(binned per thread starter’s request) Gold Trading Explained

Since I was attacked by some unwanted elements on this site, accusing of being a scammer I've decided to push that rubbish aside and concentrate on giving some help to newbies who struggle to come to grips with how to trade in general and especially gold. Many have asked me for advice and that's what this thread is about.
My first point of advice is to FORGET BOOKS to get you on the right track. In my 15 years of studying the charts I discovered some basic elements that you should take into account before entering a trade. To become a good trader takes many years and you will be learning new things each and every day even if you're an experienced trader.
Now let's get started. The first and most important thing you should learn is to detect formations and how to do a candle count. The latter is something that most people don't understand, I tried to explain it on FF but it seems to be a tough nut to crack.
Now what is a formation?
I'm going to stop here because it's 22h30 in SA and I need some sleep. Talk again soon.

Will you be giving signals as well??

cant wait for you to get back

[quote=Sinbadsings;15145299]Will you be giving signals as well?? [/quote

Most certainly

[quote=Bakker;15145467] A good one right from the start of the day on H1 although too late now (will be used as an example to explain candle count later today):

Okay, let's get started from where we left off last night:

Formation (also called price action):
A formation consists 9 out of 10 times of 6 candles and can be seen as steps in a staircase. let's take the above screenshot as an example:


The count starts off from a recent low. We start counting where the color has changed and it ends with the entry candle. Take note that sometimes you will have to count in the candle just before the change to get to the final candle (6) which is the trade candle)

Here is an example of where you should include the candle before the color change (the bottom of the screen shot):

You can use a moving average to assist you in your decision whether you're at the right spot for a possible trade. In the picture below I make use of a SMA (2 period)



You can play around with the SMA to see which period works best.

I'm taking a cup of coffee while you digest what's been said.

Right! Now let's include one going down. it's not absolutely necessary for a recent low or recent high as long as you go with the trend or where the trend is changing:



Once again, let the SMA guides you.

Your most profitable trades will be where the trend is changing.

Next topic: Levels

Levels are very important when trading gold and so are Fibonacci retracements.

Levels are drawn where two or more bodies of candles match, and applying the candle count as part of the setup, you got a powerful tool in your toolbox!

Example:

Sorry, I made a mistake, the SMA is a 5 period one

I personally prefer to trade H4, more money and candle count much easier.

. . and then there are levels on a broader scope, M30 chart:

I think this is enough for now, will talk again much later.

Please remember: Stay out of the market when its moving sideways. The best way to judge is to check the M5 chart. And refrain from overtrading!!

better to stay down rather trading out of your plan

Can we enter if , t reaches that level again