Gold (XAU/USD) with BiteFX

Always predefine your risked dollar amount before opening a position.

Bearish channel again.
Let's see if the plunge will continue.

Someone once asked me this question... Why do you like changing your position sometimes as though you do not have a direction?
My answer too was a question... Why does the market price sometimes change direction as though it's not going in any specific direction?

One thing we must understand as traders is this... What defines your edge has a probability distribution, and the distribution is inexhaustible. But we are sure that over a large sample display of the data on the tape, we will be profitable.

Let's see if these can run.

New daily high printed today. Good for our Long positions.

following you quite sometimes, thank you man

If the market pays us well, we will have another opportunity to scale into more positions. So, we hold and wait patiently.

Thanks man...

Hey there! What do you think about the retracement of the 3658–3659 levels?

Sorry, I may not fully understand what you mean by retracement, as your parameters for retracement and mine might be different. Basically, I follow trend until it is exhausted. And again, our parameters of what we must see on chart can vary. That variation will affect our views.
And if I see something of course, I will post here surely.

Attachment g

Ok, we caught this bullish move today.
D1 candle today broke new ATH and is very bullish, tomorrow we expect more upside surge until market decides not to.

Scaling in more positions.
We trust the market to continue the surge or reverse. And then we follow accordingly.

Price is dragging too much up there.
There may be a plunge soon.
I have closed all trades except for these limit orders.
Let me test the waters without giving back all my previous gains.

The purpose of DCA is to mitigate risk, kill FOMO and to build an unwavering confidence in executing a trade when the trade signal shows up on the tape.
Market turns or continues around "certain price range or zone" not a specific price. So, if you are a perfectionist like me who love precision, you have to embrace DCA. Knowing full well that the turning point or continuation price meeting of the market was not held in my living room.

When there is a surge or plunge in the market, where will the institutional traders likely enter?
It is where retail traders put stop losses. Take all of them out and go without them. That's their way.
Don't fight it. Hack this, and become consistently profitable.

Waiting patiently