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  • #8,341
  • May 7, 2014 9:58pm May 7, 2014 9:58pm
Quoting armyharahap
hello guys. i'm new here. just started trading gold and having a really hard time studying behaviour of gold.. my demo and live account have win and lose ratio of 1:1. not so good for me. i'm just trying to get a simple indicator to match gold behaviour. is that anyone here using murrey math line for gold chart? is it relevant enough? been trying so many indicator to get SR lines right and how the trend goes..but nothing hold more than a week for me..next week of gold will show very different behaviour and i'm trading short term,,mostly entry/exit...
Ive never trading murray math lines myself; but why dončt you just draw your own support and resistance lines... to trade the 4hr draw support resistance lines from daily. To trade the 1 hr draw sp lines from 4hr and going down like that...

I think drawing your own lines is better; as it takes into account recent price action more accurately as oppose to murrey lines; pivot points etc... Perhaps you can use these types of studies as an addon for confluence...
  • #8,342
  • May 7, 2014 10:45pm May 7, 2014 10:45pm
Quoting Mitchoss
{quote} Another source that some people tend to neglect is how much impact Options/Futures expiration can affect the PA in the closing days of the contracts. I encourage anyone here who trades these metals to understand what you are dealing with. My ritual on a weekend while the market is down is to read the COT reports (commitment of traders). Compare movements from week to week basis. When I first got into these metals I started graphing all the way back from 6months prior to the crash in 2008, to see how managed money, commercials etc were distributing...
Thanks a lot.
  • #8,343
  • May 7, 2014 11:31pm May 7, 2014 11:31pm
I am seeing a small bull forming on the M30, not much strength but it is there.
A genius is born every minute, me I am lucky if my socks match.
  • #8,344
  • May 8, 2014 1:49am May 8, 2014 1:49am
Short on top of the small bull for a scalp, TP set @1288.78, after than showing signs of bull
- Based on the H4 so may play out over the next 8 hours.
A genius is born every minute, me I am lucky if my socks match.
  • #8,345
  • May 8, 2014 1:52am May 8, 2014 1:52am
Quoting whackdiddy
I am seeing a small bull forming on the M30, not much strength but it is there.
By NY morning you'll know whether its true or fake. I would not get swayed by it.
Hello World!
  • #8,346
  • May 8, 2014 1:54am May 8, 2014 1:54am
Quoting ClockTrader
{quote} By NY morning you'll know whether its true or fake. I would not get swayed by it.
The small bull run has already come and gone, 1290.60 up to 1292.40, when playing with nice lots you can make nice coin on the smaller moves..
A genius is born every minute, me I am lucky if my socks match.
  • #8,347
  • May 8, 2014 1:58am May 8, 2014 1:58am
Quoting whackdiddy
{quote} The small bull run has already come and gone, 1290.60 up to 1292.40, when playing with nice lots you can make nice coin on the smaller moves..
I hope NY morning clears the air about bottom and how much downside left, if any.
Hello World!
  • #8,348
  • May 8, 2014 2:01am May 8, 2014 2:01am
Quoting ClockTrader
{quote} I hope NY morning clears the air about bottom and how much downside left, if any.
Yes it would be nice to get some sort of trend, we are rudderless at the moment. Could rocket to 1330 levels or could drop to 1200 levels. If history (yes I know, cannot rely on history) proves right, the UK start (first 1 hour) will see a lift and then once banking and day traders really come online after their tea and crumpets we will drop below current level.
A genius is born every minute, me I am lucky if my socks match.
  • #8,349
  • May 8, 2014 2:02am May 8, 2014 2:02am
i see eu rising;usd index falling, maybe gold could go i little higher as well
  • #8,350
  • May 8, 2014 2:03am May 8, 2014 2:03am
Quoting whackdiddy
Short on top of the small bull for a scalp, TP set @1288.78, after than showing signs of bull - Based on the H4 so may play out over the next 8 hours.
i just add a short, now hold it till the NY session , and see how it perfomence. Yesterday is a big drop , i believe today is still week. and also i still have some shorts for a mid-term.
  • #8,351
  • May 8, 2014 2:06am May 8, 2014 2:06am
in M30 sma shows that gold will be go up 1298.02-1295
Attached Image
One Day U Will Miss me!
  • #8,352
  • May 8, 2014 2:21am May 8, 2014 2:21am
reversal H&S on 15 min chart
  • #8,353
  • May 8, 2014 2:46am May 8, 2014 2:46am
Quoting whackdiddy
{quote} Yes it would be nice to get some sort of trend, we are rudderless at the moment. Could rocket to 1330 levels or could drop to 1200 levels. If history (yes I know, cannot rely on history) proves right, the UK start (first 1 hour) will see a lift and then once banking and day traders really come online after their tea and crumpets we will drop below current level.
Here is my view in points:

 

  1. Undoubtedly we are in a short trend, But, it can't fall like yesterday everyday, it has to bounce as well to kill sellers. Sometime a retrace and sometimes bounce very high. Sometimes what appears like a small rally up and then huge fall and things like that.
  2. June is approaching, one Big Bull is already back, with that said, I am expecting this to bottom out on daily chart within 3 - 8 weeks.

I maybe right or wrong, whatever, I would like to be slow, trade light and safe until seasonal opportunity is available on the table.


As for today, there may or may not be more downside, but I expect this to bounce nicely thereafter. Whatever your direction, I suggest everyone to trade light, trade safe.

Hello World!
  • #8,354
  • May 8, 2014 2:51am May 8, 2014 2:51am
everybody is waiting for the ECB conference?
  • #8,355
  • May 8, 2014 2:56am May 8, 2014 2:56am
Quoting ClockTrader
{quote} Here is my view in points: Undoubtedly we are in a short trend, But, it can't fall like yesterday everyday, it has to bounce as well to kill sellers. Sometime a retrace and sometimes bounce very high. Sometimes what appears like a small rally up and then huge fall and things like that. June is approaching, one Big Bull is already back, with that said, I am expecting this to bottom out on daily chart within 3 - 8 weeks. I maybe right or wrong, whatever, I would like to be slow, trade light and safe until seasonal opportunity is available...


Personally I am still working on my risk management.
Everytime I see the slightest chance of a run I jump on... " look squirrel" <from the movie UP>

Time in trade = 97%
My biggest problem is that I don't let profit run, like last night. Two shorts in play on Gold, closed both out for $400 each but could have ridden the wave for $2000 each. Not complaining and I know it is very hard to pick absolute tops and bottoms, but when the trade turns profit I stop looking at the chart and look at the profit - very bad form and practice.
A genius is born every minute, me I am lucky if my socks match.
  • #8,356
  • May 8, 2014 2:58am May 8, 2014 2:58am
Silver is leading the way today.. running down nicely on a strong bear
A genius is born every minute, me I am lucky if my socks match.
  • #8,357
  • May 8, 2014 3:03am May 8, 2014 3:03am
Quoting whackdiddy
{quote} Personally I am still working on my risk management. Everytime I see the slightest chance of a run I jump on... " look squirrel" <from the movie UP> Time in trade = 97% My biggest problem is that I don't let profit run, like last night. Two shorts in play on Gold, closed both out for $400 each but could have ridden the wave for $2000 each. Not complaining and I know it is very hard to pick absolute tops and bottoms, but when the trade turns profit I stop looking at the chart and look at the profit - very bad form and practice....
btw, I liked the way you interpreted London morning key hrs in other post, I do the same on those hrs, kinda weird to see identical view, I never share those type stories here as I believe there are not many like minded people here.

In order to grab as much profit, try opening multiple positions, take partial profit when its there, set +ve SL on remainder to see how far it goes. You already have idea of key hrs, use them to maximize profits.
Hello World!
  • #8,358
  • May 8, 2014 3:08am May 8, 2014 3:08am
Quoting ClockTrader
{quote} btw, I liked the way you interpreted London morning key hrs in other post, I do the same on those hrs, kinda weird to see identical view, I never share those type stories here as I believe there are not many like minded people here. In order to grab as much profit, try opening multiple positions, take partial profit when its there, set +ve SL on remainder to see how far it goes. You already have idea of key hrs, use them to maximize profits.
absolutely, dont put all your chickens in one pen, if you want to run 0.3 lots long, open 3x0.1, 6x0.5 etc to be flexible. that is what will save you. being flexible to to the 'noise' and to survive the trend
  • #8,359
  • May 8, 2014 3:09am May 8, 2014 3:09am
Quoting ClockTrader
{quote} btw, I liked the way you interpreted London morning key hrs in other post, I do the same on those hrs, kinda weird to see identical view, I never share those type stories here as I believe there are not many like minded people here. In order to grab as much profit, try opening multiple positions, take partial profit when its there, set +ve SL on remainder to see how far it goes. You already have idea of key hrs, use them to maximize profits.
Sweet tip, thanks.

Other than that I might turn my profit back to points - running a nice silver short at the moment and making an effort to watch the chart and not the
A genius is born every minute, me I am lucky if my socks match.
  • #8,360
  • May 8, 2014 3:10am May 8, 2014 3:10am
Quoting Mitchoss
{quote} absolutely, dont put all your chickens in one pen, if you want to run 0.3 lots long, open 3x0.1, 6x0.5 etc to be flexible. that is what will save you. being flexible to to the 'noise' and to survive the trend
Mitchos, you sound exactly like my broker (on a razor account so I pay commission for the extra digit). So far I have given, handed to them, bleed for them in the vicinity of ... no exactly $5,214.23

if you dont laugh you cry..
A genius is born every minute, me I am lucky if my socks match.
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