GOLD, Gold and XAUUSD - page 113
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Thank you very much for the detailed explanation — that makes perfect sense.
You're most welcome.
May I ask your opinion on one more thing:
Is it reasonable to use the GC (CME gold futures) price as a reference when analyzing or determining the price of XAUUSD?
In my experience, yes. XAUUSD price is generally a good proxy for gold futures price--assuming that you're not employing some kind of hyper scalping strategy.
Also, is it technically possible to obtain the kind of market depth data I mentioned (L1/L2/L3) directly from the broker’s own liquidity pool — the one that XAUUSD orders are actually routed to?
I assume there aren’t that many major liquidity providers handling these flows, right?
It depends on your specific broker-dealer. Some provide pooled data, and some don't. Here in the States, the biggest Wall Street firms have their hands in every off-exchange pool. I haven't a clue how nor who liquidity providers are in your location. Off-exchange orders can be cleared in-house by the broker-dealer or forwarded to a liquidity provider for clearing. Most are a mix of both. In any event, any honest broker-dealer should be reconciling all trades above board in their trade server. Whether they provide an order book... Check with your specific broker-dealer.
After all, the market price must be formed somewhere — so these data must be consolidated at least in a few main venues where execution actually happens?
Again, full reconciliation of all trades should be happening on your broker-dealer's trade server. The odds of accessing backend liquidity provider data is virtually null.
This is why choosing a chart to lock in profits is VERY important!
As an option - H3 chart:
Profit taking - when ALL indicators on the chart reverse....
Opening a new position - only in the direction of the general trend ( H8...D1 )....
Well? Are you stuck?
The upward trend is over, and now you are still in the W1-trend, you should take a position up to your eyeballs and sit, waiting for its continuation. The swap is a big one, it will start eating up the account now.
What's up? Are you stuck?
The upward trend is over, and now you are still in the W1-trend, take a position up to your eyeballs and sit, waiting for its continuation. The swap is a big one, it's going to start eating up the account.
Yes, you're right! On W1 the trend is still up...
But profit taking could have been done at H3 or H8....
Another question: Is there any sense to work on a pullback...?
Each trader decides the answer to this question on his own.
Yes, you are right! On W1 the trend is still up....
But profit taking could be done if on H3, then on H8....
Another question: Is there any sense to work on a pullback...?
The answer to this question each Trader decides for himself.
In order to fix profit, you have to buy at the bottom, and you missed TVx there, you bought at the peak, what to fix? Only losses.
You just need to know how to adjust your strategy!
And be sure to test it for a period of at least 2 years - this is to gain confidence in your strategy....
Then you will not need to speculate about what would happen if your grandmother was a grandfather....
You just have to know how to adjust your strategy!
And be sure to test it over a period of at least 2 years - this is to get Confidence in your strategy....
Then you won't have to speculate about what would happen if grandma was a grandpa....
it's called adjusting for the last two years.
Yes, some people choose a point on the chart, draw a horizontal line through it, which they call LEVEL, and think they have guessed the future price correctly....
To each his own!
You just have to know how to adjust your strategy!
And be sure to test it over a period of at least 2 years - this is to get Confidence in your strategy....
Then you won't have to speculate about what would happen if grandma was a grandpa....
The main point when setting up a strategy is the profit taking algorithm....
What is complicated here?
The trend on the big charts shows the direction of the TREND....
But nobody cancels the pullbacks..., so it is not smart to sit through a pullback, which means that it is necessary to fix the profit at the area of the beginning of the pullback....
And here is another question: How to determine the beginning of a pullback?
The main point when setting up a strategy is the profit taking algorithm....
What is complicated here?
The trend on the big charts shows the direction of the TREND....
But nobody cancels the pullbacks..., so it is not smart to sit through a pullback, which means that it is necessary to fix profit on the area of the pullback beginning....
And here is a big problem: How to distinguish a strong pullback from a weak pullback...?
What are your opinions on this issue?
Not to be smug, but this is an age-old question. If everyone could easily distinguish a pullback from a reversal, well... the markets wouldn't move at all.
Work on defining it through testing calculations, indicators, etc. The TD_4 and TD_7 histograms are in the red in Post #1124, so presumably these are reversal filters.