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Only Gold!

  • #2,561
  • Feb 24, 2014 10:27am Feb 24, 2014 10:27am
Hello,

Seek your views on Gold commodity trading..My portfolio drops with loss all the time. Worst part is when Gold moves in altogether different direction from my position (if I'm long it falls & vice versa). May be good idea to suggest others to sell when I buy!!

I was on short 10Oz@1315; Stop@1340; Target @ 1307. But now I closed 5Oz @ 1338.6 as it seems to range up. Booked a loss again. 5Oz short remains. What would be a reasonable stop? Do charts really reveal movements?

Please advise on how to go about.

Chokks
  • #2,562
  • Feb 24, 2014 11:01am Feb 24, 2014 11:01am
Quoting ClockTrader
{quote} What indicators do you use other than SMA?
PIVOT POINT
  • #2,563
  • Feb 24, 2014 11:32am Feb 24, 2014 11:32am
Possible next moves:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold 1hr.png Size: 94 KB
Click to Enlarge Name: Gold 1hr 2.png Size: 102 KB
To live a successful life, we must lose our fear of being wrong
  • #2,564
  • Feb 24, 2014 11:34am Feb 24, 2014 11:34am
Quoting Nitsan_Levi
{quote} PIVOT POINT
From where can I find pivot points in MT4?
  • #2,565
  • Feb 24, 2014 11:35am Feb 24, 2014 11:35am
Next 1HR + 4HR candle could determine if we are at today's top, retrace back to 1332 area for push through 1340.

However, 2024.0 RTDY, 1572.2 ADR, so we have pushed through this and strength is still there. End of NY session will be interesting.
To live a successful life, we must lose our fear of being wrong
  • #2,566
  • Feb 24, 2014 11:40am Feb 24, 2014 11:40am
Quoting almaszhr
{quote} From where can I find pivot points in MT4?
Ones I used to use:
Attached File(s)
File Type: ex4 Fibonacci Pivots THV.ex4   6 KB | 529 downloads
File Type: mq4 Fibonacci Pivots THV.mq4   5 KB | 542 downloads
To live a successful life, we must lose our fear of being wrong
  • #2,567
  • Feb 24, 2014 11:55am Feb 24, 2014 11:55am
"The ratio of long to short positions stands at -1.23 as 45% of traders are long. Yesterday the ratio was -1.09; 48% of open positions were long. Long positions are 7.3% lower than yesterday and 4.5% below levels seen last week. Short positions are 3.9% higher than yesterday and 1.9% below levels seen last week. Open interest is 1.4% lower than yesterday and 8.4% above its monthly average. The fact that the majority of traders are short gives signal that the XAUUSD may continue higher. The trading crowd has grown further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish trading bias."
To live a successful life, we must lose our fear of being wrong
  • #2,568
  • Feb 24, 2014 11:59am Feb 24, 2014 11:59am
Quoting EatPIPs
{quote} Ones I used to use: {file} {file}
Thanks. Now one more thing. I've downloaded it now how can I use them?
  • #2,569
  • Feb 24, 2014 12:02pm Feb 24, 2014 12:02pm
Quoting almaszhr
{quote} Thanks. Now one more thing. I've downloaded it now how can I use them?
Basics dude.

Make sure MT4 is closed.

Copy indicator to your MT4 folder > experts > indicators.

Start MT4 and you'll find it in the Navigator window under "Customer Indicators".
To live a successful life, we must lose our fear of being wrong
  • #2,570
  • Feb 24, 2014 12:27pm Feb 24, 2014 12:27pm
Hi guys,

nice to meet you.

i'm new in forex trading working with PA since three months ago and looking for trade Gold.

can you guys explain to me the difference between the instrument .GOLD and the instrument XAUUSD ¿? i'm working with icmarkets as my broker and i can see they charging me some spread in .GOLD and some comission but not spread in XAUUSD.

many thanks for your help.

carlos.
  • #2,571
  • Feb 24, 2014 7:43pm Feb 24, 2014 7:43pm
Quoting rmchokku
Hello, Seek your views on Gold commodity trading..My portfolio drops with loss all the time. Worst part is when Gold moves in altogether different direction from my position (if I'm long it falls & vice versa). May be good idea to suggest others to sell when I buy!! I was on short 10Oz@1315; Stop@1340; Target @ 1307. But now I closed 5Oz @ 1338.6 as it seems to range up. Booked a loss again. 5Oz short remains. What would be a reasonable stop? Do charts really reveal movements? Please advise on how to go about. Chokks
I have been through this phase, problem may be there with your technical, but, you seem to be suffering from anxiety & nervousness.

Let go! If its going to hit your SL, let it be. Play lighter if its not working for you. If you have capital, there will always another day, otherwise not.

Try taking warm water + lemon + honey as soon as you wake up, (before loo), this is also called Water Therapy.

Try some Yoga too.

If your technicals are not solid, first make a good strategy, don't trade with real money, try a practice account. Even after about 8 yrs, I still use demo accounts in addition to real.
Hello World!
  • #2,572
  • Feb 24, 2014 7:45pm Feb 24, 2014 7:45pm
Quoting EatPIPs
{quote} Ones I used to use: {file} {file}
Thanks for helping the community here.
Hello World!
  • #2,573
  • Feb 24, 2014 7:48pm Feb 24, 2014 7:48pm
Quoting caguilar
Hi guys, nice to meet you. i'm new in forex trading working with PA since three months ago and looking for trade Gold. can you guys explain to me the difference between the instrument .GOLD and the instrument XAUUSD ¿? i'm working with icmarkets as my broker and i can see they charging me some spread in .GOLD and some comission but not spread in XAUUSD. many thanks for your help. carlos.

There is no difference between Gold and XAUUSD other than XAUUSD sounds like a currency pair. If your base currency is USD, both mean precisely same in MT4.

Au for Gold
Ag for Silver

PS: Consult your broker on the spread issue.
Hello World!
  • #2,574
  • Feb 24, 2014 8:43pm Feb 24, 2014 8:43pm
Quoting ClockTrader
{quote} There is no difference between Gold and XAUUSD other than XAUUSD sounds like a currency pair. If your base currency is USD, both mean precisely same in MT4. Au for Gold Ag for Silver PS: Consult your broker on the spread issue.
Thanks for your help clocktrader, I hope I will learn a lot in this forum

... and sorry for my poor english.

carlos.
  • #2,575
  • Feb 24, 2014 9:05pm Feb 24, 2014 9:05pm
With shorts in place, awaiting London Morning.
Hello World!
  • #2,576
  • Feb 24, 2014 9:24pm Feb 24, 2014 9:24pm
Quoting ClockTrader
With shorts in place, awaiting London Morning.
Same here. Looks like a double top forming on 4 hr and daily, though I think we may see another bump up to take out stops (mine too???), but there will be a retrace after all the bad news prints of late.
"The market can remain irrational longer than you can remain solvent"
  • #2,577
  • Feb 24, 2014 10:39pm Feb 24, 2014 10:39pm
Quoting anton.olff
{quote} Same here. Looks like a double top forming on 4 hr and daily, though I think we may see another bump up to take out stops (mine too???), but there will be a retrace after all the bad news prints of late.
Enough sellers have already been wiped out, it can come down ONLY & ONLY if most sellers are gone & Comex/Globex are left ONLY & ONLY with buyers. Having said that, I hope I made it clear how PA works. This is how I see. This is how I see peak out & bottom out. As per my indicators, the chances of creating another high are very low, yet, if it does, lets be prepared to take some loss. Nothing can be ruled out in Forex.

The burst to 1338 from the recent range was required in order to clear the mess, after all PA needs fresh air too. As for the day ahead, I expect a nice spike towards South & then a bounce from day's low towards North. Volatility / PA should exist for rest of the weak. I'll continue to trade in both directions as long as volatility supports it.
Hello World!
  • #2,578
  • Feb 24, 2014 11:08pm Feb 24, 2014 11:08pm
Quoting ClockTrader
{quote} Enough sellers have already been wiped out, it can come down ONLY & ONLY if most sellers are gone & Comex/Globex are left ONLY & ONLY with buyers. Having said that, I hope I made it clear how PA works. This is how I see. This is how I see peak out & bottom out. As per my indicators, the chances of creating another high are very low, yet, if it does, lets be prepared to take some loss. Nothing can be ruled out in Forex. The burst to 1338 from the recent range was required in order to clear the mess, after all PA needs fresh air too. As for...
Hi CT am a newbie at gold trading though hav learned a few basics...i think hehe. just want to know how much of a retracement r u expecting today? p.s thnx for the thread ur doing an awesome job, keep it up.
  • #2,579
  • Feb 24, 2014 11:47pm Feb 24, 2014 11:47pm
Quoting Closure
{quote} Hi CT am a newbie at gold trading though hav learned a few basics...i think hehe. just want to know how much of a retracement r u expecting today? p.s thnx for the thread ur doing an awesome job, keep it up.
Firstly, lets see how London morning treats Gold PA, thereafter we can firmly expect some southward journey. 1338 should survive until later London Morning, no new high.

If a new high is not created by late London morning & descend looks coming, a fall of about $15 from the top would suffice my Calc.

PS: I expect a bounce too from the lows of today.
Hello World!
  • #2,580
  • Feb 25, 2014 12:16am Feb 25, 2014 12:16am
If 1331 sustains:
Attached Image (click to enlarge)
Click to Enlarge Name: Gold 4hr.png Size: 114 KB
To live a successful life, we must lose our fear of being wrong
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