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All Majors and Gold

  • #2,401
  • Jan 15, 2013 7:44am Jan 15, 2013 7:44am
Quoting lexazver
hmmm numbers that came out are not really supportive for upmove in gold...
Gold is at its resistance level it might go down from here taking a small short @ 1681 tp 1675 Sl 1685 todays high
  • #2,402
  • Jan 15, 2013 9:48am Jan 15, 2013 9:48am
looks like it testing everyone's patience. From bullish perspective I didnt like the fact that it came to test high of the day and there was no rapid follow through. On the other hand it is stilll above that 81 level.

I think the faith will be decided in the next hour.
  • #2,403
  • Jan 15, 2013 10:38am Jan 15, 2013 10:38am
Gold is going on 1700, and then down
  • #2,404
  • Jan 15, 2013 11:21am Jan 15, 2013 11:21am
I Agree Goldminer ! What Do You Say Gnomoneey !
Quoting Goldminer
Gold is going on 1700, and then down
  • #2,405
  • Jan 15, 2013 1:09pm Jan 15, 2013 1:09pm
Quoting WoodyNeo
I Agree Goldminer ! What Do You Say Gnomoneey !
if daily closes below 1682 then we are heading lower
Wooooohooooo or Boooooohooooo
  • #2,406
  • Jan 15, 2013 1:24pm Jan 15, 2013 1:24pm
Quoting gnomoneey
if daily closes below 1682 then we are heading lower
remember also options expiry for gold
Wooooohooooo or Boooooohooooo
  • #2,407
  • Jan 15, 2013 1:28pm Jan 15, 2013 1:28pm
Quoting gnomoneey
remember also options expiry for gold
when is that?
  • #2,408
  • Jan 15, 2013 2:51pm Jan 15, 2013 2:51pm
Off topic a bit here...

How many of your guys living in North America, especially on the west coast.

I am in the dead time zone when nothing's really happening during the day.

Everyday I have to wait till 1am for the London open and wake up before 6am for US open.

I have slept soooo many big shot event over, and I have a stupid day time job that i have to be at work at 7 am sharp.

So tired, so frustrated ... wondering if there are any suckers like me living in the dead zone

and wondering how you make a trade.
Whatever is happening right now has happened before and will happen again.
  • #2,409
  • Jan 15, 2013 3:13pm Jan 15, 2013 3:13pm
Quoting lexazver
when is that?
posted here by mistake, sorry, wanted to answer a different post.
  • #2,410
  • Jan 15, 2013 3:14pm Jan 15, 2013 3:14pm
Quoting mnmnmmnnmnmn
Off topic a bit here...

How many of your guys living in North America, especially on the west coast.

I am in the dead time zone when nothing's really happening during the day.

Everyday I have to wait till 1am for the London open and wake up before 6am for US open.

I have slept soooo many big shot event over, and I have a stupid day time job that i have to be at work at 7 am sharp.

So tired, so frustrated ... wondering if there are any suckers like me living in the dead zone

and wondering how you make a trade.
I am in Ottawa (Eastern, 3 hrs ahead of you), and am in a bit better position. However, over the past 2 - 1.5 years I have been growing increasingly convinced that Europe is the best time to trade as US sessions a hectic and hugely manipulated (in addition to Helicopter Ben's statements that wreck havoc on markets which, in my opinion, is also a form of quite conscious manipulation). Like you getting up in the small hours of the morning, but am currently concerned about possible health effects (quality sleep after all is a critical health factor).

In the recent period I have been watching and trading (albeit small lots for the time being) Asia - though you have to watch mostly the yen, Aussie and Kiwi. Incidentally, during Asia the USD quite often follows the Aussie lead. Another possible way out is to try indexes (SP500). Well, what cant be cured must be endured as they used to say in merry old England, or maybe we'll figure out something eventually...
  • #2,411
  • Jan 15, 2013 3:29pm Jan 15, 2013 3:29pm
Quoting MidnightRun
I am in Ottawa (Eastern, 3 hrs ahead of you), and am in a bit better position. However, over the past 2 - 1.5 years I have been growing increasingly convinced that Europe is the best time to trade as US sessions a hectic and hugely manipulated (in addition to Helicopter Ben's statements that wreck havoc on markets which, in my opinion, is also a form of quite conscious manipulation). Like you getting up in the small hours of the morning, but am currently concerned about possible health effects (quality sleep after all is a critical health...
Lucky you MIDNIGHTRUN! 3 hours ahead, you dont have to get up so early in order to catch up the first wave. I have to be up at 5:30am for stuff like NFP to get my brain out of the sleeping mode first. I have got lots friends back in China trading forex full time. Looks like it's the best spot to be at. All major cross sections are covered. Maybe you and I should just move there. So we're able to trade without sacrificing our health.
Whatever is happening right now has happened before and will happen again.
  • #2,412
  • Jan 15, 2013 4:06pm Jan 15, 2013 4:06pm
Quoting mnmnmmnnmnmn
Off topic a bit here...

How many of your guys living in North America, especially on the west coast.

I am in the dead time zone when nothing's really happening during the day.

Everyday I have to wait till 1am for the London open and wake up before 6am for US open.

I have slept soooo many big shot event over, and I have a stupid day time job that i have to be at work at 7 am sharp.

So tired, so frustrated ... wondering if there are any suckers like me living in the dead zone

and wondering how you make a trade....

You should learn swing trading.
This way you won't get caught off guard when something happens during the normal trading hours.

When you learn to hold trades for several days or even weeks you don't have to worry about the things you worry now.
in the future you just wake up at a normal time and read what happpend during the day.
You need to learn to spot entrie points and set SL and TP's

ofcourse learning this takes months even years but the sooner you learn to trade this way the faster you get used to it and the sooner you could master this kind of trade.

When I started trading(1,5 years ago) i also wanted to trade as much as possible and especially when news came out.
Ofcourse the problem with that is that i had to work/ go to school so i was frustated that i had to miss those events or i did some really weirds trades that quickly wnet against me.

I lost some money trading that way so i had to setup i other trading plan.

This time i only look at Daily and 4H charts and use 1H to determine my entry,SL and TP.
When i come home i take a look at some forums and read about some news that came out that day.
I look at the charts and try to find entry points(there are days i won't put any entries at all).
I setup the entry points with appropriate Sl and TP's en i am off doing other things.
I watch the markets with my mobile phone from time to time to see if anything happend and if any entries might have been filled.

When i am about to go to sleep i take another look at the charts and see how my trades did that day.
I might move some SL to BE+1 or a lower resistent or higher support then it currently is.
Or i take some early profits when i think some of my currents trades are about to head the other direction and let a smaller portion of the trade run until it hits either the SL or TP.
When i am done managing the trades i go to sleep with a clear mind.

When i wake up i take a look at the trades and see how they did overnight.
Again i might manage some trades and take another look at the charts.
When i am done managing the trades i go to work/school and again i check the trades from time to time from my phone
When i get home i again repeat this cycle.

This way i don't have to worry for 'missing' a trade opportunity and when trades start going your direction they useally do for a couple of days so the profits follows on its own.

Getting the basics for this system, making some rules and obey the rules(very important) costed me around 6 months.
and after that you need to fine tune it and keep it in shape.

I advise you to only look at a few pairs or commodities when you start this whay of trading.
This is because you need to get used to the flow some currencies are having.
two pairs i really enjoyed trading is EUR/AUD and GBP/NZD.
these pairs where easy to read and i found some great posts from other people telling there analysis.

When you are some months further you can always expand your current pairs with new one and even experiment with them( on demo first ofcourse)
But that requirers time....

Ofcourse another prerequisite is patience...

With this plan i think it doesn't matter where you life on this world
you can trade when and how you want
  • #2,413
  • Jan 15, 2013 4:18pm Jan 15, 2013 4:18pm
Quoting Covux
You should learn swing trading.
This way you won't get caught off guard when something happens during the normal trading hours.

When you learn to hold trades for several days or even weeks you don't have to worry about the things you worry now.
in the future you just wake up at a normal time and read what happpend during the day.
You need to learn to spot entrie points and set SL and TP's

ofcourse learning this takes months even years but the sooner you learn to trade this way the faster you get used to it and the sooner you could...
Hi Covux,

Thanks a lot for your effort to put together your thoughts and plans in such a great detail. Highly appreciated.

I am trying very hard to adopt the trading plan that you've mentioned above.

The only problem here now is that since you're trading larger time frames, so the room for your SL will be considerable larger, sometimes hundreds of pips if you're trading the 4HR and the daily chart. That's a big deal for small capital traders.

Wonder what's the portion in percentage that you usually put in risk?
Whatever is happening right now has happened before and will happen again.
  • #2,414
  • Jan 15, 2013 4:33pm Jan 15, 2013 4:33pm
Quoting mnmnmmnnmnmn
Hi Covux,

Thanks a lot for your effort to put together your thoughts and plans in such a great detail. Highly appreciated.

I am trying very hard to adopt the trading plan that you've mentioned above.

The only problem here now is that since you're trading larger time frames, so the room for your SL will be considerable larger, sometimes hundreds of pips if you're trading the 4HR and the daily chart. That's a big deal for small capital traders.

Wonder what's the portion in percentage that you usually put in risk?
You can lower your leverage if you have a small capital for starters

Also you can also look for confirmation first(like a bounce from a trendline) and then place you trade
This way you have a higher change of a succesfull trade.

i draw alot of Trendlines on Daily and 4H frames then you can also look for support and resisstances on H1 frame and place your SL just below it
that way when the support.resisstance is broken you suffer a small loss but you might gain a bigger profit.

As you might see from these to pictures i places my SL just below the trendline.

Regrading my GBP/USD trade i placed my SL to close to the trend line.
If i had put i a little lower i could have caught a very nice up trend al the way to 1,63xx

and the first trade i place around 0.1% of my capital.
When i see the trade is going my way i add a little up.
this way i lose a little amount of my total capital and i can take a few losses in a row.

But if you have a small captial i recommend to start with a demo account first and learn the basics that way.
When you make a profit for lets say three straight months you could go live and see how you can handle things with your own money.
that will be diffrent though i can guarantee that
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  • #2,415
  • Jan 15, 2013 5:56pm Jan 15, 2013 5:56pm
Quoting lexazver
when is that?
here you go

http://www.marketwatch.com/optionscenter/calendar

http://www.ccstrade.com/futures/gold...es-gc/options/

https://www.kitcomm.com/showthread.php?t=100327
Wooooohooooo or Boooooohooooo
  • #2,416
  • Jan 15, 2013 6:04pm Jan 15, 2013 6:04pm
here's where we are at on gold
Attached Image (click to enlarge)
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Wooooohooooo or Boooooohooooo
  • #2,417
  • Jan 15, 2013 6:11pm Jan 15, 2013 6:11pm
Quoting Covux
You can lower your leverage if you have a small capital for starters

Also you can also look for confirmation first(like a bounce from a trendline) and then place you trade
This way you have a higher change of a succesfull trade.

i draw alot of Trendlines on Daily and 4H frames then you can also look for support and resisstances on H1 frame and place your SL just below it
that way when the support.resisstance is broken you suffer a small loss but you might gain a bigger profit.

As you might see from these to pictures i places my SL...
There are some very good advice that you have pointed out. Thanks again for your reply.

Oh by the way, i have been trading a long time Haven't blown account yet trading gold mainly with some very decent profit until lately. I am lost hahahhah. That's why im switching over to pairs.
Whatever is happening right now has happened before and will happen again.
  • #2,418
  • Jan 15, 2013 6:15pm Jan 15, 2013 6:15pm
Quoting gnomoneey
here's where we are at on gold
1690 i guess... then down
Whatever is happening right now has happened before and will happen again.
  • #2,419
  • Jan 15, 2013 9:26pm Jan 15, 2013 9:26pm
Quoting gnomoneey
this view on eur.jpy

h4,d1,w1 stochs overbought jan13.
current is 118.968
targer 116.63 and maybe lower
WOOOOOOOOOOOOOOHOOOOOOOOOOOOO

+170pips so far
Wooooohooooo or Boooooohooooo
  • #2,420
  • Jan 15, 2013 9:28pm Jan 15, 2013 9:28pm
Quoting gnomoneey
my trade view for the nzd.usd

SELLING 0.83645 take profit TARGET 0.79135 JAN13
then buy after that.....

no charts trying something old with stochastics added in
-daily down and overbought

still in -32
Wooooohooooo or Boooooohooooo
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