GOLD, Gold and XAUUSD - page 132
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Anyone shorting gold: right now (see the date and time of this post), there’s a good opportunity to enter a short position with a tight stop-loss.
I’ve never managed to consistently double my money. I could double my deposit or even increase it fivefold, but whenever I tried to take the next step towards doubling or increasing it fivefold again, I’d end up losing the lot.
That last bit is really the crux of the matter, isn’t it? Doubling your profits is almost the easiest part; the tricky bit is not losing it all on the very next attempt. Ultimately, what helped me was that I accepted smaller but consistent profits and started to view drawdowns as a normal cost of doing business, rather than something that needed to be ‘corrected’ by increasing my stake size. It’s boring, but it’s the only approach I’ve ever managed to stick to. What usually threw you off course at the next stage — increasing your position sizes too quickly, or trying too hard to make money in order to double your capital again?
It just so happened that, carried away by the growth in my deposit, I’d start getting carried away and end up losing it all.
Well, it just so happened that, carried away by the growth in my deposit, I’d start getting reckless and end up losing it all.
Gold's been a grind this past month — stuck in that $4,000–$4,150 range with no real expansion. For anyone trading breakouts it's been a wait-and-see tape; the clean moves just haven't been there. I'm watching for a resolution out of this compression rather than forcing entries inside the range. Anyone seeing a level they'd trust for the next real break, or are you staying flat until it picks a direction?
Gold's been a grind this past month — stuck in that $4,000–$4,150 range with no real expansion. For anyone trading breakouts it's been a wait-and-see tape; the clean moves just haven't been there. I'm watching for a resolution out of this compression rather than forcing entries inside the range. Anyone seeing a level they'd trust for the next real break, or are you staying flat until it picks a direction?
I was staying flat when I was using a swing trading EA, and I still would be staying flat if I were still using it.
As I since developed a scalping EA (I formerly didn't believe in scalping whatsoever), I really don't care what the range nor direction is anymore. Basically, I got sick and tired of hearing about high intraday volatility in the markets on Bloomberg while my swing trading EA sat idle.
In my estimation, the current market phase is the new normal for the next 2 1/2 years or so.
Over the past month, the gold market has been in a prolonged sideways trend — the price has been stuck in the $4,000–$4,150 range without any real breakout. For those who trade on breakouts, this has been a period of waiting; there have simply been no clear movements. I am waiting for a breakout from this consolidation zone, rather than trying to force positions within the range. Does anyone see a level which, in your opinion, will serve as the starting point for the next genuine breakout, or are you staying out of the market until the price decides on a direction?
Yes, in August the price of gold broke sharply through the 4080 level and broke out of the sideways range. As a result, I made a good profit on the rally.
Yes, in August the price of gold broke sharply through the 4080 level and broke out of the sideways range. As a result, I made a good profit on the rally.
Nice catch! I'm running a fully automated algo, so I got in a bit earlier and I'm still in the trade. My final total may end up being lower than yours (individual trades don't matter; the system and long-term performance do), but for now I'm at 21,800 points.