day trade gold

[junkone]

how to i best day trade gold and metal futures on 5 minute charts.

 

[Surdo]

Buy low and sell high.

 

[Businessman]

Quote from junkone:

how to i best day trade gold and metal futures on 5 minute charts.

Gold is a nasty little contract to day trade.

It spikes between 10 and 50 ticks often.

It can be trading 785.0 and then it moves down to 780.

Your stop at 784 gets filled at 780.

Not sure why this happens, maybe its arbing between the electronic book and the floor...

GC trades 100K contracts a day now. Almost as much as the smaller Stock Index Futures and Currency Futures but the SIF and FX futures dont spike like Gold...

 

[newyorkholding]

Quote from junkone:
I calculate a percentage based method for determining my stops and limits using previous historical data, and form a trend direction (Bull/Bear) based on current news and market data upcoming for the next few days.
For example divide 840/792 recent high divided by current price=percent of correction. I use this as a basic method to set my limits. Then set all stops at 1% below entry.
I also have two accounts so I can create a synthetic spread using the two accounts if the market moves against me drastically.

how to i best day trade gold and metal futures on 5 minute charts.

 

[MrGecko]

ZG7Z on a 5 min??? Dont. Best PnL available.

 

[TraderDrake]

If you only daytrade, why must it be gold? Any vehicle will work.