I’ve been short gold for a while now based on COT data that hinted at a drop. Will be interesting to see the new data on Friday eve.
Nice trade Matt!
What’s your approach to trading these days? Are you still taking them on via the 4H and Daily timeframes?
Are you managing to pull some money out of the markets from time to time, or are you just compounding the balance for now?
I’m basically just a boring trend trader with moving averages, but sometimes when COT data hints clearly enough I may try to pick a top or bottom, as with the gold short. Timeframes daily and 4H mostly yes. Have plans of trying to automate a bit which would save tremendous time and energy, working full time running your own business and trading is taxing as I’m sure you know too.
As the account grows I keep moving the target balance up for when I’ll consider myself fully funded and start withdrawing the surplus. I’m also looking a bit at brokers like Interactive Brokers where you can sort of get the whole menu, stocks, futures, forex, bonds, funds etc. For now I’ll just keep building the balance and make a decision when it matures on its own.
Btw probably going to London in November for a two day Orthodontics course 
Good to hear things are going well for you.
2 days is a short trip but if you fancy meeting up for a beer give me a shout on FB!
AUDUSD short and USDCAD long look compelling today.
EURAUD off 1.50 too
AUDUSD looks like it might finally be heading south without me.
USDCAD has made a run for the yesterday’s highs and ran into resistance at 1.32. Moved the stop to BE whilst we wait to see how strong the sellers are and whether we can push on through.
EURAUD finally out of the gates but not far enough to consider moving the stop at the moment.
USDCAD has hurdled 1.32 and printed a higher low so I’ve moved the stop up to lock in some profit. Looking further ahead the day’s average range takes us to 1.3225 and there’s potential resistance up at 1.3255-60.
Out for a small profit as a sharp sell-off erases the gains we ground out this morning.
Looks like the value entry today was at 13150 or below but a suitable trigger didn’t present itself.
That just leaves EURAUD which is currently sat at around BE. It hasn’t printed a higher low so the stop still remains below the day’s low at 1.50.
EURAUD has put in a higher high and now that the day is almost over I’ve moved my stop to BE. I won’t be closely managing it overnight and I’d be surprised if this one doesn’t wash out in the next few hours.
EURAUD out at BE overnight as expected.
A quick flick through the charts this morning and the focus pairs are still Aussie and USDCAD.
For AUDUSD, all bets are off if price gets above the most recent high at 0.75:
AUDUSD is basing at 7450. I would want to see it break through and pullback before entertaining shorts on it at the moment.
Quiet day today. I had a small feeder stake out to test the appetite for breaking the prior day’s lows on Oil which closed for a small loss.
Also a small stake on USDCAD to test the forward moment after it bounced off yesterday’s high which also closed for a loss. No harm done.
My moving averages on Daily turned to a buy on AUDUSD after friday’s close, so I’ll put a small position on that I may well have to reverse soon for a small loss.
AUDUSD has certainly made a higher high and higher low on the hourly. Next resistance is at last weeks high ~7570. Downside support also clearly evident at Friday’s low and last week’s low.
The pair is off my shortlist for now because for me it’s starting to look a little directionless, especially from the daily chart. To get long I’d need to see that 7570 level broken and hold with some conviction. For shorts, I’d be looking for a breakout and pullback to the 7450 level.
What’s your background criteria for going long or short?
I’ll send you a quick description of my method on Facebook.
Your AUDUSD long continues to pay out. If it can hurdle this minor resistance at 7660 then next stop is the month highs at 7700-7730.
Well y’day it broke, pulled back & even offered a nice fat juicy sub-hourly hook entry at your 570 level, which was also the area of monday & tuesday’s high – I reckon that constitutes decent conviction! 