Daily Trading Strategies on Gold/Forex
- Thread starter Gold Trader
- Start date
yes, the indicators are quite interesting and i developed myself. they are powerful enough if we stick to a specific timeframe chart.
but i would not disclose the scripts for the time being. probably later.
when we technically trade, they are many indicators and one is showing north, one is showing south. it is difficult determine current trend as we have learned many techniques.
to elimate confusion, i use colours. blue -> buy, red ->sell
we don't have to think about any reasons.
once we start to process the information or try to interpret charts in realtime, confusion begins.
so, we should only trade by colours. whether buy or sell or sideline.
i integrated these features in my indicators.
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stop sell order is not yet valid.
only long order is valid.
as long as market is staying above 609~610, it has a potential of moving up.
i believe there will be a volatility breakout today on either side.
we just don't know the direction.
but i would trade on long as long as above 609. and short below 609.
i believe there will be a volatility breakout today on either side.
we just don't know the direction.
but i would trade on long as long as above 609. and short below 609.
On my platform, both long and short orders would have been triggered and stopped out already.
While there might be some small doubt (broker deviation) on the short entry execution, the long stop @610.5 was clearly hit, broken continuously from 4:05 to 4:40 ET, i.e., 3 hours before your post. I don't see how you could still be long, unless you widened that stop.
Who is your spot gold broker?
long @ 611.4
stop @ 608.5
target @ 620
stop @ 608.5
target @ 620
Quote from late apex:
On my platform, both long and short orders would have been triggered and stopped out already.
While there might be some small doubt (broker deviation) on the short entry execution, the long stop @610.5 was clearly hit, broken continuously from 4:05 to 4:40 ET, i.e., 3 hours before your post. I don't see how you could still be long, unless you widened that stop.
Who is your spot gold broker?
i used finspread as broker.
the chart i use for analysis is it finance. normally, it is a little deviate from broker to broker. sometime about 3~7 pts different.
i think we have to adjust abt +/- 5 pts for stop and target.
sometime +/- 5~10 pts before/after the target, market reversed.
sometime +/- 5~10 pts too far to stoploss.
anyway, pls adjust with the broker's spead and chart price.
yesterday, market was also very choppy. both long and short entries at any point could have been stopped out unless we did scalping.
n.b. brokers' spread is quite important. if the spread is about 10~15 pts, our stoploss distance is 30 pts away.
as soon as we get in, we are just 15 pts away from entry.
as soon as market moves $ 1.5, we get stopped out.
in gold and forex markets, we need to use the stoploss distance minimum of 25 pts ~ 35 pts.
my pt would have worked - sold at 1148 yesterday to get out.
gold so far has held 605 , but increasingly hard to break through 613 so for the time being play the range 605/613 and trade the break of 603 and 615
gold so far has held 605 , but increasingly hard to break through 613 so for the time being play the range 605/613 and trade the break of 603 and 615
daily chart with indicators.
4h chart with indicators.
in daily chart, trend is still down.
but in 4h chart, it is to buy.
normally, i prefer to use 4h chart, bcos risk is reasonable.
to see trend change in daily chart, market has to move about 100~150 pts. if market moved 250 pts in one day, we receive the signal 250 pts late.
you can see choppy moves in 4h chart. there are alternate red and blue bars without signal strength.
in daily chart, trend is still down.
but in 4h chart, it is to buy.
normally, i prefer to use 4h chart, bcos risk is reasonable.
to see trend change in daily chart, market has to move about 100~150 pts. if market moved 250 pts in one day, we receive the signal 250 pts late.
you can see choppy moves in 4h chart. there are alternate red and blue bars without signal strength.