Hi Everyone,
I am starting this thread as an open discussion board, on how you day-trade our little yellow friend--GOLD
Remember: We are battling not only economic, and political forced (intraday), but also central-bank traders who are buying and sell gold for their own reverses!
As a former derivatives trader, here is a little insight into my trading program: 1) I attempt to scalp the YG gold contract intraday; looking for 5-6 ticks MAX in my favor (sometimes I might ride a trend longer though). 2) I use IB for the platform ($2 each way!). 3) I watch the equity markets, and oil markets (equities down, oil up = bullish for gold, equities up, oil up = bullish for gold, equities down, oil down = bullish for gold..etc) 4) I am still working on a stop loss system. Right now I am looking at nijina traders systems, with a 5-6 tick stop against me (those $8 gap moves killed me on Friday)
What other indicators do you watch, and how do you view their affects on the gold market
Other general thoughts are most welcome
PW
I am starting this thread as an open discussion board, on how you day-trade our little yellow friend--GOLD
Remember: We are battling not only economic, and political forced (intraday), but also central-bank traders who are buying and sell gold for their own reverses!
As a former derivatives trader, here is a little insight into my trading program: 1) I attempt to scalp the YG gold contract intraday; looking for 5-6 ticks MAX in my favor (sometimes I might ride a trend longer though). 2) I use IB for the platform ($2 each way!). 3) I watch the equity markets, and oil markets (equities down, oil up = bullish for gold, equities up, oil up = bullish for gold, equities down, oil down = bullish for gold..etc) 4) I am still working on a stop loss system. Right now I am looking at nijina traders systems, with a 5-6 tick stop against me (those $8 gap moves killed me on Friday)
What other indicators do you watch, and how do you view their affects on the gold market
Other general thoughts are most welcome
PW
