Pro7 PA trading analysis 28+GOLD | Page 118 | Forex Factory

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Pro7 PA trading analysis 28+GOLD

  • #2,341
  • Nov 27, 2020 3:57am Nov 27, 2020 3:57am
Quoting four.owls
Good evening all! Forgive me for potentially changing topics or just butting in, but is it my imagination or is Gold all over the place today? Sorry, I just need some external clarity as it stung my ass hard today, and while I won't trade again today (due to losing a certain % therefore I stand back after 2% hit) I simply cannot get in rhythm with Gold, or much else for that matter!! Sorry, just venting...it helps!!
Crap happens, mate.

Right now gold is at a major support point, extended from 1812 down to 1804-03. If it breaks, it opens up another 5-600 pips underneath, and banks dont want to jump yet, they're accumulating orders without influencing, imho.

At some point, in my opinion, its gonna drop. There's no buying pressure atm, but yeah .. its misbehaving.
  • #2,342
  • Nov 27, 2020 4:36am Nov 27, 2020 4:36am
Quoting daemondeluxe
{quote} Crap happens, mate. Right now gold is at a major support point, extended from 1812 down to 1804-03. If it breaks, it opens up another 5-600 pips underneath, and banks dont want to jump yet, they're accumulating orders without influencing, imho. At some point, in my opinion, its gonna drop. There's no buying pressure atm, but yeah .. its misbehaving.
Sorry for the whinging,,,just jumped in, and possibly broke a rule or 2 of mine so if I am honest I am to blame, the US market has thanksgiving, it's a Friday and in the afternoon here in Australia, I normally lower the amount I use as Fridays can get a bit wacky....also I find gold very volatile....maybe I should stick to more regular Forex pastures! Sometimes having other traders who understand that full time trading can be a bit isolating at times....I need a freakin' drink!! lol
  • #2,343
  • Nov 27, 2020 4:41am Nov 27, 2020 4:41am
Quoting four.owls
Good evening all! Forgive me for potentially changing topics or just butting in, but is it my imagination or is Gold all over the place today? Sorry, I just need some external clarity as it stung my ass hard today, and while I won't trade again today (due to losing a certain % therefore I stand back after 2% hit) I simply cannot get in rhythm with Gold, or much else for that matter!! Sorry, just venting...it helps!!
End of month trading is different from other trading days. Hedge funds often make adjustments to their portfolios during the last three to five trading days of a month. Long term investors also review the performance of their portfolios around the same period to decide if adjustments are necessary. There are also the month end option players who actively seeking for trading opportunities.
Today and Monday are the last days of the month.
  • #2,344
  • Nov 27, 2020 4:52am Nov 27, 2020 4:52am
Quoting four.owls
Good evening all! Forgive me for potentially changing topics or just butting in, but is it my imagination or is Gold all over the place today? Sorry, I just need some external clarity as it stung my ass hard today, and while I won't trade again today (due to losing a certain % therefore I stand back after 2% hit) I simply cannot get in rhythm with Gold, or much else for that matter!! Sorry, just venting...it helps!!
welcome four.

take a walk and when you come back to trading desk look for what you have done good.
Forex can only be understood backwards, but it must be traded forwards.
  • #2,345
  • Nov 27, 2020 5:04am Nov 27, 2020 5:04am
Looking to buy back Gbpusd at possibly 1.33 level.
  • #2,346
  • Nov 27, 2020 5:13am Nov 27, 2020 5:13am
Quoting four.owls
{quote} Sorry for the whinging,,,just jumped in, and possibly broke a rule or 2 of mine so if I am honest I am to blame, the US market has thanksgiving, it's a Friday and in the afternoon here in Australia, I normally lower the amount I use as Fridays can get a bit wacky....also I find gold very volatile....maybe I should stick to more regular Forex pastures! Sometimes having other traders who understand that full time trading can be a bit isolating at times....I need a freakin' drink!! lol
Its not winging, its clearing your system, mate.

Take a walk, as prozor wisely said. Have a drink. Put a SL that's acceptable to you on the position you have open or close it, whichever suits you best.

The market doesnt forgive you for being anxious or in a bad place, trading is trading. Have that drink, come back, assess your stance and positions, decide wisely, RINSE & REPEAT.

Dont let it beat you down.
  • #2,347
  • Nov 27, 2020 5:25am Nov 27, 2020 5:25am
Quoting daemondeluxe
{quote} Its not winging, its clearing your system, mate. Take a walk, as prozor wisely said. Have a drink. Put a SL that's acceptable to you on the position you have open or close it, whichever suits you best. The market doesnt forgive you for being anxious or in a bad place, trading is trading. Have that drink, come back, assess your stance and positions, decide wisely, RINSE & REPEAT. Dont let it beat you down.
Thanks kindly....you're right....I just had a moment of losing my cool, using too much leverage to recover a loss (yep, I know that's a no no) and well, let down my good run. I took a hit of about 2% or just under today because I acted like an impulsive jackass. I admit it, but I have screen captured the trades, so I can take away the costly lessons and simply not repeat. I also have to work on my RR....it seems to be working out 1:1...as I trade off the M30 or H1..so some MM to work on.
yes I will walk away from trading, chill and come back fresh next week. Thanks everyone for input,,,,
  • #2,348
  • Nov 27, 2020 5:27am Nov 27, 2020 5:27am
Quoting prozor7
{quote} welcome four. take a walk and when you come back to trading desk look for what you have done good.
Thanks Prozor7, good advice, and my brain is a bit scattered today from getting 90 pages submitted to Uni for PhD deadline...I was not focused and just being impulsive! No one forced me to trade, I did it to myself! There is always another time!
  • #2,349
  • Nov 27, 2020 6:14am Nov 27, 2020 6:14am
trading is very simple
1. plan you trade
Quoting prozor7
GBPCAD as potential buy @ 1.72336 - 1.72248 TP 1.73275 - 1.74034 SL 1.72195
2. review PA - close trade or part depend on TF
Quoting prozor7
{quote} GBPCAD close buy - staying aside {image}
3. enter again
Quoting prozor7
{quote} GBPCAD D1 - sell H4 - buy can push PA up to 1.73914 pay attention to 1.73155 as H4 support breaking this line PA should go down to 1.72386
4. Review PA - close 3/4 @ 1.73100
Forex can only be understood backwards, but it must be traded forwards.
  • #2,350
  • Nov 27, 2020 6:51am Nov 27, 2020 6:51am
Quoting prozor7
trading is very simple 1. plan you trade {quote} 2. review PA - close trade or part depend on TF {quote} 3. enter again {quote} 4. Review PA - close 3/4 @ 1.73100
GBPCAD
update
pay attention to 1.73274 - 1.73365 PA should not break this to continue down move

to risky for me will pass
Attached Image
Forex can only be understood backwards, but it must be traded forwards.
  • #2,351
  • Nov 27, 2020 8:30am Nov 27, 2020 8:30am
Quoting prozor7
CADJPY D1 - buy H4 - sell possible push to 79.920 H4 support potential buy @ 80.284 TP 80.649
CADJPY
update
closing 1/2 @ 80.200
Attached Image
Forex can only be understood backwards, but it must be traded forwards.
  • #2,352
  • Nov 27, 2020 11:31pm Nov 27, 2020 11:31pm
Morning Prozor from sunny beautiful Cape Town. Once again thank you for helping me become a better trader and understanding the process of analyzing. As I am seeing there is no random movement, but reactions. Do you ever hold positions over night?
Enjoy your weekend
  • #2,353
  • Nov 29, 2020 11:27am Nov 29, 2020 11:27am
Quoting Houtbay
....Do you ever hold positions over night? ...
yes, depending on signal trade D1 (trend) or H4 (pullback)

I try to close all my positions on Friday.
Forex can only be understood backwards, but it must be traded forwards.
  • #2,354
  • Nov 29, 2020 11:48am Nov 29, 2020 11:48am
The Gbp crosses all sold off on Friday, Gbp is at a tipping point. It will be interesting seeing in which direction it moves tomorrow.
  • #2,355
  • Nov 30, 2020 2:11am Nov 30, 2020 2:11am
good morning to all
Forex can only be understood backwards, but it must be traded forwards.
  • #2,356
  • Nov 30, 2020 2:16am Nov 30, 2020 2:16am
Quoting prozor7
{quote} GOLD down TP should be 1853 on bigger TF breaking 1853 down to 1824 - 1797 - 1763
done shorting GOLD, step aside,
new month tomorrow.

expecting pullback to 1780 - 1789
Forex can only be understood backwards, but it must be traded forwards.
  • #2,357
  • Nov 30, 2020 2:33am Nov 30, 2020 2:33am
Morning Prozor.
  • #2,358
  • Nov 30, 2020 4:43am Nov 30, 2020 4:43am
GBPJPY
D1 - sell
H4 - buy (sell below 138.438)
watching 138.438 if hold as potential long breaking 138.737 should confirm that TP 139.106
SL 138.349
Forex can only be understood backwards, but it must be traded forwards.
  • #2,359
  • Nov 30, 2020 4:49am Nov 30, 2020 4:49am
Quoting prozor7
{quote} done shorting GOLD, step aside, new month tomorrow. expecting pullback to 1780 - 1789
Morning, mate.

Think the HF managers are gonna liquidate positions today? Was seeing it going down to 1764-1760.
  • #2,360
  • Nov 30, 2020 5:03am Nov 30, 2020 5:03am
Quoting daemondeluxe
{quote} ...Think the HF managers are gonna liquidate positions today? Was seeing it going down to 1764-1760.

I call this kind of behavior "windows dressing"

H4 consolidation area 1769 - 1750
Forex can only be understood backwards, but it must be traded forwards.
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