45 entry strategies!

[andymac]

GBP USD and GBP AUD was also good in the first 2 weeks as it was in a nice downtrend(might be something in that )........... oyess. go back and look at trade dates coupled with what markets were doing on your chosen timeframe- i.e. trending, sideways etc?


hey Triple, good work and a good read thank you. i love trading gold but it can be a real B@#$H when it starts to go sideways.
i am trying with my own trading to work a system of skipping from one market to another into them as they start to trend and away when they stop.
not much success so far but am inspired by you and Willoneau at present to start a thread with my experiment.

 

[Triple B]

Yes Will XAU/USD.
Good Stuff Andy,look forward to your thread.
Gold looks to go sideways in a $10-$15 range. So on a 15 minute char there is usually a few trades per night where I can get 2:1min Ratio. I like to use the edges of the range for counter trend Trades. with a good entry and snug stop 4 or 5 :1 trades are available. However as I go to bed around Midnight which is NY Open I usually have to leave my last trade on while sleeping. Thats a good thing . Some of my best work is done sleeping ! Here is one Im in right now: Pretty self explanitory: This one if TP is hit is about 5:1 Stop will be moved if horizontal line is broken ,tested and falls again. If I go to bed before then I will use auto trailing Stop.

 

[willoneau]

Interesting chart triple, I see possible support at 1203.5

 

[Triple B]

Yes my Take profit will probably go there before bed. sitting there at the moment as I was checking the RR ratios

 

[Triple B]

With Regards to spread , here are a couple charts that show the spread. Can be easier to see on chart for those that dont normally trade Gold.
Spread is currently 12c -15c. Many Brokers have it at 30c . I have seen some as high as $1.50!!
Here it is on a 1min chart. as you can see no good for real short term scalping.
and also a 15 min chart which is the timeframe I use for intra day which usually 2-3 intra day trades and some overnight trades .
Of course when i go to take a screenshot the price is right on my entry price

 

[willoneau]

I include the spread when I do my risk adjusted position size.
wish I could include slippage too

 

[willoneau]

I like the charts triple know were I would have entered

 

[Triple B]

What spread you got on gold Will?

 

[Triple B]

My entry was on the big green candle .Resistance is the blue line. 4hr Previous Resistance is the blue dashed line 1214.27

 

[willoneau]

Not looked at gold

 

[willoneau]

I trade main fx pairs because high liquidity equals tighter spreads, but spread still can expand when local market closed or high volatility happens.

 

[willoneau]

My entry was on the big green candle .Resistance is the blue line. 4hr Previous Resistance is the blue dashed line 1214.27

how far away you place your stop ? recent low or back at purple line?

 

[Triple B]

stop is at $1213.50 red dashed line with sl

 

[willoneau]

My entry was on the big green candle .Resistance is the blue line. 4hr Previous Resistance is the blue dashed line 1214.27

What when the big green candle closes?

 

[willoneau]

My entry was on the big green candle .Resistance is the blue line. 4hr Previous Resistance is the blue dashed line 1214.27

ok so even further away

 

[Triple B]

after breaking through resistance and moving with increasing volume

 

[willoneau]

I carn't see the bigger picture on the 15 min but if the recent high doesn't get taken out and a lower high is created then possible two leg reversal and you stop has high probability of being hit. but only my opinon if high not taken out.

 

[andymac]

thanks triple just had look at mine, gold same as yours ranging 10-15

 

[Triple B]

in this case entry was $1217.02 sl is at $$1213.50 this trade will probably last till the morning( hopefully ) and I want a good chance of staying in so sl is below previous 4hr resistance and also below current trading range . we are bullish . all signs are for long. this is about as confident as I get with a trade. Only issue is slow friday nights. Hoping NY open will move things along. Potential target is $1230
so potential for nearly 4:1 Risk reward ratio

 

[Triple B]

No Probs Here is the daily.
Notice the uptrend. also notice blue dashed line at 1214.27 previous R price now back above. my stop is below that line as shown on the 15min chart above.