@ jsr,
Pretty much yes on all those.
Support and resistance even for a day trader should be done using the Daily first.
This will give you the major and/or stronger supports.
Then if the market is ranging in a say $25 buck area dial down to an H1
and use that for day trading. IMO
If you are new to gold this is the homework or at least a very minimal part of what you need to do to have the answers to your questions.
Gold can fluctuate greatly on headlines alone. Sometimes it will run through a support 5 or even 10 bucks, but then end up in a wick where the buying starts and the body will respect the support.
You should want to enter at a favorable price. But, if you are new again,
daytrading gold is not the easiest way to make money.
The market can be wild some days and tame on others.
A lot of people look at gold after trading currencies and make a common mistake. Which is this.
NO - WRONG -- It does NOT have to do ANYTHING.
AND just when YOU want it to it will do the opposite.
Currencies have ATRs or average daily ranges which they tend to hold true to. Give or take 50 pips on a good or slow day to make a usual 75 to 200 pip move on most majors. Gold too will average a range in a day, yet it trends more than some currencies. And as a COMMODITY it has more than just government that affects it. Gold has NO Government, no board of directors or CEO.
If Gold moves 100 USD in 2 days there is a reason. All those people that pushed the price up don't just abandon their trades.
This is when she moves sideways and "pares gains".
It will be a lot easier and less stressful to plan your entries to stay in a trade for several days. Use lower risk and look for bigger targets. I don't suggest scalping or daytrading gold unless you have at least 3 to 4 years of price action watching and experience dtrading currency just for the execution and setup of trades on an FX broker.
Pretty much yes on all those.
Support and resistance even for a day trader should be done using the Daily first.
This will give you the major and/or stronger supports.
Then if the market is ranging in a say $25 buck area dial down to an H1
and use that for day trading. IMO
If you are new to gold this is the homework or at least a very minimal part of what you need to do to have the answers to your questions.
Gold can fluctuate greatly on headlines alone. Sometimes it will run through a support 5 or even 10 bucks, but then end up in a wick where the buying starts and the body will respect the support.
You should want to enter at a favorable price. But, if you are new again,
daytrading gold is not the easiest way to make money.
The market can be wild some days and tame on others.
A lot of people look at gold after trading currencies and make a common mistake. Which is this.
QuoteDisliked...... well the market went up a few hundred dollars in the past weeks IT HAS TO come down 150 bucks now and meet the 50 % fibo, or it can't go higher
NO - WRONG -- It does NOT have to do ANYTHING.
AND just when YOU want it to it will do the opposite.
Currencies have ATRs or average daily ranges which they tend to hold true to. Give or take 50 pips on a good or slow day to make a usual 75 to 200 pip move on most majors. Gold too will average a range in a day, yet it trends more than some currencies. And as a COMMODITY it has more than just government that affects it. Gold has NO Government, no board of directors or CEO.
If Gold moves 100 USD in 2 days there is a reason. All those people that pushed the price up don't just abandon their trades.
This is when she moves sideways and "pares gains".
It will be a lot easier and less stressful to plan your entries to stay in a trade for several days. Use lower risk and look for bigger targets. I don't suggest scalping or daytrading gold unless you have at least 3 to 4 years of price action watching and experience dtrading currency just for the execution and setup of trades on an FX broker.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
