I have become disillusioned by automatic trading systems and sought to find a viable manual trading system or at least piece one together, test it, and become proficient in it enough to make steady money with it - this is what I have done with this system.
It is used on a 1hr spot gold chart and takes time into consideration for opening a successful order to take advantage of cyclical price acceleration at the given time. In the this case, during my observation and manual testing (with real money) for the past 6 months, this time is 30 minutes before the new york open at 9am EST (1400 GMT). At that time price has sufficient buying or selling power behind it to make great profit quickly and with minimal risk, given the conditions below are followed. This has worked unbelievably well for me and I would like to share it with all of you because this community has helped me throughout these years of my forex journey.
I will try to post trades I take with some frequency and answer any questions. Enjoy.
From Today: By the way Spot Gold does not calculate in pips and the volitility is much greater than that of the usual forex pair. So if you took this trade today like I did at 1 mini-lot (.1 - one dollar) and got out at the blue pivot line you would have made an easy $109 with very low risk
Conditions for opening Trade:
1. price above buy zone fib, blue rsi chart bar
2. William's percent range indicator gold line entering or inside blue area
3. RSIOMA clearly crossed up
1.Price below sell zone fib, red rsi chart bar
2. William's Percent Range Indicator gold line entering or inside red area
3.RSIOMA clerly crossed down
Exceptions for opening a Trade when above conditions are met:
1.When a bar within the last 4 hours before 9am EST (1400 GMT) is extended 1000 points or more in the same direction the conditions indicate. In this case it is my experience that there is a great pobablility that even with all the trade conditions met, by 9am EST (1400 GMT) the selling or buying would have been temporarily exhuasted because of this extended candle and this trading method is dependent upon this time.
Conditions for closing Trade:
1.When price hits next pivot point line in direction of trade.
1.When the RSIOMA blue line touches the purple line again attempting to cross in the opposite direction of trade or a red or blue dot shows on the RSIOMA indicator in the opposite direction of the trade - whichever comes first.
Have you tried it on other currencys?
I have tried it on Forex currencies but not other commodities. Used with forex it creates too much risk for me to be comfortable with but feel free to test for yourself. As far as other commodities are concerned I'll put that on my list of things to do, I have just been concerned with Gold since the system works so well with it. Thanks.
Thanks for the system, how long did u use this system ? 90 % in a week/a month ?
Forex Indicators Collection
90% means it produces winning trades ninety percent of the time. The percentage return you get depends on the lots you are using and your account size. I recommend 10 - 20% of your account size should be risked. Also, I usually use a stop of 1000 points (the equivalent of 100 pips)
GOLD spread is almost 10% of daily range which is why most traders avoid it.Try silver
Thanks for posting....
I can see already that there is no trade here today. More than likely the price will hit the buy/sell zone fibs and either bounce off or encounter heavy resistance breaking through. Either way we do not have the opportunity to get into a price surge and this is why this set of indicator works so well for this system, because no trade conditions are met and we are kept out of a probable losing trade or from being locked into a stagnant price situation.
The RSIOMA is crossed up, the gold line in William's is leaving the sell area but still far away from the blue buy area and price is below the sell fib zone.
for gold trading how much margin requirement for 1 open trade in mini acc ?
Margin varies depending on the broker you use. For North Finance it works the same as with forex.
I am trading gold through ODL and their spread is .50 cents. You can also now request micro lots. I will be trading your system on a live account starting next week.