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Gold techniques, systems, and individual trades

  • #101
  • Edited 7:50am Apr 14, 2010 7:30am | Edited 7:50am
I just barely peaked into the profitable zone for the trade I made two days ago and I was able to take minimal profits. I'm glad I was able to learn a good lesson and not take a loss at the same time.

Quoting tech niche
Gold @ 1156.5
reaching to yesturdays highs
near resistance 60
wait n watch for NY to open, todays closure should nt be above 54 ... els trend could be bullish once again
This is definitely not a time to enter a trade. There's too much uncertainty. Like you say, we'll see what happens at the open of the NYSE. I'm confident in a bearish move then, but where it goes after that, not-so-much.

Here's my current outlook:
Attached Image (click to enlarge)
Click to Enlarge Name: trade.png Size: 40 KB
  • #102
  • Apr 14, 2010 9:58am Apr 14, 2010 9:58am
Price dropped at 16:00GMT + 2 (open of US stock market) as I expected. Now I'm curious to see where the price goes from here.
  • #103
  • Apr 14, 2010 10:03am Apr 14, 2010 10:03am
Quoting speedster239
Price dropped at 16:00GMT + 2 (open of US stock market) as I expected. Now I'm curious to see where the price goes from here.
You nailed it speedster. It's looking like PA's going to bounce off of the trendline at the moment. Personally, i'd like to see it break down so I can begin selling rallies again.
  • #104
  • Apr 14, 2010 12:42pm Apr 14, 2010 12:42pm
tomoro would be again a crucial day for bears
as said yesturday, we need two consecutive closings(both in NY n india)... had only 1... wait for tomoro ... or this myt agn start a up move
  • #105
  • Apr 15, 2010 7:30am Apr 15, 2010 7:30am
I just entered a buy at 1153.50 and I'm expecting to take profits around 1158. I will stop my loss at 1145 if necessary.

The MACD indicates oversold conditions, the fast moving average is flattening and poised to move up through the slow moving average, and the volume pattern is about to repeat. Also, price is bouncing off the support level.
Attached Image (click to enlarge)
Click to Enlarge Name: trade.png Size: 60 KB
  • #106
  • Apr 15, 2010 8:41am Apr 15, 2010 8:41am
today gold can trade in range of 1145- 1160 today close below 1155 and break of 1145 can bring gold down next week to around 1132.
today best to do is buy around 1146-47keep the stop at 1139
  • #107
  • Apr 15, 2010 9:34am Apr 15, 2010 9:34am
I exited my buy at 1155.80 as opposed to 1158 (my original take profit level) because it appears like the price has found some resistance at a bearish resistance line I felt might be defining itself. It may break, through...or it may fall back down. Regardless, I chose to take comfortable profits while I was ahead.

Lets see where she goes from here.
  • #108
  • Apr 15, 2010 9:51am Apr 15, 2010 9:51am
Well, the price did hit my original take profit level. I'm alright with the fact that I took premature profits, however, because I still feel it was a smart decision. I've been in many situations where I was adamant about letting the price hit my profit level despite my better judgment and the trade ended up shaving down to little or no profits or even a loss.

With that said, I'm interested in seeing if the price hikes higher and sticks to the two week trend or if it stops here and turns bearish again.
  • #109
  • Apr 15, 2010 11:35am Apr 15, 2010 11:35am
Quoting speedster239
Well, the price did hit my original take profit level. I'm alright with the fact that I took premature profits, however, because I still feel it was a smart decision. I've been in many situations where I was adamant about letting the price hit my profit level despite my better judgment and the trade ended up shaving down to little or no profits or even a loss.

With that said, I'm interested in seeing if the price hikes higher and sticks to the two week trend or if it stops here and turns bearish again.
hey speedster,

even i had faced this prob in my early trading days. so the best way to have pre mature profit is, not to cut positions, instead take partial opposite position. this startegy should be adopted for both, SL and TP.

for eg, you have bot 1 lot @ 1153 then put 2 orders as Sell 0.5 lot @ 1157 and @ 1160, or if u have 3 tgts in mind then Sell 0.3 lots @ 54, 57 and 60
The above explained is basically called as hedge trading.

Do think over it

Also consider the fact that all brokers doesnt allow hedges, that means, if you take opposite positions, it will cut ur original position. Be careful
  • #110
  • Edited 12:10pm Apr 15, 2010 12:06pm | Edited 12:10pm
Hey techie,

I can see this is possibly a good strategy-To set staggered opposite trades. But as you mention most brockerage dont allow this. I trade with Natwest in the UK and its not allowed. Please could you let us know the brockerage you use or any others that allow Hedge trading with Gold.

Thanks,Regards,
Smoley

..and Hi BTW-good thread im here daily. Im thinking there is no major reason for gold to go above 1160 at the moment, I will be watching for sell signs and predict it will continue to oscillate between 1150-1162 for the near future.
  • #111
  • Apr 15, 2010 1:15pm Apr 15, 2010 1:15pm
Quoting Smoley
Hey techie,

I can see this is possibly a good strategy-To set staggered opposite trades. But as you mention most brockerage dont allow this. I trade with Natwest in the UK and its not allowed. Please could you let us know the brockerage you use or any others that allow Hedge trading with Gold.

Thanks,Regards,
Smoley

..and Hi BTW-good thread im here daily. Im thinking there is no major reason for gold to go above 1160 at the moment, I will be watching for sell signs and predict it will continue to oscillate between 1150-1162 for the near future....
well i have not used this strategy in gold yet ... i use in FX... i will try to look into it that who provides this facility...

n gold has every reason to up my dear, it is safe heavn investment .... so pls dont bet on it ...

keep tradin
cheers
  • #112
  • Apr 15, 2010 1:52pm Apr 15, 2010 1:52pm
Quoting tech niche
well i have not used this strategy in gold yet ... i use in FX... i will try to look into it that who provides this facility...

n gold has every reason to up my dear, it is safe heavn investment .... so pls dont bet on it ...

keep tradin
cheers
Tech niche,
My broker doesn't allow hedging and only offers spot contracts. My spreads are also a bit high, so hedging with spot contracts would be inefficient.
  • #113
  • Apr 16, 2010 7:59am Apr 16, 2010 7:59am
Here's my current outlook and present trade I just entered. Everything is explained in the graphic.

EDIT: I should note that I did not enter the trade at the price level you see in the graphic. It is always wise to wait for the sell off before the market opens, or inversely the buy off when the market is trending bearish. The best idea is to enter the trade itself just before the volume spike occurs. Regardless. I made my entrance at ASK price 1152.40
Attached Image (click to enlarge)
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  • #114
  • Apr 16, 2010 8:08am Apr 16, 2010 8:08am
Didn't have time to post this in realtime but I entered two shorts at the consolidation around the 100 hour SMA. Price just broke the 200hour SMA. I would like to see a cross of the 100 and 200 to confirm a medium term downtrend. Hanging onto my shorts for 50% fib of the latest move which comes in at about 1126. My recommendation is selling rallies based on the possible failure at the highs over the past couple of days. It is Friday though, so my analysis can change in a heartbeat!
Attached Image (click to enlarge)
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  • #115
  • Apr 16, 2010 8:10am Apr 16, 2010 8:10am
Quoting Smoley
Hey techie,

I can see this is possibly a good strategy-To set staggered opposite trades. But as you mention most brockerage dont allow this. I trade with Natwest in the UK and its not allowed. Please could you let us know the brockerage you use or any others that allow Hedge trading with Gold.

Thanks,Regards,
Smoley

..and Hi BTW-good thread im here daily. Im thinking there is no major reason for gold to go above 1160 at the moment, I will be watching for sell signs and predict it will continue to oscillate between 1150-1162 for the near future....
Smoley, I use Forex.com MT4 UK...they allow hedging and have a .55c spread during liquid times. 200:1 leverage also. I am very pleased with forex.com
  • #116
  • Apr 16, 2010 8:12am Apr 16, 2010 8:12am
gold is carckin and takin a support @ 47
next levels are 44 / 42
mark that , 1142 is a crucial level
n after that supports @ 32/25/16

now gold @ 49
  • #117
  • Apr 16, 2010 8:16am Apr 16, 2010 8:16am
Closed my large position at the 23.6. Holding my smaller position with the sl at break even. Time to do homework I guess.
  • #118
  • Apr 16, 2010 8:24am Apr 16, 2010 8:24am
in india, mcx gold has broken its important support of 16745, it closes below this level next available support is 11550 (equivalent to 1129 approx) and 11280 (equivalent to 1109 approx), these are just approximated figs

pls also read my earlier mails where i have mentioed the fact about the same and also look at the pictures attached there, with Bolinger bands and badwidth.

here i m attachin the latest version of the same
Attached Image (click to enlarge)
Click to Enlarge Name: mcx gold.gif Size: 33 KB
  • #119
  • Apr 16, 2010 9:15am Apr 16, 2010 9:15am
if gold closes today below 1152 then there is more possibility of gold breaking 1145 and we may see gold break 1140 support next week ... if it closes below 1152 today then its best to enter in gold from seeling side ... say around 1150.
Quoting speedster239
I just entered a buy at 1153.50 and I'm expecting to take profits around 1158. I will stop my loss at 1145 if necessary.

The MACD indicates oversold conditions, the fast moving average is flattening and poised to move up through the slow moving average, and the volume pattern is about to repeat. Also, price is bouncing off the support level.
  • #120
  • Edited 10:02am Apr 16, 2010 9:59am | Edited 10:02am
I set a 100($1.00) trailing stop on my position and it survived for 1500 pips. That's baffling! Basically, gold crumbled 15+ dollars without a single 1.00 retrace until the bottom. I'll resell a test of the 200 hour MA which is currently at 1155.37.

EDIT: That should read this "200 hour MA which is currently at 1151.32" My chart was on the 4 hr when I wrote this post
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