Short

Aggiornato

Gold's next probable direction & a safe zone for a Buy entry

https://www.tradingview.com/x/O4WsjYKI/

I am also starting to see some downturn in Gold and Silver prices, mostly from momentum indicators which simply can't sustain the bullish momentum session after session.

But I don't think its a big correction, only 4% down from the current Gold price, this is a Fib level of support for price but this Fib level also coincides (ties-in) with recent market structure support.

Down below I will give some details of a Gold short I took today in Asia Friday and about 1 hour ago. Interestingly, the Gold price started to slightly sell off Lol, as if I am the only Gold-trader today in the Asia region.

Nota

There was a Gold correction back on 26 September that looked like a falling wedge. I think the correction this time might be a similar pattern. The markets like to repeat.

Trade attivo

Anyways, so I went short about an hour ago.
I sold at 0.16 contract only at 2734 and a Stop Loss at 2748. I hate stops but crazily I get better results with them because they tame my greed with position sizing. Have you ever noticed when you place a greedy order of lets say 6 full contracts and the market makers go against you straight away. This trade risking only 0.25% (my account is bigger one) will make profit about 2.5k. 2623 is my take profit.

Trade attivo

Trade short I took in Silver for education...
Short XAGUSD at 33.734 & only 0.08 CFD's.
Stop Loss is the next big swing high. I know with silver they will be keen to stomp out my stop loss a bit later, when they consider my focus to be away from Silver. I may bluff, cancel stop an d exit trade manually if its costly.
TP 30.824

Trade attivo

Those 2 Shorts, 1 each on Gold and Silver are going well for now. You have probably noticed if you are a Gold-tragic like me that they tend to reverse the direction at least a couple of times per session to wrong-foot traders, take out stops, release their own boredom levels and because they just CAN. Here is my biggest tip as a trader. Never think that massive position Lot / Position size will yield greater profits than conservative lot sizes that you can safely afford that won't give you Trader-Anxiety. The very clever traders who bet with very large lot size have to be very clever, discreet, hidden as possible from market makers/big bankers, because they will bet against them when it boils down to greater profits. That's why, small bet sizing with a careful plan will make you better consistent profits than large sizing. I am living proof I promise. I have made 30K in a session trading Gold and Silver but only to give it all back with repeat greed in the ensuing sessions. I don't do this anymore thankfully, sure I still make poor judgement and errors sometimes as we are human, but yes my biggest tip would be smaller position sizing and avoid greed. But if you have an A+ setup (whatever that may look like), then there is nothing wrong with increasing your betting size, but don't 'bet the house' trying to look for a home run because trading is about small consistent and regular profits. Cheers,' Chris

Trade attivo

XAUAUD I got in a Short right now from a double top. OZE Gold tend to think they are untouchable but I got the big ghost falling down the channel right now!

Nota

I scaled out with profits. His helper ghost arrived because I wounded his ego so much. Get him again later.

Trade attivo

Hi, there are quite a few number of traders shorting XAUUSD right now. It went for a fake run about 15 minutes ago and we caught the slow down in the momentum knowing it was fakeout and got in short, I am about 1.2 lot size short

Trade attivo

Well I got Short in Gold and Silver earlier today. But I was checking the MACD momentum across all timeframes and its very mixed. I think downside in Gold price still, but a lot of the directional bias will probably also hinge on the economic data out in 10 minutes.

Trade attivo

The current Stochastic's and RSI levels on the Daily timeframe are in the overbought zone and crossing down to possible selloff. Wait for data. Wait for a direction in the market and dont be caught in a fakeout where they draw you in and reverse price.
Chris

Trade attivo

For the past 24 hours the Gold price has been moving down to lower highs and lower lows.
Shorting the gold price again soon. Looking for beset entry. Stop loss will be about 2738.55. Fairly wide stop, but it could be a big move down today. Standby for entry price if you'd like to follow along my idea.
Cheers, Chris

Trade attivo

Short current market price 2728 or thereabouts STOPn2738.55

Trade attivo

Short Gold. Stop at 2738.55. Interestingly, that last desperate climb did not break the last swing high from about 6 hours ago. Sell down is coming soon I would say.

Trade attivo

You can see how Price is able to resist the momentum indicators to a strong degree, before eventually caving in. 3 macd settings, RSI and Stochastic's on a 15m time frame all striking and crossing downwards which is what we want in a Short trade. Next momentum will be important on the 30 m chart and so on til we bring this Gold price down. Standby and I will post some Take Profit amounts.

Trade attivo

Opportunities for Long-Gold next week.
******************************************
Alright, yesterday Friday, very early in Asian session yesterday, I made my mind up way to early, based on reading what a couple of other has said, that Gold was going into a correction. But the following chart or 2 that I will post underneath is what I failed to check, in other words I did not properly research it and go through my strategy. Humans rushing.

You see, to go Short in Gold or anything for that matter, you need several, very strong supporting ideas as to why a Short might work because for instance with the Gold price at the moment the path of least resistance is to the upside, for so many fundamental reasons which I won't get into now to keep this short. As human traders, we are prone to making emotional and fast money decisions.
I know some don't like indicators, I use only the ones that work and that is only 3 or 4, I don't use 'arcade-style-space-invaders) indicators that tradingview loves to pump out to give people way too many options and setting traders up for failure because traders will go from strategy to strategy getting lost and unfocussed. Yes you heard that from me. I will say no more.

Take a look at the following 2 indicators MACD and ADX, MACD is like a Swiss army knife with so many proven functions including momentum and price turnarounds and the ADX originally designed for a Daily chart is probably the best indicator for Trend-Strength.

Nota

So quickly to wrap this up, a couple of points from the chart.
You can see where I marked a green X, represents a Buy-signal for Gold on this Daily MACD chart and there is even an exit strategy which is when the MACD Daily would be a blue MACD line crossing under the Red-Signal line. But best strategy is as the MACD line starts to slope down, exit position.
But of course this same strategy can be used for Shorts where Blue MACD line would need to Cross-under the Red-signal line.
There are disciplined high timeframe only traders who make shite-loads of money trading this simple strategy or combining with something similar. No need to backtest MACD, it works when applied properly in any market.

Nota

Here is the Weekly chart because it's even more powerful. On MACD they are legitimate Take Profits because TP is when blue crosses under red, right!
Take a look at the weekly trend strength for Gold, it's as high as ever this year.
Will there be smaller corrections? You bet. It causes challenges for traders and rash emotional decisions and it gets people more often then not on the wrong side of a trade, not everyone wants you to make money.
Sorry about yesterday if you triggered SL, I ended up having a bad day as well. Let's look for only high probability setups.

Easy_Explosive_Trading

Anche su:

Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.

Easy_Explosive_Trading

Anche su: