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Gold Daytraders

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Guys can I make a suggestion?

When quoting price levels, it would be a good idea to name what cold instrument we are refering to. Some of us trade futures and some CFDs.

So let's just say someing like $800 on Feb gold, which would make it clear it's a future and which contract; or $800 on spot gold, which will make it clear it's a CFD.

Just to avoid confusion.

Cheers
 
Short XAU/USD from 877 with a stop above Todays highs @ 889.



4 hour chart.
 

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Nice move BR.

I mentioned this potential short on sharetrader recently.

Weekly chart also looks interesting with Kumo looking resistant, and Chikou
finding it hard to penetrate the prior PA.

rgds - arco
 

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.

Heres the H1 chart - PA currently making LHs and LLs


.
 

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I've been stopped out of this one Arco.

All the best if your on it, looks good for a run either way it breaks IMO.
 
Hi BR

Still basically on holiday, so not trading again until after the weekend......
There will be better set ups next week.

That was a big gap up in Gold, (which appeared while I was out shopping trying to prop up the economy)
 
Can't help myself, looks over done.

Short XAU/USD from 862 with a $2 stop.
 

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Looks like a good entry Bent. Keep us updated on how it pans out.
Click to expand...

Thanks bud.

Will see what happens when US comes online.

Added more @ 854, stops to BE on both positions. (bout to get done on second lot as I type)
 

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Yeh, the pattern looked very weak, good work on the first entry, banked some nice profit there already!

Pyramiding in is always hard unless the market is trending well (adding more on pullbacks perhaps). Otherwise, has to be done very quickly and very aggressively IMO.
 
Surprised to see I am still in this one, thought I would have been stopped out Today.

Still favour a move down, just need to stay out the noise.
Might move my stop down a bit shortly to lock in 1R.
 

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Yeh, I would take more than 1R on that one. Maybe just above 57s.....
Click to expand...

Whereabouts, on the first spike up after I got stopped on the second trade?
 
BentRod said:
Whereabouts, on the first spike up after I got stopped on the second trade?
Click to expand...

Na, just above $857, slightly above the most recent pivot high (this is just over $856, but I would go a little higher encase of a false break).
 
Thanks mate.

Generally my approach is a low win rate with high multiple R .

I Get stopped out at breakeven a lot of times but the ones I get right usually make up for it.
 
Surprising quick spike up to 859 (0830 GMT) just to see if you have moved your stop down Bentrod. The market knows where your stops are.
 
I don't know about surprising, I find spikes like that are a regular occurrence in gold.

Either way, came within a bees d!ck Pete, still in.
 
This is my current set up for spot - getting a bit predictable? Though it's never easy!

Gold likes to consolidate over long timespans, so maybe this could be the start of another upleg, although traditional seasonal factors would normally mean a weak period. All that doesn't mean much when paper money looks to be on it's last legs? See if $850 support holds, again?
 

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