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  • #6,541
  • Apr 9, 2014 8:03pm Apr 9, 2014 8:03pm
Oh wow! looks like gold is ambitious today!!! reevaluate 1320??
  • #6,542
  • Apr 9, 2014 8:11pm Apr 9, 2014 8:11pm
Quoting waleed.khan
{quote} Agreed! The double top yesterday was a good call...I could have easily taken advantage off that...:S
^^^ I have edited this again, we need to hold 1316.23 for gold strength...

Hahaha, thanks man. I wish I had taken that trade instead of shorting EURUSD and wiping myself out!!!
  • #6,543
  • Apr 9, 2014 8:15pm Apr 9, 2014 8:15pm
Quoting samalmoore
{quote} ^^^ I have edited this again, we need to hold 1316.23 for gold strength... Hahaha, thanks man. I wish I had taken that trade instead of shorting EURUSD and wiping myself out!!!
Oh bummer! You took the Euro! :s Well there is always next time!

Current price action do you think this has legs to go to 1330 in one go...I'm guessing the 4 hr candles (maybe one or 2 more) can take it there in one stretch...???

but the daily 20 sma is right there at 1317.. What are your thoughts?
  • #6,544
  • Apr 9, 2014 8:28pm Apr 9, 2014 8:28pm
Quoting waleed.khan
{quote} Oh bummer! You took the Euro! :s Well there is always next time! Current price action do you think this has legs to go to 1330 in one go...I'm guessing the 4 hr candles (maybe one or 2 more) can take it there in one stretch...??? but the daily 20 sma is right there at 1317.. What are your thoughts?
I'm trying to play a little conservatively at the moment so I have a smaller trade open now. If we get comfortably past 1316.23, I will wait for it to retrace to that level, and if it finds decent support, I will add another long with the next target being around 1324ish (SR level and should coincide with rising TL from now). I would expect another retrace there, and then up to 1330/1340.

What I am finding though is that planning too much into the future, I can become stubborn and not acknowledge when PA is changing so for now my target is only 1324 - as long as 1316.23 breaks and holds.
  • #6,545
  • Apr 9, 2014 8:37pm Apr 9, 2014 8:37pm
Quoting samalmoore
{quote} What I am finding though is that planning too much into the future, I can become stubborn and not acknowledge when PA is changing so for now my target is only 1324 - as long as 1316.23 breaks and holds.
I agree! anticipated an outcome can get us attached to the position which can be detrimental to trading... Traders must be flexible and not totally biased! I tend to do this too; just like yesterday (it was an obvious short on the double top) but I was convinced that this would go up...(which it did luckily! but still it was a close call)

I think a better solution is trying to commit to a preprofit level like 1:1 risk/reward or 1:2 etc... Trying to chase it to its maximum though rewarding can actually go against you if the market decides to turn!
  • #6,546
  • Apr 9, 2014 8:51pm Apr 9, 2014 8:51pm
Quoting Super_Mario
{quote} Yep. Check today's deltas. Better cumulative deltas on M5. 3500 contracts with market execution, "out of blue".
Thanks for your input. Where do you get your data from?
  • #6,547
  • Apr 9, 2014 8:51pm Apr 9, 2014 8:51pm
Quoting waleed.khan
{quote} I agree! anticipated an outcome can get us attached to the position which can be detrimental to trading... Traders must be flexible and not totally biased! I tend to do this too; just like yesterday (it was an obvious short on the double top) but I was convinced that this would go up...(which it did luckily! but still it was a close call) I think a better solution is trying to commit to a preprofit level like 1:1 risk/reward or 1:2 etc... Trying to chase it to its maximum though rewarding can actually go against you if the market decides...
Yeah, I am moving more towards this kind of system. I have been trading for 2-3 years and until now have more or less blindly gone on "feeling". I have read loads of patterns, articles, followed the news, and just generally tried to educate myself, but until recently I've never used TP/SL, and have always gone in big from the beginning with very high leverage (using 888:1 currently). I've lost more money than I care to think about, but have had some limited successes which I think kind of gives you the hope that you will get better at it. Hell, I've turned £20 into £1600 in three days before, only to lose it all, and more the next!

I am realising that I will never be successful if I carry on in this way which is why you may have seen me posting patterns, entry points, and even TP and SL points recently! I try to find setups where I see at least 1:1 but prefer 1:2 or more.

Here's hoping it works out for me - and good luck to you too!
  • #6,548
  • Apr 9, 2014 9:04pm Apr 9, 2014 9:04pm
Quoting samalmoore
{quote} Yeah, I am moving more towards this kind of system. I have been trading for 2-3 years and until now have more or less blindly gone on "feeling". I have read loads of patterns, articles, followed the news, and just generally tried to educate myself, but until recently I've never used TP/SL, and have always gone in big from the beginning with very high leverage (using 888:1 currently). I've lost more money than I care to think about, but have had some limited successes which I think kind of gives you the hope that you will get better at it....
Yeah...No SL! and 888:1 wow1 that is a recipe for disaster! Thats why they give us so much leverage because that is what makes people lose! You should start working on your risk management (van tharpe's model of r multiples); Otherwise your pattern recognition and reading price action is commendable man. You have great potential! You have to control that gambling feeling...?? Try not to risk more than 2% on a trade. Trading is all about probabilities; the more chances you get by risking less capital, the more likely you will catch winners! and increase your account "consistently". But I am sure you already know all of this!

I've recently started trading full time now...after years of struggling I now have started breaking even and its due to this 2% rule. I am hoping; infact I have no choice but to try to generate a profit this year

Best of luck to you too!!!
  • #6,549
  • Apr 9, 2014 9:13pm Apr 9, 2014 9:13pm
Quoting waleed.khan
{quote} Yeah...No SL! and 888:1 wow1 that is a recipe for disaster! Thats why they give us so much leverage because that is what makes people lose! You should start working on your risk management (van tharpe's model of r multiples); Otherwise your pattern recognition and reading price action is commendable man. You have great potential! You have to control that gambling feeling...?? Try not to risk more than 2% on a trade. Trading is all about probabilities; the more chances you get by risking less capital, the more likely you will catch winners!...
Exactly right mate the risk % has been my problem for a long time but now undestand how important it is and getting better results Cheers
  • #6,550
  • Apr 9, 2014 9:20pm Apr 9, 2014 9:20pm
Quoting eklein
{quote} Exactly right mate the risk % has been my problem for a long time but now undestand how important it is and getting better results Cheers
Risk management is everything! there are countless strategies that can be used but without the proper risk management set up they will never work. i think it was Paul Tudor Jones who said something like Always play good defence by protecting your capital first; in other words first decide how much you are willing to lose, and then wait for the setup where you can find 1:1 or 2:1 ratios etc...

You are welcome - cheers!!!!
  • #6,551
  • Apr 9, 2014 10:14pm Apr 9, 2014 10:14pm
Bullish Flag?

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  • #6,552
  • Apr 9, 2014 10:15pm Apr 9, 2014 10:15pm
Quoting anton.olff
Looks like triple top on 4hr (as well as 30 minute charts), so perhaps we'll see another move through key support at 1300.
The candle at the end of the last day was slightly negative, may not continue going higher. Possibility that it pullback from here to 1301.40/1296.05/1289.40 before continue to go higher.
P.S. Trade with the discipline of Money Management and Risk Management.
  • #6,553
  • Apr 9, 2014 10:26pm Apr 9, 2014 10:26pm
Quoting samalmoore
Bullish Flag? {image}
possibly...lower time frames..more false signals though...Gold seems to be holding the 8 ema on 15 min chart...

At some point it will retrace to the 8 ema on he 1 hr chart too..

Lets see what happens...???
  • #6,554
  • Apr 9, 2014 10:40pm Apr 9, 2014 10:40pm
Quoting waleed.khan
{quote} possibly...lower time frames..more false signals though...Gold seems to be holding the 8 ema on 15 min chart... At some point it will retrace to the 8 ema on he 1 hr chart too.. Lets see what happens...???
Yeah I stupidly added a second long right up at 1315.78, and now I'm not looking too good! ....1314.84 is looking strong though...
  • #6,555
  • Apr 9, 2014 10:43pm Apr 9, 2014 10:43pm
Quoting samalmoore
{quote} Yeah I stupidly added a second long right up at 1315.78, and now I'm not looking too good! ....1314.84 is looking strong though...
yah..its holding (so don't worry) ...I think its gonna lift off wen th 8 ema on the 1 hr hits the price...
  • #6,556
  • Apr 9, 2014 10:50pm Apr 9, 2014 10:50pm
Quoting waleed.khan
{quote} yah..its holding (so don't worry) ...I think its gonna lift off wen th 8 ema on the 1 hr hits the price...
aussie uemployment also fell..aussie should rally againt us...that might be another bullish factor for gold!
  • #6,557
  • Apr 9, 2014 10:53pm Apr 9, 2014 10:53pm
Good looking Sell on GBPJPY if you interested (Double Top)....

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  • #6,558
  • Apr 9, 2014 10:57pm Apr 9, 2014 10:57pm
Quoting samalmoore
Good looking Sell on GBPJPY if you interested (Double Top).... {image}
yeah I can't trade forex in mt4 as I am not hooked up. i trade with an exchange...where i can only trade gold, oil, silver, wheat, corn and rice; but i mainly trade gold and oil.

Even though forex looks tempting...especially these calls that you and some of the others are making...hence I might just get hooked up soon. I've found that i am a bad multi-tasker...can't watch more than a couple of things..but lets see! maybe i can demo while trading gold live...
  • #6,559
  • Apr 9, 2014 10:59pm Apr 9, 2014 10:59pm
Quoting waleed.khan
{quote} aussie uemployment also fell..aussie should rally againt us...that might be another bullish factor for gold!
Hi Dear freind

In my opinion, Gold will go up in 3 or 4 hour later. What do u think? Am I true?
  • #6,560
  • Apr 9, 2014 11:03pm Apr 9, 2014 11:03pm
Quoting Iraniatrader
{quote} Hi Dear freind In my opinion, Gold will go up in 3 or 4 hour later. What do u think? Am I true?
I am hoping too...

1314-15 seems like holding...so target should be 1320-25 perhaps even a lot more... best of luck!
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