Gold Trading

I’m starting this thread so that myself and other gold traders can discuss techniques, systems, and individual trades that we make. I’ve been trading gold for almost a year and a half now. I started my trading career with currency pairs and soon realized that I could limit my losses and take better profits with the oldest currency of all—gold.

Without any further ado, I’ll list my latest trade:

 

Gold heading in direction I expected. Lets see if it hits the 1106 mark.
I would love to be a part of this coz’ Gold as we know is quite stable. But, i’ve got no experience at all trading Gold. Maybe someone could help us newbies and show us the way. Is it in the same manner you trade any other currency pair. Happy to be a part of it. Thanks in advance and i would love to say, Very Nice Initiative for starting up this Blog. Cheers Mate!
Compulsive trading is a real killer. It was a big issue I had when I first started trading gold. I would get on the platform and almost always force myself into a trade. Now I’ve come to realize that there are sometimes periods of time lasting multiple days where I don’t see exactly what I’m looking for. Even a successful trade made in haste that results in profit is a bad one in the long run as it supports a bad habit.
Alright, the seven period moving average on the one hour chart is about to move down through the fourteen period moving average. Also, the volume of tick movements seems poised for a large volume of movement. The one hour chart seems to be rounding out.

All of these indicate a bearish move.

I’ve gone short at 1105.90. The spread for all of my gold trades is $1 regardless of market conditions. I will stop loss if the sell price reaches 1110 and take profit when the seven period moving average on the one hour chart begins to move upward through the fourteen period moving average.

I rarely trade anything but XAU/USD these days. Perhaps I can join in on your thread when I have some analysis to offer?

To start, I have a short in at about 1100 on the bounce yesterday. Stop is at 1112 and I haven’t determined the tp yet. Perhaps a bounce out of 1091 will force me to close the position. I have 100oz short. I’ve been shorting it since 1220 and will continue to do so unless things change significantly.

Sounds great. I’m not sure where gold is going in the medium-term but it sounds to me like you’re in a good trade right now. So, guitarjrb, what indicators do you use? I believe that using complicated indicators such as RSI and Stochastics will over complicate a trading system. I use two simple indicators—A fast and a slow moving simple average of 7 periods and 14 periods to help indicate a trend reversal and the volume or “tick fluctuation” indicator as it should really be called to also indicate a reversal. I used to use many other indicators, but I’ve found that nothing can replace your own mind and just a bit of simple math (averages and adding up tick movements). I also tend to trade on the one hour chart.

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On a side note I closed my SELL of gold at 1105.90 at 1096.80, taking $40.50 in profit.

I closed my earlier short, and am now short again from 1106.55 with a relatively tight stop at 1109.55. I occasionally use Ichi, but most(95%) of my trading comes from simple support/resistance/trendlines and price action. I don’t see any useful movement, so i’m just scalping for a few dollars here and there until it breaks somewhere. I trade in 100oz blocks usually. If I feel spunky, i’ll hit the market with 350oz. I’ll join in on your thread and post my thoughts/charts as they may be useful. I also enjoy constructive criticism and hearing other points of view. I’ll start posting charts and thoughts in realtime rather than after the thought….as speaking after the though is useless and nothing more than bragging.
Great. I tend to find that complicated indicators can help, but they’re misleading and can overcomplicated otherwise simple decisions. Chart patterns, moving averages and volume are straightforward and produce definitive results. Nothing, absolutely nothing, can beat simple calculations. After all, most price movement in the market is emotional.

My recent outlook attached.

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