In my past 2 years of trading, I have been persistent and have picked up two important things. Trading as a means of steady income is not a painful process if you know what you are doing. New traders are at a disadvantage because they do not understand what moves the market and how to react to certain outcomes. I’m going to be trading gold and post my trade examples as to how i trade. Remember you have become part of the market and you can never leave. No matter where life takes you, you will always check the market and always want to continue being part of it.
I trade using only support and resistance Banks control the cash flow. Banks place large orders at support and resistance price levels. My day always begins with me opening my charts and plotting support and resistance price levels. When price reaches S&R level I am ready regardless what direction the market decides to heads. Doing this eliminates the possibility of me shooting from the hip and taking trades that simply should not be taken. Taking trades when the market is ready is the correct thing to do. Taking trades when you are ready is the wrong thing to do. Wait for the setup and execute.
xau/usd important price levels 15/3/10
1214.12
1191.30
1177.10
1154.20
1139.80