Hello, everyone. Just wanted to let you know, this strategy requires immense acknowledgement of current market conditions, heavy risk management and a large account balance to sustain drawdowns.
I'm working on a system for about 3 months now that basically (for the time being) ONLY short gold with specific targets (100-200 pips) which is basically a swing strategy but sometimes you add a few positions if the price goes against you a few hundred pips, e.g. 3000 points. We all know most markets trend a lot and go up/down almost all the times, so maybe I thought its a viable strategy to exploit the markets with. Because of the nature of the unpredictable markets, I'm going with the trend and even if it decides to go against me, I would just keep adding positions every 300 pips and eventually it'll go right to my TP.
Lets start with XAUUSD because this strategy needs a very active market to profit well.
I know many will tell me that your strategy won't work because gold is a very volatile instrument and can move hundreds of pips in a week, but that's not gonna happen when looking at the current market conditions, especially the strong hikes that the Fed has been giving. If its anywhere high, it could be at least 1970 only and then it'll go right back down to 1700s, at least for the short term (1-2 years). After that, we'll be able to spot where it'll head.
I'll be using a live account of $300 trading 0.03 but I won't open it all at once.
Example:
0.01 at 1910
If price moves against me by 300 pips, I add another 0.01
Another 300 pips, I add another 0.01
Then I wait till it goes back down and it won't take long because gold is very volatile and fast-paced.
Please, let me know your thoughts. Cheers.
I'm working on a system for about 3 months now that basically (for the time being) ONLY short gold with specific targets (100-200 pips) which is basically a swing strategy but sometimes you add a few positions if the price goes against you a few hundred pips, e.g. 3000 points. We all know most markets trend a lot and go up/down almost all the times, so maybe I thought its a viable strategy to exploit the markets with. Because of the nature of the unpredictable markets, I'm going with the trend and even if it decides to go against me, I would just keep adding positions every 300 pips and eventually it'll go right to my TP.
Lets start with XAUUSD because this strategy needs a very active market to profit well.
I know many will tell me that your strategy won't work because gold is a very volatile instrument and can move hundreds of pips in a week, but that's not gonna happen when looking at the current market conditions, especially the strong hikes that the Fed has been giving. If its anywhere high, it could be at least 1970 only and then it'll go right back down to 1700s, at least for the short term (1-2 years). After that, we'll be able to spot where it'll head.
I'll be using a live account of $300 trading 0.03 but I won't open it all at once.
Example:
0.01 at 1910
If price moves against me by 300 pips, I add another 0.01
Another 300 pips, I add another 0.01
Then I wait till it goes back down and it won't take long because gold is very volatile and fast-paced.
Please, let me know your thoughts. Cheers.