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  • #1,801
  • Nov 23, 2021 8:56am Nov 23, 2021 8:56am
Quoting TrickorTrade
Patience guys with buys. Patiently wait for confirmations and then take the buys. We are coming off huge momentum. I am looking at buys at 1788 level. {image}
Might be a while before you get a buy, maybe a couple of days assuming you are trading the daily chart
  • #1,802
  • Nov 23, 2021 8:59am Nov 23, 2021 8:59am
Quoting Kefada
{quote} Might be a while before you get a buy, maybe a couple of days assuming you are trading the daily chart
No I don't daily chart.
I do top down analysis and take entries on 15 minutes. I day trade. My anxiety won't allow me to swing trade haha
  • #1,803
  • Nov 23, 2021 9:04am Nov 23, 2021 9:04am
Quoting TrickorTrade
{quote} No I don't daily chart. I do top down analysis and take entries on 15 minutes. I day trade. My anxiety won't allow me to swing trade haha
I used to day trade but I got tired of staring at the screen all the time and swing trading seems to have bigger rewards
  • #1,804
  • Nov 23, 2021 9:08am Nov 23, 2021 9:08am
Quoting Kefada
{quote} I used to day trade but I got tired of staring at the screen all the time and swing trading seems to have bigger rewards
Yes it can be frustrating to day trade. But if you plan entries well the rewards are really good even better than swing trading as the volume of trades are higher.
In swing I found you have to a wait for a while for price to reach certain levels to take trades off.
1000s of way to skin a cat gotta love whatever you do
  • #1,805
  • Nov 23, 2021 9:15am Nov 23, 2021 9:15am
Quoting TrickorTrade
{quote} Yes it can be frustrating to day trade. But if you plan entries well the rewards are really good even better than swing trading as the volume of trades are higher. In swing I found you have to a wait for a while for price to reach certain levels to take trades off. 1000s of way to skin a cat gotta love whatever you do
I only day trade when the pair is ranging but am still looking for a good system to day trade since mine performs poorly on the lower timeframes
  • #1,806
  • Nov 23, 2021 10:54am Nov 23, 2021 10:54am
Swing trading can bring u one step ahead of news or anything i only trade smaller tf
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  • #1,807
  • Nov 23, 2021 12:32pm Nov 23, 2021 12:32pm
There is no way I am selling here or buying here. There is no price action to show that bulls are stepping back in. And selling here is basically gambling too because price has already overshoot and gone so far south that even if it does drop, you're probably just lucky to catch further drops.

Right now it's better to just sit back and observe and see what happens next. It is likely for us to see a retracement, but based on price action, we may not see it this week at all. Nonetheless, we get some juicy FOMC minutes tomorrow so maybe that will provide some form of catalyst. But taking any trades, be it buying or selling now, is pure gambling. There is almost no way you should be taking a trade now unless you're scalping or can predict the future.
A 1 pip gain is better than a 1 pip loss.
  • #1,808
  • Nov 23, 2021 1:41pm Nov 23, 2021 1:41pm
Quoting aeternum
There is no way I am selling here or buying here. There is no price action to show that bulls are stepping back in. And selling here is basically gambling too because price has already overshoot and gone so far south that even if it does drop, you're probably just lucky to catch further drops. Right now it's better to just sit back and observe and see what happens next. It is likely for us to see a retracement, but based on price action, we may not see it this week at all. Nonetheless, we get some juicy FOMC minutes tomorrow so maybe that will provide...
I thought it was no price is too high to buy or too low to sell or does that only apply to the stock market only
  • #1,809
  • Nov 23, 2021 1:42pm Nov 23, 2021 1:42pm
Quoting OwaisJam
Swing trading can bring u one step ahead of news or anything i only trade smaller tf{image}
why do you prefer the smaller tf
  • #1,810
  • Nov 23, 2021 2:09pm Nov 23, 2021 2:09pm
Quoting Kefada
{quote} why do you prefer the smaller tf
man even i use m15 only when it has to continue m5 trend otherwise my way of trading doesnot suit higher tf or u can say i dont have knowledge of higher tf or PA..
  • #1,811
  • Nov 23, 2021 8:56pm Nov 23, 2021 8:56pm
Quoting Kefada
{quote} I thought it was no price is too high to buy or too low to sell or does that only apply to the stock market only
Trading is all about having an edge in the market, regardless of what instrument it is.

After such a huge drop in gold and further decline afterwards, selling at such levels would be the equivalent of gambling on a FOMO basis since you would not be getting a decent risk to reward ratio. Unless you're an experienced scalper who wants to catch the final few pips of the wave, or a big market player who wants to get longs stopped out. Although I highly doubt anyone who has time for forums has the capability to do that, otherwise they wouldn't actually be sitting in a forum posting their trades but instead spending most of their time milking the market for more money.

If you believe that market will drop further, it is always better to wait for a retracement and confirmation of a lower high before re-entering to get a better risk to reward ratio. This is pretty much basics 101.

If you observe gold on the 4H chart, we have a pullback from 1781.95 with the past 2 4H candles being decent bullish bodies off an oversold RSI. This provides a standard buying reason with stop loss just below 1781.95 if you're looking to trade the retracement. However, as I mentioned before, as long as we don't see a close below somewhere around 1759, I wouldn't consider this a down trend yet. It may be posting a new higher low for a break above 1877 to 1900 as many are anticipating.

On the down side, we may get some retracement here, see a lower high formed if price does not close above 1877 and eventually break 1781 to get a lower low. This will shift my biasness to the downside. But there are many US news events coming up today including FOMC minutes. Such events tend to give gold a good shove somewhere.
A 1 pip gain is better than a 1 pip loss.
  • #1,812
  • Nov 24, 2021 1:34am Nov 24, 2021 1:34am
Gold prices continue to struggle to find any bullish sentiment following mixed momentum in the U.S. manufacturing and service sectors. It was the fifth straight day of declines for gold, marking the longest price skid in seven months.
It’s a dramatic reversal of sentiment in the yellow metal, which just a week ago seemed on its strongest march yet toward reprising June’s peaks of $1,900 an ounce, or even the August 2020 record highs of above $2,000.
Now, of course, that trend has vanished, with soaring yields and the dollar back to pressuring gold. It will remain in the danger zone if it continue to sustain below the $1800 level, and if breaks 1780 then we can see levels of 1770, 1760 and 1740 as well. If manage to sustain above the $1800 level, we can see a recovery till 1810 & 1820
  • #1,813
  • Nov 24, 2021 7:25am Nov 24, 2021 7:25am
Gold may create double bottom at 61.8 Fibonacci and may create 100-200pip lower high......After that dropping continues. .......what do you expect?
  • #1,814
  • Nov 24, 2021 8:01am Nov 24, 2021 8:01am
Quoting TrickorTrade
Patience guys with buys. Patiently wait for confirmations and then take the buys. We are coming off huge momentum. I am looking at buys at 1788 level. {image}
Like I mentioned yesterday waiting here still for confirmations. Double bottom formation maybe?
  • #1,815
  • Nov 24, 2021 9:26am Nov 24, 2021 9:26am
#GOLD / Daily & H4
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  • #1,816
  • Nov 24, 2021 9:35am Nov 24, 2021 9:35am
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  • #1,817
  • Nov 24, 2021 10:26am Nov 24, 2021 10:26am
Bulls are in charge
  • #1,818
  • Nov 24, 2021 10:33am Nov 24, 2021 10:33am
Overall trend will remain bullish
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  • #1,819
  • Nov 24, 2021 10:36am Nov 24, 2021 10:36am
Quoting TrickorTrade
{image}
So I was right with break and retest that I mentioned here. we rejected and back to bulls
  • #1,820
  • Nov 24, 2021 10:39am Nov 24, 2021 10:39am
Will look to re-enter at 1785 for long position. but would wait for fomc news to drop
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