XAUUSD traders lets see what we can do to share ideas or trend setup, am not professional when it comes to XAUUSD but am professional at trendline breakout setup so lets discuss.
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So what’s your question?
what do you need to know
Been long gold for the past five days now, doing nicely.
I wouldnt be surprised to see 1600 by January end.
Apparently the economies of the world are going to hell in a hand basket so I suppose the ‘funnymentals’ are sound.
I ve heard price targets of $5000 dollars from the gold bugs but then again ive been hearing that for 15 years.
My question is whats the best strategy for gold
How long u hold the pair
Best strategy for the gold
I entered on the break above the high of the red bar on the daily a few days back- and will be selling on the first lower low on the daily.
My system on gold is laughably simple and one ive used since 2005.
In not clever enough to use support or resistance, fibs, or indicators.
Gold doesnt seem to mind though, its been good to me.
Ive stressed on this forum many times before systems need to be simple.
I guess many here though cant believe its this simple.
As u said Support and resistance is not the best, so u suggest looking at the news while trading Gold
No i suggest when u see a red day place a buy a few points above the high.
If the next day it triggers ride it until the first lower low on the daily.
If you want to get really high tech then only do it above a moving average.
Its true that right now the stars seemed aligned for a sustained gold rise.
Read as much gold news as you want, follow the gold COT, look at central bank gold demand if you must but look for those damn red daily bars.
Thats all you need to do.
Wow!!! Thanks for the advise it’s really helping. If possible can I have your contact sir?
Hello there ! sorry to bother you, but i just finished my courses yesterday, and this is how im seeing the gold at this moment, what do you think !
Hmm when i say the stars are aligned for gold i dont necessarily mean immediately on this move.
I mean fundamentally gold seems supported. A sustained gold move could last the next five years.
I have no idea where were going over the next month, i just raise my stops until the market takes me out.
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Humm, alright then, Hopefully everyone will make some profit !
That said Gold does seem to have taken out a weekly gold pivot - which im sure means something to somebody.
What i do know is this: when gold starts to perk up which it does from time to time with leverage lots of money can be made.
If you sort your systems now when were in the early stages of a gold bull you can do well.
Gold tends to peak aroun May. Often going parabolic, big gains can be made in the last few weeks.
You know what ahahah, i just checked what you just said about the gold getting bearish around may, and apparently for the last 2 years it was the case ! , so i guess since im already in , i’ll wait for the trade to breakeven or a couple of pips in profit because why not and then i’ll readjust it, but surely its a long term bullish ride !!
Easy there tiger.
Dont be turning a trade into an investment, particularly on what i just said.
At least add some trailing stop loss should things go awry!!
Hhahaha i guess you can see that i just finished my courses yesterday, still have that newbie instict haah but thanks i’ll keep the trade on !