GOLD, Gold and XAUUSD - page 125
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Gold analysis:
On H1...H2...H3 – the trend is upwards...
On H4...H6...H8 – downtrend, but currently in a pullback...
Outlook: currently out of the market..., waiting for ALL indicators to reverse in the same direction...
On H1...H2...H3 – the trend is upwards...
On the H4...H6...H8 timeframes – the trend is downwards, but there is a pullback for now...
Outlook: currently out of the market..., waiting for ALL indicators to reverse in the same direction...
On H1...H2...H3 – the trend is upwards...
On the H4...H6...H8 timeframes – the trend is downwards, but there is a pullback for now...
Outlook: currently out of the market..., waiting for ALL indicators to reverse in the same direction...
It’s like when the train is already heading for the terminus and everyone’s getting ready to get off – do you cling to the handrail with your last ounce of strength, hoping there are still a few more stops to go?
It’s a good system; the broker is very pleased.
It’s when the train is already heading for the final stop and everyone’s getting ready to get off – and you, with your last ounce of strength, cling to the handrail as the train moves, hoping there are still a few more stops to go?
It’s a good system; the broker is very pleased.
Oh yes, oh yes...
They’ve got used to jumping at every little tick on the one-minute chart… and they think they’re all so clever…
Well, yes, well, yes...
They’ve got used to jumping at every little tick on the one-minute chart... and they think they’re all so clever...
Now, this is a subjective thought, but I've verified it through research. There's a metric called the Hurst Exponent. On intraday time frames, it shows that most assets exhibit neither a clear trend nor mean reversion - essentially, the movement is chaotic. However, on a monthly scale, most instruments show mean-reverting properties. In other words, a distinct movement pattern only emerges over longer intervals. I try to ignore small fluctuations, and I advise you to do the same. I know there are scalpers and intraday traders, but I don't know how well they're doing. In any case, the science is against them.
I saw your chart and I'm sorry to hear about the losses. I don't know if you're looking for an outside perspective, but if you are, I'd like to share an idea. Your first profitable trade was quite long and looked excellent, but on the subsequent trades, you overtraded. Your take-profits and stop-losses became very short. Try to stick to a single time frame consistently.
Now, this is a subjective thought, but I've verified it through research. There's a metric called the Hurst Exponent. On intraday time frames, it shows that most assets exhibit neither a clear trend nor mean reversion - essentially, the movement is chaotic. However, on a monthly scale, most instruments show mean-reverting properties. In other words, a distinct movement pattern only emerges over longer intervals. I try to ignore small fluctuations, and I advise you to do the same. I know there are scalpers and intraday traders, but I don't know how well they're doing. In any case, the science is against them.
Interestingly, "Hurst" is manufacturer of custom gear shifters for muscle cars. Clearly, you have successfully shifted gears. Indeed, the worst kept secret in trading is the fact that higher timeframes are inherently smoother. I would only add that a large Renko brick, range bar, or equal volume bar chart can smooth data even a bit more.
As a side note and somewhat of a caveat, many prop firms will close your account for failing to trade at least once per month. This is why I recently coded my first scalping EA, ever. Fortunately, it was able to scalp the brief downward movement today.