What is wrong with this way of thinking?

By the time a few HL's or LH's print to draw your TL's *even on the 5min), the play's long over or long in the tooth; now you're sucking hindtit

if you like hindtit, be my guest :p

i do not use TL's.; i trade pure PA.

TL's are just another indicator, a lagging one at that don't let anyone else tell you different.
 
Quote from HATEtheRisk:

Gold will hit 1800 $ this month !!!

I bet my left ball on it !!!
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.. this week! I have a limit set at 1850. I don't expect it to stay there, but I do expect a brief spike up to that level and then down a little again this week. That's $600 profit if it goes my way. Time will tell.

Still NoDjii made a good point. I can't really afford these swing trades in my micro account. Another disgrace in Europe and that micro account will be cleared out.
 
Quote from bhardy307:

.. this week! I have a limit set at 1850. I don't expect it to stay there, but I do expect a brief spike up to that level and then down a little again this week. That's $600 profit if it goes my way. Time will tell.

Still NoDjii made a good point. I can't really afford these swing trades in my micro account. Another disgrace in Europe and that micro account will be cleared out.
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the highest i would bet on is 1830 !!!
After that, we will see what is next !!!

Good luck !!! in 1h the new week starts .....

cheers and may the discipline be with you.

LOL:p
 
Quote from HATEtheRisk:

the highest i would bet on is 1830 !!!
After that, we will see what is next !!!

Good luck !!! in 1h the new week starts .....

cheers and may the discipline be with you.

LOL:p
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:D

We shall see. Trailing stop of 15 pips begins after 30 pips in my favour. 1 pip = $1 change in gold price = $6. Leveraged 4:1 i.e 6 ounces of gold.
Actually, that's in my micro account so I guess that is 35:1. 6*1750/300 = 35.

By the way, 1830 is likely a probably closing price, but have you noticed how gold likes to spike up during the day approaching 12pm EST and then slides back down again?

Interesting to see the USDollar now. It has dropped down below where I shorted it on Friday. If I had stayed in I would not have suffered a loss.
The beauty of hindsight...

This is bullish for gold if the inverse relationship between gold and usdollar holds.
 
Quote from macho grande:

By the time a few HL's or LH's print to draw your TL's *even on the 5min), the play's long over or long in the tooth; now you're sucking hindtit

if you like hindtit, be my guest :p

i do not use TL's.; i trade pure PA.

TL's are just another indicator, a lagging one at that don't let anyone else tell you different.
More...

TL/channel lines are just a guide. You watch price react to those areas of S/R and take profits/reverse or hold for more accordingly.
 
Quote from NoDoji:

TL/channel lines are just a guide. You watch price react to those areas of S/R and take profits/reverse or hold for more accordingly.
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call it whatever you want.. an indicator, an oscillator, a "guide"..

semantics

5 min TL's are way lagging
 
Quote from macho grande:

call it whatever you want.. an indicator, an oscillator, a "guide"..

semantics

5 min TL's are way lagging
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Name me one indicator that isn't lagging, calculated with historical prices. Even the "current" price is lagging.
 
Quote from macho grande:

5 min TL's are way lagging
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Trend/channel lines are only lagging in that three points are required to draw them. Draw them as soon as three points print. Trade both directions if the channel is deep. If the channel is narrow, position in the direction of the trend and avoid counter-trend trades until the channel fails. When the channel becomes "mature" (obvious to everyone) it will break out one way or the other and if you trade the price action without bias, you'll be positioned to enjoy the account-enriching benefits of that rich hindmilk :D
 
Quote from NoDoji:

Trend/channel lines are only lagging in that three points are required to draw them. Draw them as soon as three points print. Trade both directions if the channel is deep. If the channel is narrow, position in the direction of the trend and avoid counter-trend trades until the channel fails. When the channel becomes "mature" (obvious to everyone) it will break out one way or the other and if you trade the price action without bias, you'll be positioned to enjoy the account-enriching benefits of that rich hindmilk :D
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Hmm ... if it is "obvious to everyone" isn't it too late; isn't that a golden opportunity to take the opposing position?
 
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