Dee and Philippine thank you for another gold-price informations, here is my view on thing, I think better one time seen than hundred times heard:
It is simple, the cycles are marked in circles both in chart and in indicators, too. This is what under "cycle" means Dee and Philippine (I hope ). Without any magic patterns or difficult technical analysis, make a short bTest on 2-3 days back and you will see that the cycles giving you exactly patterns as 123, double bottom/top, head and shoulders and anything else. With coming new week try to look at it in realtime, if you want trade, if no only mark the entries. Your TP depends on where you entered, if you waits for first brick close direction on 5 pip chart, and your previous cycle/cycles are 30 pips, count with me: (30-10)/2 = 10 pips, that is your TP. Because, first brick to your direction on 5 pips chart is minus 10 pips from previous cycle and approximately a half of the cycle could be your TP so /2. But think about what Dee wrote, you can combine it with higher Renko for hold position longer, I am saying 10 pips because I am fine with that. This is about few days of observing, then you could add Fibonacci and S/R, BRN, you does not need anything else, look at Philippine chart, it is clear like Al Capone in front of procurator. No, I do not trade like this yet, because I am trying to observe it as good as it is possible before I will trade with my new Pepperstone Live account (I finally said bye to my XTB broker....). I am only trying to share with you my view on scalping.
It is simple, the cycles are marked in circles both in chart and in indicators, too. This is what under "cycle" means Dee and Philippine (I hope ). Without any magic patterns or difficult technical analysis, make a short bTest on 2-3 days back and you will see that the cycles giving you exactly patterns as 123, double bottom/top, head and shoulders and anything else. With coming new week try to look at it in realtime, if you want trade, if no only mark the entries. Your TP depends on where you entered, if you waits for first brick close direction on 5 pip chart, and your previous cycle/cycles are 30 pips, count with me: (30-10)/2 = 10 pips, that is your TP. Because, first brick to your direction on 5 pips chart is minus 10 pips from previous cycle and approximately a half of the cycle could be your TP so /2. But think about what Dee wrote, you can combine it with higher Renko for hold position longer, I am saying 10 pips because I am fine with that. This is about few days of observing, then you could add Fibonacci and S/R, BRN, you does not need anything else, look at Philippine chart, it is clear like Al Capone in front of procurator. No, I do not trade like this yet, because I am trying to observe it as good as it is possible before I will trade with my new Pepperstone Live account (I finally said bye to my XTB broker....). I am only trying to share with you my view on scalping.