Strong Long/Weak Sell levels for Gold Futures (same levels from yesterday) Currently looking at a weak short unless CS can break 1239 resistance then I'm eyeing around 1243 for the long/reload.
paper trading at the moment to test my skills in the futures market. Started out in pennies, then flipped $2-$10 stocks for a while and now moving towards futures. I think I found my home...
Looking at another short here if price stays below the cloud on the 5 minute. So short below the cloud when TS/KS exit and CS remains below the trendline. CS below the cloud would a nail in the coffin. Long if the CS trendline is broken. I'll also be looking for a bullish TS/KS cross with price above the cloud for a long position. Personally, I feel more comfortable with the risk/reward of the short.
mind giving a rundown on your chart setup? Just curious what all that fancy stuff is. How were you doing trading other instruments?
With stocks in the $2-$10 range I was averaging a 75% win ratio with a win considered at least 10% in profit. Average monthly profit was 22% over a 6 month span. When the Dow took a dive I decided to start studying futures . What we're working with here are 4 formulas consisting of: TS blue line - (highest high+lowest low)/2 for the past 9 periods KS pink line - (highest high+lowest low)/2 for the past 26 periods SSA - green cloud line - (TS + KS)/2 for the past 26 periods projected 26 days ahead SSB - red cloud line - (highest high+lowest low)/2 for the past 52 periods projected 26 days ahead CS - yellow line - Price action represented as a line chart 26 periods in the past. The cloud which is made up of SSA and SSB shows us equilibrium. This is a pivotal point where stocks may make strong moves in either direction while exiting the cloud. Cloud Thickness High Volatilty: thicker - stronger support/resistance Lower Volatility: thinner - weaker support/resistance. Long Positions Any signals that occur above the cloud are considered strong. Any signals that occur inside the cloud are considered neutral. Any signals that occur below the cloud are considered weak. The inverse can be said for short positions.
CS didn't break the bottom of the cloud plus it broke the trendline for some moves up so I'm still waiting. This is why, in my opinion, we should look at ichi as a whole. made CS a little more visible
I was looking for the Gold short and it happened overnight. Gold Futures hourly chart. I was still able to scalp some this morning. Shorted at 1224. Out at 1221
Shorted at 1224. Covered at 1220 (2 lots) I was sitting at the computer last night telling Dani (girlfriend) that Gold is going down tonight (it was at 1232). I wanted to short it before I went to bed to wake up to some big profits. She asked if I would do it with my live account and I said no. The signals were there though and I wasn't that surprised when I woke up to see Gold at 1220.