Now I need to reveal my trading platform and the chart what I see , since FF doesn't provide Xau/usd
There is what I see
Omg this is a 800 × 480 resolution Android MT4... well, that is what I see at my phone, on tablet is bigger, but on this I can be online very often...
Like I told it is a naked chard with max 1 MA. No reason to put more indicators there for me.
It is very easy to say an explanation AFTER the chart went on that direction, but I will explain how I am thinking.
Gold is not an intraday currency pair, like major ones, I would trade on weekly view or watch when both Eur and Usd are going to be weak, this should go strong.
If you take a look how much is the spread on this and how much is moving in 5 min, 1h than simply choose others for scalping at intraday.
Lets see:
From 6 aug you have a minor uptrend.
Around 12 -13 aug you had a pullback ( Monday Tuesday ), but wan't enough force to bypass that MA zone => uptrend should continue
And aug 19 back again.
This a perfect setup for me at Euro, many times traded like this, but needed fundamental confirmation too to trade with higher leverage!
There are a type of the non forex transactions which are starting Monday - Tuesday and they close at Friday.
Also bor bigger players there are the overnight fee, which they don't want to pay from Friday to Monday.
Sometimes you can see a gap at Eur/usd from Fiday to Monday even a 200 pip ( in this year I won one) thats why many are closing positions at Friday and re-take at Monday,Tuesday. G8, G20 meeting and whatever big events at week-end can push hardly.
If you see a currency pair acting like this: Monday and Tuesday slow up, Wednesday, Thursays up -up, than Friday at NY open to London close watch eyes for minor pullbacks Euro like 50-60 pips. If that doesn't happen and the price is pushed to the sky, than Monday will fall. Simple
If this chart would be Eur/usd I would expect a correction to 1355 even 1348 to continue the uptrend. But I don't know this gold thing, don't know how much is moving and when is moving (which news)
I would put 2x buy limit there in hope is one is filled ONLY AND ONLY IF FUNDAMENTALS IT CONFIRMS THE UPTREND!!!
- I wouldn't trade ever without watching the news, upcoming news release times, which hardly affects the currency pair.
For majors on this week this will be a mover:
Unemployment Claims http://www.forexfactory.com/calendar.php#detail=45512
I would close my intraday trades and hardly watch that news and his effects.
Also http://www.forexfactory.com/calendar.php#detail=44192 FOCM meetings interesting: sometimes 0 effect, sometimes just a little spike, and sometimes they are changing the trend instant. - thats why many EA fail and pure indicator systems fail and don't use any of them.
Because it is August and all big money makers are spending our money at exotic islands I don't trade with high leverage until 15 sept, because the movements are small a haotic.
Aug 1 - sept 15 is a Vacation
Dec 15- Jan 15 is a Vacation
You can try trading in this interval, but I see it is different. Many-many trade explorers shows a decreasing return and losses in this period!
Like I told I am watching gold to see what and why happens with other majors and understand why. The tread title says "All Majors and Gold" I took a risk to write here and meet new ppl
I want to buy PATIENCE