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Gold techniques, systems, and individual trades

  • Post #141
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  • Edited at 7:11am Apr 22, 2010 6:00am | Edited at 7:11am
Go long Gold GCM10 @1142 Sl 1137 target 1152-58
I extended my short profit target down to 1138.7, moved stop to B/E @ 1144.2

Looks like it's testing the 38.2 fib level @ around 1142. If I had a larger account I'd have taken some profit here
Attached Image (click to enlarge)
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Anything can happen.
Quoting tech niche
now for two days, gold has been tryin to break off the resistance posed at 46 for next levels of 50/52 or may be further more
Made a nice test on the above mentioned levels. quickly sold off, then rocketed through resistance. Nice! I don't have any view for this week yet. I don't expect much of a continuation.
Quoting ddinnov
I extended my short profit target down to 1138.7, moved stop to B/E @ 1144.2

Looks like it's testing the 38.2 fib level @ around 1142. If I had a larger account I'd have taken some profit here
hope you have taken some profit .... or got hit on SL....
well gold again takin a resitance on 60 ... lets see if it can brk 62 for further rallies upto 66/68/70 for near term ...

If it fails to cross 60-62 levels ... then we can see 54/52/47 levels ... but its lil hard to see that ...

i see gold now having range bound movement for some time ...
Quoting guitarjrb
Made a nice test on the above mentioned levels. quickly sold off, then rocketed through resistance. Nice! I don't have any view for this week yet. I don't expect much of a continuation.
as earlier said, you can expect anything in gold .... have mentioned my view in the earlier post
Quoting tech niche
as earlier said, you can expect anything in gold .... have mentioned my view in the earlier post
I'd consider buying at 1145 which would be a test of the resistance turned support trendline on the 4hr/daily
Quoting guitarjrb
I'd consider buying at 1145 which would be a test of the resistance turned support trendline on the 4hr/daily
i would say .. push down your buying level a lil bit to 42 with SL to 37 and tp at 52
Quoting tech niche
hope you have taken some profit .... or got hit on SL....
well gold again takin a resitance on 60 ... lets see if it can brk 62 for further rallies upto 66/68/70 for near term ...

If it fails to cross 60-62 levels ... then we can see 54/52/47 levels ... but its lil hard to see that ...

i see gold now having range bound movement for some time ...
I got out at T/P a bit before that big move up on Friday - was a close one for sure
Anything can happen.
Quoting speedster239
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
This turned profitable on Friday. I'll be back on here later to post thoughts about where gold is headed later.
Here's my current outlook. Everything is explained on the graphic.

The trade I've made:

Sell limit at 1155.50, take profit at 1152.70 (previous low) and stop loss at 1160.10 (previous high).
Attached Image (click to enlarge)
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Quoting speedster239
Here's my current outlook. Everything is explained on the graphic.

The trade I've made:

Sell limit at 1155.50, take profit at 1152.70 (previous low) and stop loss at 1160.10 (previous high).
I made a very similar trade to that this morning I entered at 1154.7, Stop at 1158 and target 1152.2
Anything can happen.
Quoting tech niche
i would say .. push down your buying level a lil bit to 42 with SL to 37 and tp at 52
Should have pushed it up to 1146.50. :-) would have been a nice trade. I'm skeptical of the push up, so I'd sell a test of the recent highs 1172.50 with a tight stop.
I'm in a bad trade right now. I sold at 1155.40 right as the price was driving up. I figured it was going to stop at the resistance level. It was a poor trade because I went against the overall trend on the four hour charts designated by a 14 period moving average which I should never ever do, I didn't provide enough time for the fast moving average to even move up through the slow moving average and begin to fall again, and the MACD was still in oversold conditions. Essentially it was a gamble that the price would find resistance, a gamble that went completely against my trading strategy.

The reason I'm holding on, however, is because I feel it's going to be tough for gold to break the 1175 level. It may retrace in my favor, it may not. I'll stop my loss at 1180.
Lesson learned kids, don't ever trade against the trend in the 4H charts.
Quoting speedster239
Lesson learned kids, don't ever trade against the trend in the 4H charts.
I think it's ok as long as one is trading at major supports and resistances and managing stops well. Other than that, I try to trade with the trend. I specifically like to touch on fibo's which PA is currently resisting at. I might consider a short if pa fails to push through the fibo and i'll have a tight stop above the fib. Other than that, i'd prefer to buy a decent dip to about 1157.
4 now ...LONG... !


Then


A very nice ...DROPPING ... !




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Im on board! I am still new to gold what is one of the strats you use to get good returns?

Thanks.
hi guys,

new to gold, have lost a lot trading currencies can u guys give the basic indicators to be used for gold.
Hi,

I am trading currency pairs for a year and a half. Am using fxcm micro account where i dont have the option of trading gold. I heard that trading gold is quite predictable and less risk than trading currencies. I want some input from u guys and also the best broker to trade gold.

I would be highly obliged if u could tell me the advantages of trading gold than currency pairs.

Your help is much appreciated.
[quote=prodigal son;3712143]Hi,

I am trading currency pairs for a year and a half. Am using fxcm micro account where i dont have the option of trading gold.

I beleive there is XAU on FXCM if you open the account in usa. Check it out. I know FXCM(asia) has nothing but FX.



I heard that trading gold is quite predictable and less risk than trading currencies. I want some input from u guys and also the best broker to trade gold.

not really. I have seen it fall from 913 day open to 882 which was a drift low then race up to a peak of 949 in NY session on news. So not really predictable. Need good Money management, and strict discipline with SL.

I think the biggest one day swing ive seen is $90.

I would be highly obliged if u could tell me the advantages of trading gold than currency pairs.

for something like AUD/USD you get paid daily interest where as most of the time you have to pay to roll over in au

if its a no news knock about, then Au is nice up and down trading based on stochastics on short term charts.

based on that you can make your winnings on a short burst of say $6- with a stacked deck and call it a day.

Au follows seasonals most of the time


There is alot to say about Au. But with trading, its best to stick with what you know.
I have no enemy; I make Incautiousness my Enemy.
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