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  • #18,141
  • Oct 28, 2014 3:54am Oct 28, 2014 3:54am
Quoting Landline
Long trade taken @1226.19 for Asian session. S/L 1219 Reason - Sutable red signals aligned on h4 chart (dotted verticle line) plus the smaller t/f for optimum entry hopefully. H4 chart attached {image}
Hi all.

Ok, 50% of trade now banked, s/l on remainder now b/e. Free trade from now on.

I've attached an H1 chart, which shows an obvious line of resistance to break if this is to go much higher (blue dotted horizontal line)

At present all signs are showing positive for more upside ref verticle line....but can change quickly of course.

Now its about management of whether more profit can be made from this trade, or whether that horizontal resistance line proves too much of a barrier, either way theres no pressure now.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDH1.png Size: 16 KB
  • #18,142
  • Oct 28, 2014 4:02am Oct 28, 2014 4:02am
Been waiting the whole day yesterday for a great long, and it happened in the middle of the night while sleeping, great markets
COT: The precious data ignored
  • #18,143
  • Oct 28, 2014 4:06am Oct 28, 2014 4:06am
Quoting Landline
{quote} Hi all. Ok, 50% of trade now banked, s/l on remainder now b/e. Free trade from now on. I've attached an H1 chart, which shows an obvious line of resistance to break if this is to go much higher (blue dotted horizontal line) At present all signs are showing positive for more upside ref verticle line....but can change quickly of course. Now its about management of whether more profit can be made from this trade, or whether that horizontal resistance line proves too much of a barrier, either way theres no pressure now. {image}
Well done LL! ...no better feeling than taking a partial and then setting your SL to BE (+a bit more)
  • #18,144
  • Oct 28, 2014 4:10am Oct 28, 2014 4:10am
Quoting abokwaik
H4 between support @ 1221 and resistance @ 1232 Price Broke down SMA 100 and tested it. now its trying to close above. if so, I think we'll have a bullish day at last. Otherwise I think it will go down to 1200-1210 area. {image} PS : Largest H4 Candle unfortunately doesn't have the largest volume, but was followed by a big one with largest volume in the month.
remember mt4 volume is thick volume, not real volume. Thick volume mean how many trade buy/sell during specific time frame not how much money enter to the market.
  • #18,145
  • Oct 28, 2014 4:11am Oct 28, 2014 4:11am
Quoting griffinssoul
{quote} Well done LL! ...no better feeling than taking a partial and then setting your SL to BE (+a bit more)
That is always our objective...but doesnt always work out that way as we know.

It was tempting to book the whole trade, but my h4 chart still shows me there could be some more good upside soon enough, hence partial t/p.

We'll see
  • #18,146
  • Oct 28, 2014 4:19am Oct 28, 2014 4:19am
Quoting nicefirework
{quote} remember mt4 volume is thick volume, not real volume. Thick volume mean how many trade buy/sell during specific time frame not how much money enter to the market.
Yes. I am a ware of that. But this is the only volume information available at my hand, and most of the time it works.

PS: You wrote it as Thick, I am sure you mean Tick, and replied accordingly.
No guts, no glory
  • #18,147
  • Oct 28, 2014 4:21am Oct 28, 2014 4:21am
Quoting abokwaik
H4 between support @ 1221 and resistance @ 1232 Price Broke down SMA 100 and tested it. now its trying to close above. if so, I think we'll have a bullish day at last. Otherwise I think it will go down to 1200-1210 area. {image} PS : Largest H4 Candle unfortunately doesn't have the largest volume, but was followed by a big one with largest volume in the month.
Price is unable to close above H4 - SMA 100 for the second time !!!
No guts, no glory
  • #18,148
  • Oct 28, 2014 4:25am Oct 28, 2014 4:25am
Quoting nicefirework
{quote} remember mt4 volume is thick volume, not real volume. Thick volume mean how many trade buy/sell during specific time frame not how much money enter to the market.
Hi nicefirework, thanks for the comment. Just wondering why abokwaik can't draw his conclusion with Tick Vol? Are you suggesting this can't be done as its not a proper metric?
  • #18,149
  • Oct 28, 2014 4:41am Oct 28, 2014 4:41am
Quoting griffinssoul
{quote} Hi nicefirework, thanks for the comment. Just wondering why abokwaik can't draw his conclusion with Tick Vol? Are you suggesting this can't be done as its not a proper metric?
sometime works sometime not. If you buy 1 million dollar gold, it's recorded as one thick volume. The higher thick volume mean many people doing transaction.
  • #18,150
  • Oct 28, 2014 4:46am Oct 28, 2014 4:46am
Quoting abokwaik
{quote} Yes. I am a ware of that. But this is the only volume information available at my hand, and most of the time it works. PS: You wrote it as Thick, I am sure you mean Tick, and replied accordingly.
Hi Ab,

I agree with you, a volumn indicator (in fact any indicator come to that) is open to interpretation and how that interpretation is then used to make a trading decision, no matter what one is used.

For example, I use a volumn indi called Hawkeye (second from bottom window), its freely available anywhere, and I doubt it gives the same readings as yours. My point though is once we understand fully the indicator(s) of our choice then that enables each and every one of us to interpret more accurately what we see. We are are all different lets face it.
  • #18,151
  • Oct 28, 2014 5:05am Oct 28, 2014 5:05am
Quoting nicefirework
{quote} sometime works sometime not. If you buy 1 million dollar gold, it's recorded as one thick volume. The higher thick volume mean many people doing transaction.
Thanks nicefirework. Apparently, it turns out, over large data times (where such data is available), it has been shown that Tick Volume is proportional to True Volume. This kind of makes sense because everything would be smoothed over, in the example of a 1 million$ buy, etc. The only problem is the Tick Volume is broker dependent (how so exactly I don't know) and therefore not normalized as such. Actually LL's suggestion sounds good.
  • #18,152
  • Oct 28, 2014 5:07am Oct 28, 2014 5:07am
IMHO the FOMC statement this week will decide the fate of gold

Should QE "REALLY" end and rate rises or there's a hint that it will rise, gold should take a hit and go south

If the opposite happens, then we will continue north

I would be really careful in trading this week

edit: my scalp works well though
  • #18,153
  • Oct 28, 2014 5:18am Oct 28, 2014 5:18am
Quoting grandia
IMHO the FOMC statement this week will decide the fate of gold Should QE "REALLY" end and rate rises or there's a hint that it will rise, gold should take a hit and go south If the opposite happens, then we will continue north I would be really careful in trading this week

Hrmm. I disagree (in theory, in practice your guess is as good as mine)

Rate rises (or the expectation of a rate rise) bump up the long end of the yield curve, which can (this time might be different) indicate inflation expectations (which are presently low).

Gold is a natural hedge against inflation. Inflation risk would/should be good for gold.

Officially, inflation is rather low (EU/US/JP.. even CH?).

Secondly, if equities were to tank on the news of no more QE, gold should take a hike north.

Uncharted territory here.

Staying out for now
Corripe Cervisiam!
  • #18,154
  • Oct 28, 2014 6:00am Oct 28, 2014 6:00am
It was a good call. I like your indi. & its setup..

Quoting Landline
{quote} Hi all. Ok, 50% of trade now banked, s/l on remainder now b/e. Free trade from now on. I've attached an H1 chart, which shows an obvious line of resistance to break if this is to go much higher (blue dotted horizontal line) At present all signs are showing positive for more upside ref verticle line....but can change quickly of course. Now its about management of whether more profit can be made from this trade, or whether that horizontal resistance line proves too much of a barrier, either way theres no pressure now. {image}
Hello World!
  • #18,155
  • Oct 28, 2014 6:01am Oct 28, 2014 6:01am
Quoting griffinssoul
{quote} Well done LL! ...no better feeling than taking a partial and then setting your SL to BE (+a bit more)
If you're getting out of the position when it hits the sl knowing that it can hit the sl then you're trading on hope. Don't trade on hope.
A trade should be based on an assumption based on facts
  • #18,156
  • Oct 28, 2014 6:07am Oct 28, 2014 6:07am
Quoting ClockTrader
{quote} Are you a broker or someone like that? Tell us something..
i m yust trying to earn something out of forex, trader for more then 5 years, made my mistakes goals,..... a lot of things made almost all of us. Im trying to learn every day to be better. Sometimes things go wrong, but this is a game-trading-busines
  • #18,157
  • Oct 28, 2014 7:13am Oct 28, 2014 7:13am
Quoting Lady broker
{quote} i m yust trying to earn something out of forex, trader for more then 5 years, made my mistakes goals,..... a lot of things made almost all of us. Im trying to learn every day to be better. Sometimes things go wrong, but this is a game-trading-busines
totally agree with u
it s gambling
gambling
gambling
  • #18,158
  • Oct 28, 2014 7:24am Oct 28, 2014 7:24am
magic thought................

where ever the PA goes..........gold price cannot close below 1200 this week,if a short term bull run is ahead

if a close below 1200 happens,next 2 months will be wild most event..................
Nothing Is Certain In The Universe
  • #18,159
  • Oct 28, 2014 7:31am Oct 28, 2014 7:31am
USD is weakening across the board or what ?
No guts, no glory
  • #18,160
  • Oct 28, 2014 7:36am Oct 28, 2014 7:36am
Quoting abokwaik
USD is weakening across the board or what ?
Its because i posted here.
A trade should be based on an assumption based on facts
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