My friends, it is not clear for me what the next move is going to be so I don´t have any comments for today other than suggest hedging if you are long to prevent further losses. I´m sorry but I will stay away until tomorrow although I´ll be reading your comments and replying to them from time to time.
Sunday, September 10, 2017
18 comments:
Disclaimer: This site is not intended to provide professional advice nor to lead users to either copy or follow the trades herein posted, it is essentially conceived to share thoughts and ideas for non-professional traders and become a non-official knowledge base for individuals interested in testing and improving their own skills in the spot Gold market.
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Hi cesar , my long is still open from 1348 with a massive loss , however my account can hold another 10 pip drop to 1325 , im gonnna keep this long open . is that gap supposed to close or does that usually happen only in bullish gap openings ? thanks
ReplyDeleteRemember that gaps take sometimes more than 24 hours to fill so you will probably be safer on a hedge because I see the 1327 level before 1346 so your equity might be at risk eventually.
ReplyDeletei see, thanks my friend.
ReplyDeleteThis comment has been removed by the author.
ReplyDeletejust for the sake of learning , how do you know it will reach 1327 if it does .. i mean i know its a very critical support . is it because how it opened ?
ReplyDelete1327 is the next natural support because if was the previously broken resistance on Sep. 05 low (previous high). It also could go lower however in previous gaps the difference between the opening price and the highest (in this case the lowest) has been 10 pips (1337-10=1327). Also looking at the weekly chart 1327 is the lowest price of the previous candle which means that below 1327 it could get lower, so there are 4 options here, 1) it goes up now and fills the gap to come down again to 1305 2) it goes dowm to 1327 and the back up to 1346 to fill the gap (probably reaching 1357 to then come down again)) 3) it goes down to 1305 and then back up to 1346 (less likely) 4) it goes up from here and resumes the uptrend to reach 1374. You pick one however at this point volatility is high so booking profits is very important in every trade.
DeleteAdditionally 1327 is right on the 10MA. Note that the price has never corrected beyond the 20 MA (now @1306) since the rally started from 1205, so it is important to stay above that level to consider that the uptrend is alive.
DeleteThis comments are based on the daily chart. https://www.tradingview.com/x/nP9wMrD9/
DeleteI think Gold could be going to its 20MA in the daily chart. Comments?
ReplyDeletecould be .. Cesar what do you think ?
DeleteWell the 20MA is around 1306 so it is covered within the 4 options consideration.
Deletewell maybe tomorrow i will be entered with 20 dollars again just to know how it works. But my plan is in my mind, make 1k from 20$ and I am gonna make it.
ReplyDeletewoah $20 entry for standard account?
DeleteSounds crazy (I am really new) but I had make 2k with 50$ (After i loose like 250) call it lucky but it is posible
Deleteyes its crazy, $20 for standard position are a lot,your equity must be more than 10k right? its high risk gamble
DeleteI just close with profits and wait for another entry like scalping, every operation is x200
Deleteon hedge at the moment.
ReplyDeleteme too . hope i close the sell at the right point :-)
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