Dislikedgold, now shooting, let's see, not fully cooked as not touch 2372 but profiting already, moving on,if took me out ok,but the target is still 2340,tp1 2360.... {image}Ignored
3
M1 Countertrend Scalping Strategy
- #11,382
- May 10, 2024 5:18am May 10, 2024 5:18am
- Joined Oct 2022 | Status: frog in shell totally active | 1,180 Posts
100% Long Gold
finish for today
Start again monday with balance 2800
finish for today
Start again monday with balance 2800
- #11,383
- May 10, 2024 6:43am May 10, 2024 6:43am
- Joined Dec 2022 | Status: Trader | 3,232 Posts
{quote} I wouldn't feel comfortable shorting gold right now. There is just so much turmoil and geopolitical uncertainty that makes it a lot stronger against the rest currencies. The most recent CFTC shows the big players are long on gold (futures): https://www.cftc.gov/dea/futures/deacmxsf.htm. Also, price is moving towards new "all time highs" in the daily timeframe: {image} I am not sure if it is going to make the big move in the next couple of days, but there will be a lot of volatility in the lower time-frames for sure, so be careful...
at this point earlier today, i had two older shorts that didn't hit, so i took a third and it failed immediately - now it's time to take action to avoid a drawdown breach!
plan was to close the short that just failed and scalp longs to cover the loss while taking a VIP short to maintain a manageable breakeven...
not all plans go to plan! the longs hit covering most of the loss but price continued up digging the shorts deeper into drawdown maxing out at -8,040.66 AUD (-3.09%)
so i needed to either continue hedging and covering losses to maintain drawdown limits if price continues higher or aim to exit the shorts with small loss if price doesn't return all the way...
well, price kept going up so it was time to cut losses and cover via aggressive scalps...
the recovery was hampered due to 30:1 leverage and the limited number of orders before margin call, if these scalps failed, they would of been auto stopped and the trial would of failed...
overall though, i am comfortable with the current status moving into next week - the drawdown during the recovery maxed out at -9,328.12 AUD (-3.58%), well within limits, i am now flat, and i am halfway to reaching profit target!
every minute matters!
- #11,386
- May 10, 2024 8:08am May 10, 2024 8:08am
- Joined Oct 2022 | Status: frog in shell totally active | 1,180 Posts
oh gold ..... you make me curious
stop ..... continue Monday
stop ..... continue Monday
- #11,389
- May 10, 2024 8:41am May 10, 2024 8:41am
- Joined Oct 2022 | Status: frog in shell totally active | 1,180 Posts
she wants to jump, but now i am watching for the last time that she is sinking and I am making decisions,more down in the next 3-15 minutes than she should jump. somewhere where I would put my sl if I am long ,if I miss now,I will wait for another opportunity {image}
The orientation must be on positive trading results
Try it out, starting from those that comply with the rules, to those without rules but oriented towards positive results
Forex trading is not a school exam that requires good reports
but speculation that is oriented towards positive results
I thought my chart was quite complicated, but charli68's turned out to be more complicated
Happy weekend
- #11,390
- May 10, 2024 9:07am May 10, 2024 9:07am
{quote} Thanks, but I think I know how to manage it.... Still get me in profit while it is a strong trend,I leave 1 open trade every time for short,why, because when it is hit it will hit hard,like now look,,15 min finally cooked,but now to consider shorting again,price should reach 2380,but not touch ema 200 15mintf , for consider it... {image}
. Its more than my eyes can cope with.I was tempted into gold on the trend letting up. A nice finish to what has been a great week, 10% account gain.
Have a good weekend all.
- #11,391
- May 10, 2024 9:08am May 10, 2024 9:08am
she wants to jump, but now i am watching for the last time that she is sinking and I am making decisions,more down in the next 3-15 minutes than she should jump. somewhere where I would put my sl if I am long ,if I miss now,I will wait for another opportunity {image}
...Now next long should be around 36270,if she jump hard now reaching red lvl I am out ,but again,for me depends how price behaves there
Make your own rules and stick to it.
- #11,392
- May 10, 2024 9:15am May 10, 2024 9:15am
{quote} Sorry if it came across like I was questioning your ability, I wasnt. I'm not overly familiar with the MT package. I cant tell what line means what. Your charts look like something Jackson Pollock would be proud of
.... I am taking trades where I would put my sl Make your own rules and stick to it.
- #11,393
- May 10, 2024 9:19am May 10, 2024 9:19am
{quote} Trend - CounterTrend -or any technique is just a term The orientation must be on positive trading results Try it out, starting from those that comply with the rules, to those without rules but oriented towards positive results Forex trading is not a school exam that requires good reports but speculation that is oriented towards positive results I thought my chart was quite complicated, but charli68's turned out to be more complicated Happy weekend {image}
, still,I believe your charts are more complicated ,once I tried to merge scalping_minitrend tmpl. with my tmpl ,PC almost died
Make your own rules and stick to it.
- #11,395
- May 10, 2024 9:51am May 10, 2024 9:51am
- Joined Oct 2022 | Status: frog in shell totally active | 1,180 Posts
{quote} I could not agree more Darwati
but it's not dead, right? just almost died
while I use 1 MT4 terminal for 1 chart only
The important thing.... use what is easiest for you to understand and can produce results
because all indicators/systems/techniques are only tools to help draw conclusions
and it all remains speculation
charli86 , Abade and everyone
Have a nice weekend
{quote} great advice as always Abade, i always say gold is cheap and i hate shorting it yet i still do, i must stop! at this point earlier today, i had two older shorts that didn't hit, so i took a third and it failed immediately - now it's time to take action to avoid a drawdown breach! plan was to close the short that just failed and scalp longs to cover the loss while taking a VIP short to maintain a manageable breakeven... not all plans go to plan! the longs hit covering most of the loss but price continued up digging the shorts deeper into...
{quote} yes,but look what is happening,does not matter for me to be honest,I think it will rise more and more,now when watching 30 mint tf,I would like to see even higher lvl than all time hight,but when I see bb crossing ema 200 on every tf,and price did not fall not even reaching ema 50 ,price will make some drop for sure,I just need to be there when this occur {image}
Everyone has done an amazing job, I wish you all a nice weekend
- #11,397
- May 11, 2024 2:41am May 11, 2024 2:41am
- Joined Dec 2022 | Status: Trader | 3,232 Posts
Amazing recovery @Niks, you are almost there at 100%. I definitely share the motto "gold is cheap" as long as NATO, Biden, Putin and Netanyahu (A.K.A the WWIII squad) is around
M1 BTCUSD
every minute matters!
- #11,399
- May 11, 2024 7:09am May 11, 2024 7:09am
- Joined Dec 2022 | Status: Trader | 3,232 Posts
every minute matters!