However, I'm always mindful that, just like any journey, the longer the trend goes on for, the closer you get to the end of it. I can see price going to to 1960, or perhaps even 1950. Has the current retracement (which is just a trend on a lower timeframe) reached its end? I don't know.

Currently, I have a buy at the bottom of this range and a sell at the top. I'm willing to lose one for the higher profit of the other. The problem there though is that I can't win both, but I could lose both.
  • #13,072
  • Jul 21, 2023 2:05am Jul 21, 2023 2:05am
Quoting saisadhan
{quote} Any prediction on how low it will go before bounce back?
to 1943.80th.., this WPP (Classic).., DeMark's one (1948.70th) pinted
or
to 1992th.., missing MPP (June)

enjoy
dolce vita
  • #13,073
  • Jul 21, 2023 2:07am Jul 21, 2023 2:07am
Quoting parveenverma
{quote} 1965 yesterday's low watch out level today....if price cross below then next target for bears 1963,1956,1951,1945.Trade safe Above this zone is pure bulls zone.
to me 1973th now is a point
dolce vita
  • #13,074
  • Jul 21, 2023 2:08am Jul 21, 2023 2:08am
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  • #13,075
  • Jul 21, 2023 2:09am Jul 21, 2023 2:09am
Quoting saisadhan
Hello everyone, I need your advice on a matter. Today, I attempted scalping, but I have some concerns about selling gold from 1972.5 to 1969.9, with a SL at 1975.5 and a TP at 1968.4. I'm facing a potential loss of around 30 USD with the SL and only a gain of 13.20 USD with the TP. Is this acceptable, or am I making a mistake? Please keep in mind that I'm new to trading. {image}
sorry
but only you to decide how much loss you can afford

welcome to the club
dolce vita
  • #13,076
  • Jul 21, 2023 2:12am Jul 21, 2023 2:12am
"trend down" is struggling.., ADX(10)= 31
dolce vita
  • #13,077
  • Jul 21, 2023 2:14am Jul 21, 2023 2:14am
and btw future WPPs at 67-72th area now
will gold move them to somewhere
dolce vita
  • #13,078
  • Jul 21, 2023 2:15am Jul 21, 2023 2:15am
Hello am new but I'll try to blend in
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COO
  • #13,079
  • Jul 21, 2023 2:27am Jul 21, 2023 2:27am
Just back wkly shopping and happy to see price breaks 1968. 50 and back over 7155 +, now one more chance it may test 66 areas ( probable hs pattern effect) or continue bull over 68.08, signal up 72.26 and confirmation 73.78. Bearside 66 and previous low..
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #13,080
  • Jul 21, 2023 2:31am Jul 21, 2023 2:31am
And back up we go
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