Gold Daytraders

[MRC & Co]

Your target would signal a new higher high, after already forming a higher low, not exactly against the trend......

Perhaps a turnaround in gold fortunes.......then again, gold is completely illiquid in our session right?

 

[Uncle Festivus]

Failed - short again.

 

[arco]

Hi MRC.

Yes, if we reach that target.............until then it it just a potential target.

So, until that break occurs its still trading against the trend IMO

L, H. HL, ??

arco

 

[MRC & Co]

Yeh, just odd having a target pre-empting a HH after an already HL. Messy area to trade. Better to target a quicker scalp before the previous high IMHO. That's if the book confirms.....

 

[arco]

Hi MRC

Yes, not the best idea I've had this week.....but it will definitely not turn into a loser that's for sure. (SL is above entry)

I think as a scalp/day trade it was a reasonable punt for a max of circa +900 before it turned south again

rgds - arco

 

[arco]

.
Stopped out at a profit. +300

 

[MRC & Co]

Good work.

On another note, what is the kumo cloud?

 

[arco]

Hi MRC

Its part of the Ichimoku system

You can find more info here

http://www.kumotrader.com/ichimoku_wiki/index.php?title=Main_Page

 

[arco]

Re post #36/#39

Gold carried on higher eventually to the Kumo(cloud) as originally expected, hitting the grey price zone box I put on the original chart.

I was stopped at +300, but with a wide stop/or a re-entry the maximum gain could have been 2920+

arco

 

[Uncle Festivus]

Re post #36/#39

Gold carried on higher eventually to the Kumo(cloud) as originally expected, hitting the grey price zone box I put on the original chart.

I was stopped at +300, but with a wide stop/or a re-entry the maximum gain could have been 2920+

arco

Good work. So, what next for the clouds - what are they saying?

 

[arco]

Uncle

I need to review all time-frames to get an better idea, and I
will try to do that sometime over the w/e.

In the meantime if you want to read more about Ichimoku there
is a very good reference work here
http://www.kumotrader.com/ichimoku_wiki/index.php?title=Main_Page

rgds -arco

 

[arco]

The Ichimoku site I mentioned above will apparently be off line over the weekend due to changing their server.

Anyway its well worth a look when it comes back on.

rgds - arco

 

[MRC & Co]

lol, the stop would have needed to be pretty wide though! Not exactly going to work in application.

I already have a style, but thx for the info. I will keep track of this thread, good to see more daytraders around!

How long have you been using this method for and is it consistently profitable for you?

Cheers

 

[Whiskers]

That was probably whiskers adjusting after revising his EW count again. (1,3,2,5,4 ... oh dang I'll get it right one day). (sorry whiskers).

.
Or it could have been EW adjusting his whiskers

OooK you two! :

Yeah, that's it... just when I get this damn EWiggle thing a bit sighted up someone spots the laser light and they bolt.

But, I've got them cornered at the pass in the longer run.

 

[arco]

Hi MRC

Yes my apologies, now I look at the chart more closely that stop would have been too large to comprehend. I posted in a hurry without checking the parameters.....always things to do and places to go on a Saturday

Method is profitable, but I often use different methods in difference market situations. Its working well at the moment, as you can see from my posted trades.

rgds - arco

 

[MRC & Co]

Cool, thx arco.

Don't worry Whiskers, I always enjoy reading your contrary view. Different to the norm.

 

[arco]

Uncle/All

My quick check for daytrading gold next Monday.

Hope the chart is basically self explanatory.

Kumo (cloud) acts as resistance or support.
Thin Kumo is easier to break than thick Kumo.
Once broken Kumo is often retested for change of polarity.

Chikou Span (Light green line) gives bullish/bearish signals
as it passes through the old plot.

Blue boxes on chart are possible target areas if the recent high
is not broken and there is a re-trace. I'll be trying to trade this
south if we get a LH/LL.

arco

 

[MRC & Co]

Good stuff arco, I'll watch with interest.

 

[arco]

Follow up.................................scalp/day trade
.

 

[danielf]

Is gold a good buy at 725. went down to 681. Wonder if it is headed for a good rally up