Potential gold for short. Gartley + Fibo. Tp at around 1257.
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- #9,742
- Jun 10, 2016 9:11am Jun 10, 2016 9:11am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Luck has no place in trading. Leave that for the poker table.
- #9,743
- Jun 11, 2016 8:48am Jun 11, 2016 8:48am
- Joined Jan 2014 | Status: Trader | 1,783 Posts
Hi all,
I've had a number of PMs asking about my method this that and the other. I use a core method, plus any other variation to my main theme, which means I have various templates, and each has it's own merits. So if I have say a template that contains an oscillator, then a different template may not contain the same one and instead perhaps replaced with something else, so that I don't just simply grow oscillators and the like to an unmanageable point whereby the information becomes useless to me.
Each of us will have their own method I'm sure, and the UJ examples I will show today are the basis of my approach in general and illustrated as requested. I will not be supplying templates, indicators etc etc, mainly because each individual understands their own rules, parameters and such like, and it would be far too involved to go into each setting, reasons etc.
Anyway, to save being pm'd further, here are a couple of charts which details the approach I take for this template.
I have shown my RSI multi t/f multi pair window on the chart which acts as my first reference before doing anything else, the rest of the chart notes explain everything else, with the exception of stops, targets and general mm, which are in themselves in depth subjects and cannot be fully covered here.
I'll accept questions on the basis of what I've already said above and on the attached charts, but I repeat, I am not here to supply templates or indicators, you will have to do what I did...research...think....be creative.
LL
I've had a number of PMs asking about my method this that and the other. I use a core method, plus any other variation to my main theme, which means I have various templates, and each has it's own merits. So if I have say a template that contains an oscillator, then a different template may not contain the same one and instead perhaps replaced with something else, so that I don't just simply grow oscillators and the like to an unmanageable point whereby the information becomes useless to me.
Each of us will have their own method I'm sure, and the UJ examples I will show today are the basis of my approach in general and illustrated as requested. I will not be supplying templates, indicators etc etc, mainly because each individual understands their own rules, parameters and such like, and it would be far too involved to go into each setting, reasons etc.
Anyway, to save being pm'd further, here are a couple of charts which details the approach I take for this template.
I have shown my RSI multi t/f multi pair window on the chart which acts as my first reference before doing anything else, the rest of the chart notes explain everything else, with the exception of stops, targets and general mm, which are in themselves in depth subjects and cannot be fully covered here.
I'll accept questions on the basis of what I've already said above and on the attached charts, but I repeat, I am not here to supply templates or indicators, you will have to do what I did...research...think....be creative.
LL
- #9,745
- Jun 12, 2016 9:58pm Jun 12, 2016 9:58pm
- Joined Nov 2009 | Status: Trader | 2,232 Posts
NL.. should we be afraid of gold this coming weeks?
We should fear all markets at all times. The technicals are great. However, sometimes there are huge fundamentals to be aware of. About two weeks ago, you might have noticed that gold was dropping like crazy. That was because the FED said their might be a rate hike in June if the U.S. economy continued to improve as they are anticipating. However, the following week, there was some very bad U.S. data that came and that caused gold to rally, because many investors are assuming that the rate hike will be off the table. However, Janet Yellen still hinted that there could still be a rate hike. Just look at the Calendar here on Forex Factory and look at the reports for the FOMC. If you noticed on many of the threads that activity has been low... probably due to people waiting for the rate hike decision this week. And then there is the Brexit event on the 26th of this month.
For now... if you want to trade.. I would suggest keeping a very small lot size and pay attention to the order flow. Good Luck and I hope you make a lot of positive pips.
Luck has no place in trading. Leave that for the poker table.
- #9,752
- Edited 7:15am Jun 13, 2016 6:04am | Edited 7:15am
- Joined Jan 2014 | Status: Trader | 1,783 Posts
- #9,753
- Jun 13, 2016 9:23am Jun 13, 2016 9:23am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
GBP support prices by Fibo E level {image}
{quote} Look good..look like in the way to the fibo 361.8 level {image}
And profit is out
- #9,755
- Edited 10:04am Jun 13, 2016 9:28am | Edited 10:04am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
- #9,756
- Jun 13, 2016 10:07am Jun 13, 2016 10:07am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
{quote} {quote} And profit is out
I got that one too
.. I scaled in some little positions hours earlier before it took off. This is my first time to trade that pair in a very, very, very, long time. Luck has no place in trading. Leave that for the poker table.
- #9,758
- Jun 13, 2016 10:46am Jun 13, 2016 10:46am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
{quote} I got that one too
- #9,759
- Jun 13, 2016 10:57am Jun 13, 2016 10:57am
{quote} We should fear all markets at all times. The technicals are great. However, sometimes there are huge fundamentals to be aware of. About two weeks ago, you might have noticed that gold was dropping like crazy. That was because the FED said their might be a rate hike in June if the U.S. economy continued to improve as they are anticipating. However, the following week, there was some very bad U.S. data that came and that caused gold to rally, because many investors are assuming that the rate hike will be off the table. However, Janet Yellen...
{quote} If you work with a clear trading plan and trade small size, you will never fear.
{quote} Fear really means exceeding a realistic stop level, whether hard stop or not. Therefore, it stands to reason that once you know your tolerable realistic stop level, (which will be based upon your position size of course), then the fear you mentioned will not actually be present, because you should have already logically factored that possibility in. Now, the next question you should be asking yourself after that is, are my stops being hit too frequently. If not, then your stops and chosen method should be considered as satisfactory...
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