I managed to get myself a new intraday swingtrading approach using the 4H/3H/2H and 1H setups. I want this journal to try to get better at discipline. Let's see where this get us. I did two trades today: a winner short @ 1268.70 which I closed for 6.50 USD. I am now long from 1258.60 and going to keep that one overnight.
you sure you wanna keep it over weekend ? do you not care about fundamentals ? What happened today ? why did it even fall quasi 1pc in USD terms today ?
ok here's my take on it. FYi i also catched this one with 50x leverage till 1258 It fell at exactly 13:30 GMT when the jobs data and beat estimates significantly. it first fell 0.6pc and stagnated for 20mins, enough time for the serious market participants to digest that release and then fell further till 0.9pc% before going back to 0.71% atm, most def because of profit taking in a low liquidity environment. The situation, fundamentally right now is skewed towards gold falling because 1. the amplitude in the Gold move is on par with that US - T Bonds while it should be higher 2. Before, the situation where we would have better numbers than expected was a quasi tail risk. Problematically it does not make sense to be in gold right now at all as it is not clear which opinion is winning.
I got a 2H inside bar at a 4H level .... I don't try to look too far ahead (that used to bring me lots of trouble ...)
I'm leaning toward being negative on gold price atm. Overall I'm bullish over the next month or so but in the short term bearish. Friday's price action and the few days prior indicate we have some exhaustion. Price is close to short term support which could warrant a bounce up, but me thinks it will collapse in the interim. On a longer term view, gold could be seen as coming off resistance.
Cvds16, I have been profitably trading gold for years. You are going to lose your shirt with your approach. It is insane for a small trader to carry future contracts long in gold over the weekend after a strong jobs report. Take a look at what happened to silver after jobs report. NominalSpeculator tried to gently help you. You did not listen. Only reason I used stronger words is to help you not lose your shirt. I make a living eating lunch of the guys who use approaches like you are using. Perhaps some day you can learn enough to say thank you to NominalSpeculator.
If OP is leaveraged it can pose a big problem, if not he may be able to weather it, depending on how he manages.