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Trading Gold with PA

  • #261
  • May 1, 2013 7:28am May 1, 2013 7:28am
Quoting Gumrai
{quote} Gold can be a monster on the lower TF. If you are prepared to trade the lower TF then you have to accept that losses will happen. Just accept the losses and take the wins, when they come which are usually bigger that the losses.
I'm sure you're right, but I have no intention of trading gold, I don't need it. I just like to be (more or less) aware of what it's doing due to it's relationship with other currencies.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #262
  • May 1, 2013 8:08am May 1, 2013 8:08am
why is the gold reacting negative on news
  • #263
  • May 1, 2013 8:19am May 1, 2013 8:19am
Quoting Gumrai
{quote} Gold can be a monster on the lower TF. If you are prepared to trade the lower TF then you have to accept that losses will happen. Just accept the losses and take the wins, when they come which are usually bigger that the losses.
Yes, and Dadas' understanding of PA is BS - after all?
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Trade the facts, not opinions.
  • #264
  • May 1, 2013 10:30am May 1, 2013 10:30am
Quoting goldn
why is the gold reacting negative on news
Because someone is only waiting for the news hour to press Enter.
Trade the facts, not opinions.
  • #265
  • May 1, 2013 12:23pm May 1, 2013 12:23pm
Quoting Dadas
{quote} Because someone is only waiting for the news hour to press Enter.
I noticed whenever I buy gold it must go down for two three minutes. And whenever I sell it must go down for some minutes. what is the reason for this?
  • #266
  • May 1, 2013 12:50pm May 1, 2013 12:50pm
Quoting iahmedz
{quote} I noticed whenever I buy gold it must go down for two three minutes. And whenever I sell it must go down for some minutes. what is the reason for this?
This is not my thread.
This is Gumrai's thread.

You want to learn, go to my thread and ask questions there.

But, Gumrai might answer your question.
Trade the facts, not opinions.
  • #267
  • May 1, 2013 7:08pm May 1, 2013 7:08pm
Quoting goldn
why is the gold reacting negative on news
There can be a number of factors that affect price that we, as small retail traders are unaware of
The ADP NF employment change, being lower than forecast, would be expected to negatively affect the USD.
Usually if the $ drops, then gold rises.
But it seemed that the $ strengthened after the news, maybe because some analysts had expected much worse figures and had already sold the $ in anticipation and were covering their positions. The $ was certainly showing weakness in the run-up to the news announcement.
The inverse relationship of the $ and gold is not set in stone and as our knowledge is almost totally restricted to what we can read from the charts, I think that we just have to accept that we cannot always see a reason behind the moves.
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  • #268
  • May 1, 2013 7:17pm May 1, 2013 7:17pm
Quoting iahmedz
{quote} I noticed whenever I buy gold it must go down for two three minutes. And whenever I sell it must go down for some minutes. what is the reason for this?
Price goes down whether you buy or sell??
Do you mean that whenever you open a position, you are initially making a loss?

Whenever you open a position, it will always start negative, because of the spread. Normal spread is 5 pips, so price must move 5 pips in your direction before you cover the spread.
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  • #269
  • May 3, 2013 6:00am May 3, 2013 6:00am
Seeing quite strong rejection at last week's high
Market is definitely more ranging than trending
May get a signal to short, but with NFP coming up, I'm unlikely to take a trade this time
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  • #270
  • May 3, 2013 8:51am May 3, 2013 8:51am
Quoting Gumrai
Seeing quite strong rejection at last week's high Market is definitely more ranging than trending May get a signal to short, but with NFP coming up, I'm unlikely to take a trade this time {image}
With your skills and strategy, you could have risked!
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I told myself, no Trade, today!
Trade the facts, not opinions.
  • #271
  • May 7, 2013 2:57am May 7, 2013 2:57am
Trading GOLD off the M1 chart!

Impossible? Possible!
Attached Image (click to enlarge)
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Looks colorful, but that is pure Price Action.
SL 18 Pips - about 3 Pips below H4 Lowest Close, TP 30 Pips and taken.

Reasons for Entry:
Bounce off H4 Low at H4 Support Level.
Last hour of H4 Candle - Candle Wick formation.

This was my first attempt at GOLD with this method combination on M1!
Trade the facts, not opinions.
  • #272
  • May 7, 2013 5:14am May 7, 2013 5:14am
i know a guy and he is trading on 1min chart with eu gu and au been 5 yrs now..so yes trading 1m chart is possible..
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GBP/USD
  • #273
  • May 7, 2013 5:56am May 7, 2013 5:56am
Quoting deepak925
i know a guy and he is trading on 1min chart with eu gu and au been 5 yrs now..so yes trading 1m chart is possible.. {image}
I was talking about Trading GOLD with M1, not any other instrument!
Trade the facts, not opinions.
  • #274
  • May 7, 2013 6:00am May 7, 2013 6:00am
Quoting Dadas
{quote} I was talking about Trading GOLD with M1, not any other instrument!
my point was you can trade on 1m chart if you are a technical trader using PA..FXCM US doesn't allow gold to trade so that's why he can't trade gold and i forgot to mention that.

POINT IS IT'S NOT A BIG DEAL TO TRADE GOLD ON 1M CHART IF YOU ARE A TECHNICAL TRADER
GBP/USD
  • #275
  • May 7, 2013 6:29am May 7, 2013 6:29am
Just took 2 more Trades on GOLD.
This time, Closed manually.
The higher one was not a good Entry, because it was in the Middle.
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Trade the facts, not opinions.
  • #276
  • May 8, 2013 8:53am May 8, 2013 8:53am
+370 Pips all together!
This, certainly makes the Day!
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Trade the facts, not opinions.
  • #277
  • May 8, 2013 8:56am May 8, 2013 8:56am
Gumrai, where have you been?
Trade the facts, not opinions.
  • #278
  • May 8, 2013 4:51pm May 8, 2013 4:51pm
Quoting Dadas
Gumrai, where have you been?
Been busy with other things and when I have been able to look at the chart, not seen anything to comment on.
Price is ranging again, so hope to be at my screen if an opportunity arises at the high or low area.
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  • #279
  • May 9, 2013 6:49am May 9, 2013 6:49am
This may seem a little odd as the 2 blue lines on my H1 chart show a clear range.
It's odd because I am entering a short position at the bottom of the range withaout waiting for a clear break-out.
Looking to the left, I see that price is moving lower overall.
Made a clear lower high within the range
PA is telling me that a break down is very likely and so I took the short.
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  • #280
  • May 9, 2013 7:31am May 9, 2013 7:31am
Possible rejection at the next support level. Moving SL to BE+
If it can break this level, long way to next proper support
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