Very well said, manIt's not about being bullish or bearish, it's about the current market behavior.
By the way, the trend is already broken(beeb shouldn't have taught me this stuff)
what do those red and green arrows signify,...?
XAU/USD & XAG/USD - Gold & Silver Traders Thread
good weekend
- #3,726
- Mar 18, 2011 11:44am Mar 18, 2011 11:44am
Yeh Im with you from 1407, nice buy signal.
IMHO, When combined with support and daily trend the false break PA is 2nd to none. I use much higher risk whenever i see that PA setup.
I will be looking to add in anywhere between 1400 and 1410. 1410/06 area will be a good bullish reversal area i reckon.
You seem to have a similar style to me Highlander, What's your exit strategy if you don't mind me asking? Just curious to know what has been working for you pal, due to us having similar entries it would be a good test to see who's exit strategy is working the best, i've a funny feeling it will prob be yours though
, so in other words i'd like to shadow trade you and then steal your ideas if they work better than mine
. No worries if your not bothered though. Beeb, i don't really know anything about Andrew's pitch fork method but i'll give it a shot on a demo account.
- #3,730
- Mar 18, 2011 3:09pm Mar 18, 2011 3:09pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
I hear you Xtrade, i've got no problems what so ever getting into trades. As far as i'm concerned my TA is pretty good. my weaker area is managing the trade to it's optimum. Thats the part of my strategy which needs attention.
I'm whittling my strategy down to trailing the stop to bar lows on the same timeframe i took the entry. Example, a 4hr pin bar would need a 4hr bar lows trailing stop (after the first fractal).
it is trading emotion which i struggle with so i want to devise a good strategy to let the market take me out, which will help eliminate negative emotions.
Its all very nice having a target in mind, say, 1:2 risk reward ration but thats not always going to come off, so a decent strategy with which to protect winning trades and ditch losers is top priority.
if i recall correctly, there were lots of people unsure of where to take profits out after the bullish run back around 3rd march, if they had a cast iron strategy to deal with this it would help them alot.
I'm whittling my strategy down to trailing the stop to bar lows on the same timeframe i took the entry. Example, a 4hr pin bar would need a 4hr bar lows trailing stop (after the first fractal).
it is trading emotion which i struggle with so i want to devise a good strategy to let the market take me out, which will help eliminate negative emotions.
Its all very nice having a target in mind, say, 1:2 risk reward ration but thats not always going to come off, so a decent strategy with which to protect winning trades and ditch losers is top priority.
if i recall correctly, there were lots of people unsure of where to take profits out after the bullish run back around 3rd march, if they had a cast iron strategy to deal with this it would help them alot.
- #3,733
- Mar 19, 2011 2:26am Mar 19, 2011 2:26am
- Joined Jan 2010 | Status: Amat victoria curam | 2,333 Posts
I say what downtrend because as we all know the prevailing trend is up.
Yes there are trends inside of trends....
Interesting charts. Dont have a lot to add to be honest. Since most corrections are blown its tough to decide which way to take the trades. You are right in the sense that longterm trend is up until the bubble bursts.. at least when people realise that there has been more paper gold issued that physical supply is able to cover but thats a different story.
What is worrying me though is that the Resistance/supply zone to the top here had two four hour wicks and bounces of them, some one was selling heavy in that zone, but the same thing which happened with the lower supply zone beneath that is that it just shot straight through. Which is understandable.
If you continue to presume that with the dropping of the Dollar gold will continue to rise, me and some other people are expecting wild swings next week. http://www.forexfactory.com/showpost...ostcount=13003 feel free to take a look at the charts and comment , description for the thoughts on those zones is in the pictures also explaining why im being very cautious. But if those zones break as shown in the charts or will be approached gold is likely set for a heavy rise... might even make new highs within 2 weeks as far as im concerned. Fears in Japanese markets and globally will lead people to move to gold and commodities. If you enjoy shorting commodities now is definitely the wrong time to do so.
I think ill prefer scalping silver next week rather than making gold plays.
Either way, will post some more detailed charts later. Im exhausted from these 18 hour trading days.. time to watch American Gangster with Denzel washington and catch up on some sleep.
P.S: Did you get my last pm and checkout the thread?
Alex
- #3,737
- Mar 20, 2011 10:01am Mar 20, 2011 10:01am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #3,740
- Edited 6:17pm Mar 20, 2011 6:05pm | Edited 6:17pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News