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Trading Gold with PA

  • #21
  • Mar 25, 2013 9:31am Mar 25, 2013 9:31am
Having the Sunday D1 Candle Closed, it is obvious that there is something "cooking".
W have two Bearish Candles in a row, no new Highs, and a new Low.
Thus, at least from DayTrading context, we should watch out for Short Entry.

Attached Image (click to enlarge)
Click to Enlarge Name: xauusd-d1-fxsalt-ltd.png Size: 25 KB
Trade the facts, not opinions.
  • #22
  • Mar 25, 2013 9:54am Mar 25, 2013 9:54am
In other words:

If I were trading the D1 chart in some longer term, I would not enter any Longs
at where the price was on Sunday.

I would not enter any Shorts here, either. Not yet.
Though, I would be looking out for a good Short entry.

If I were trading the H4 chart in DayTrading, I would not enter the market on Sunday,
even if I had the opportunity, possibility.

Always wait until the Candle is completed, closed!
Trade the facts, not opinions.
  • #23
  • Mar 25, 2013 10:11am Mar 25, 2013 10:11am
Look at what is going on now.
The current H4 which was a long Bearish Candle is turning Bullish.
There is still some time to Candle Close.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: xauusd-m30-fxsalt-ltd.png Size: 64 KB
Trade the facts, not opinions.
  • #24
  • Mar 25, 2013 10:19am Mar 25, 2013 10:19am
Quoting Dadas
I agree!

But the trading style is up to the trader.

Looking at the W1 chart we could expect GOLD to continue down.
We should be looking for a Short as high as possible.
Attachment

The price did go up from where my analisys suggested, and there was ca. 80 Pips in stake.
Wheather the trader decides to go for this, or trade the W1, it is up to him/her/it/whatever.
I like how you describe it, LOL. I am new to gold trading, but heck I felt more profitable dunno why. Maybe gold move more than their cross siblings LOL!

And I don't take those short because EU and GU are more attractive(I felt by looking how they move they will drop big time, and currently coming closer to my target) and on the move now, good luck mate I like how you explained things. I rarely post nowdays as my jobs is demanding, but if I have time I will follow your post. And for others, please keep this thread alive. I need more information about gold, information out there which I found is either misleading or a total mess.
  • #25
  • Mar 25, 2013 12:39pm Mar 25, 2013 12:39pm
Quoting Passerby
I like how you describe it, LOL. I am new to gold trading, but heck I felt more profitable dunno why. Maybe gold move more than their cross siblings LOL!

And I don't take those short because EU and GU are more attractive(I felt by looking how they move they will drop big time, and currently coming closer to my target) and on the move now, good luck mate I like how you explained things. I rarely post nowdays as my jobs is demanding, but if I have time I will follow your post. And for others, please keep this thread alive. I need more information...
That is correct, GOLD moves, really moves, that is why it is also dangerous.
It often does such things like today. Takes all the SLs one way, then the other way.
Trading GOLD, I think, requires inteligent headging instead of SL, but that is
a difficult subject, many will disagree.
Trade the facts, not opinions.
  • #26
  • Mar 25, 2013 10:14pm Mar 25, 2013 10:14pm
When there is not too much going on in the higher tf I've been experimenting with trying to read the charts in the lower tf.
Early days and I have no idea whether this is viable or not yet. I think that the biggest difficulty to overcome is the spread in the smaller tf

So yesterday, I was looking at the M15 chart and made a couple of trades in my demo account.

I don't attach much significance to the ranging zone highlighted by the eclipse, because this is the last few hours of the week where both bulls and bears will be winding down their positions.
1. This week opened with a small gap up and formed a high
2. Gap was quickly filled and the bears took the price down to form a lower low. Candle 2 was intially very bearish, but the long lower shadow and the bullish body shows that the bulls seized control towards the end of the candle. The new low was only 10 points below the previous low on the chart. We could be in a range. Candle 2 with the minutest of upper shadow could be considered a good signal to go long.
Following candle 2 the bears stepped in again, but were unable to take price anywhere near the low and the relatively large lower shadow shows that the bulls were able to push back. Overall a neutral candle.
The next candle was a bullish inside bar with a shaven top. These type of candles can give excellent signals at times. Not excellent in the context of reliability so much, but when they work, they can give rewards of many times risk.
I wasn't at the computer at this time, so just a bit of hindsight analysis

3. Price went up and was stopped at what seems to be a minor resistance level from last week. Candle 3 was much larger than the previous candles. We often see these large bars reverse, at least retrace some. You could think of it as a sprinter who can quickly outpace a marathon runner, but can't keep it up for long.
So at this stage we are not sure if we are in a bullish trend or nearing the top of a range. Note the high of candle 3 was about 20 points below a significant resistance level ( see zoomed in insert).
4. Price was stopped at the high of candle 1. so possibly resistance acting as support? The following 2 candles were unable to break the low of candle 4, so this is looking more like the end of a retracement from the 1st leg of a bull trend.
5. Bullish inside bar and I hit the buy button when price broke the high. On reflection, not a great trade set-up. Price did go up a bit and managed to cover the spread and a little bit more. I should have been ready to bail out, but allowed myself to be distracted and price hit my protective stop. One of the problems with demo-trading, tend not to take it so seriously if no real money on the line.
So I took a 30 point loss on that one.

Attached Image (click to enlarge)
Click to Enlarge Name: Gold M15 1.PNG Size: 37 KB


Fortunately, my second trade worked out better. I will post details later as I have no time just now.
It's amazing how long these posts take to write
Please Do Not PM Me With Coding Enquiries
  • #27
  • Mar 26, 2013 3:57am Mar 26, 2013 3:57am
My yesterday entries, late, cause I had been posting earlier.
Attached Image (click to enlarge)
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Trade the facts, not opinions.
  • #28
  • Mar 26, 2013 4:21am Mar 26, 2013 4:21am
Quoting Gumrai
4. Price was stopped at the high of candle 1. so possibly resistance acting as support? The following 2 candles were unable to break the low of candle 4, so this is looking more like the end of a retracement from the 1st leg of a bull trend.
Gumrai, a very good analisys with just one mistake, which cost you.

Between 3 and 4:

No, that does not look like a retracement on a Bullish Trend!
Attached Image (click to enlarge)
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I also had costs, but only of SL too tight.
I opened a Short too early.
I had made the mistake of trying to enter upon a Zone from M5.
Ultimately, I took the second Short upon H4 Zones.
Trade the facts, not opinions.
  • #29
  • Mar 26, 2013 4:31am Mar 26, 2013 4:31am
PS.
Even when looking at a lower Tf chart, you have to see what is going on
on a higher Tf chart. H4 for DT GOLD seems the best for me.
If H4 says Bears, it is Short I am looking for on the M15 or M5.
Trade the facts, not opinions.
  • #30
  • Mar 26, 2013 4:44am Mar 26, 2013 4:44am
Quoting Gumrai
Hi,

I've been thinking about starting a thread about trading Gold with price action for a while now and decided that I may as well go for it.
It is not my intention to teach anything, I don't think that I have any right to do that.
My intention with this thread is that like-minded traders will hopefully share their experiences and knowledge and that maybe we will be able to become more skilfull by working together.
Rules are that no indicators except moving averages are to be used. I actually find that the 21 EMA can work very well as floating...


  • #31
  • Mar 26, 2013 12:58pm Mar 26, 2013 12:58pm
I just realized that I was explaining a later situation, above.

Below, the same situation Gumrai describes and why.
Attached Image (click to enlarge)
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Trade the facts, not opinions.
  • #32
  • Mar 26, 2013 3:24pm Mar 26, 2013 3:24pm
Quoting whatfx
Sorry, but why the surprised emoticon?
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  • #33
  • Mar 26, 2013 4:12pm Mar 26, 2013 4:12pm
My second trade on Monday.
M30 Chart.

After candle 3, pushes up by the bulls were unable to make new highs.
The small upmove after candle 4 indicated that the high of candle 1 may be acting as support. I really want to see this level broken before considering a short.
Candle 5 broke below this level and was a nice strong bearish candle with a very small lower shadow.
Looking to the left I would normally be concerned about the area of congestion, but as I said before, I don't pay much attention to PA in the last few hours before the weekend.
So I took the short. When price hit the low of candle 1, I could not actively manage the trade and so I put a 30 point trailing stop.
Trailing stop took me out with 140+ points.

Attached Image (click to enlarge)
Click to Enlarge Name: gold 25th march m30.gif Size: 18 KB


Note: when I talk about points or pips with gold, I mean a 10 cent move, 1 digit after the decimal point.

To be honest, neither of these 2 trades were perfect. I guess that I was just too eager to post some trades after starting this thread
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  • #34
  • Mar 26, 2013 4:16pm Mar 26, 2013 4:16pm
Quoting Gumrai
So I took the short. When price hit the low of candle 1, I could not actively manage the trade and so I put a 30 point trailing stop.
Trailing stop took me out with 140+ points.
Hindsight trading
Doing what you like is Freedom. Liking what you do is Happiness.
  • #35
  • Mar 26, 2013 5:49pm Mar 26, 2013 5:49pm
Quoting realjumper
Hindsight trading
Hello RJ,
surprised to see you here, didn't think that you were interested in trading Gold

Not hindsight trading RJ, click on my profile and you will see both those trades in my TE.
Yes, only a demo account, I know. I've reset it as I will use it for testing with PA.
Please Do Not PM Me With Coding Enquiries
  • #36
  • Mar 26, 2013 7:56pm Mar 26, 2013 7:56pm
Looking at the H1 chart.
Price has been trapped in a triangle and recently broke out above.
1600 level is once again proving a hard but for the bulls to crack.
I would want to see a convincing break above 1600 before considering a long position.
So I am looking for an indication to short, but am aware that price has made higher lows.
Attached Image (click to enlarge)
Click to Enlarge Name: gold 26th march h1.gif Size: 22 KB
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  • #37
  • Mar 27, 2013 12:22am Mar 27, 2013 12:22am
Quoting Gumrai
Hello RJ,
surprised to see you here, didn't think that you were interested in trading Gold

Not hindsight trading RJ, click on my profile and you will see both those trades in my TE.
Yes, only a demo account, I know. I've reset it as I will use it for testing with PA.
I was just being cheeky man, hence the ( )!!

You're right, I'm not really interested in trading gold, but I am interested in what it may do over the coming days with regard to the Cyprus debacle.

Good luck with your thread
Doing what you like is Freedom. Liking what you do is Happiness.
  • #38
  • Mar 27, 2013 4:12am Mar 27, 2013 4:12am
Attached Image (click to enlarge)
Click to Enlarge Name: xauusd-h4-fxsalt-ltd.png Size: 73 KB


In the H4 context, looking like Bears.
Trade the facts, not opinions.
  • #39
  • Mar 27, 2013 4:34am Mar 27, 2013 4:34am
Quoting realjumper
Hindsight trading
Some people see fraud wherever they look.

What would Gumrai want to do that for?

Hindsight trading is a very important educational tool.

Nobody can ever teach a person the ability to open and close realtime trades!
One can only show results, never teach anybody this ability.
Every person must develop this ability on their own.

No matter how many examples they see with evidence, even if they could see the actual live account report.

Results of one trader and their strategy are only evidence of just that - the results of that specific person.

Nothing else.

When one is learning, accuiring experience, the fact that they see a milion other profitable trade examples
just proves one thing - that it is possible, nothing more. It does not help the learner in any other way, until they do it themselves.

One can present a method, one can offer guidance, but it is the learner who must practise it and find their own answers.

There is no other way.
There are no instant formulas to apply.

We are trying to help, others and ourselves.

Others to learn, ourselves to evolve, get even better.

We invite others to participate, to contribute, to evolve together.

What is the purpose of some people to dismay, to discourage, to destroy?
Can't they find a better thing to do?

There are jobs where these type of people can find freedom in doing what they like
and happiness in liking what they do.
Trade the facts, not opinions.
  • #40
  • Mar 27, 2013 4:51am Mar 27, 2013 4:51am
Quoting Dadas
Some people see fraud wherever they look.

What would Gumrai want to do that for?

Hindsight trading is a very important educational tool.

Nobody can ever teach a person the ability to open and close realtime trades!
One can only show results, never teach anybody this ability.
Every person must develop this ability on their own.

No matter how many examples they see with evidence, even if they could see the actual live account report.

Results of one trader and their strategy are only evidence of just that - the results of that specific person....
Keep your shirt on.....I wasn't talking to you. It's something between myself and Gumrai and we both know it. It was a tongue in cheek remark and has nothing to do with you.
Doing what you like is Freedom. Liking what you do is Happiness.
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