as per yesterdays bias price held the 1900 price, took a shot at a short lost 1%, volume based bias is pointing to upside as 1925, and 1950 for potential targets first target would be 3:1 RR and second around 9:1. i play it like i see it, dont ever marry a position, dont ever try to be RIGHT, do what the market tells you or you will never end your day in the money, i can take 7 losses and 2 wins in a day and still net profit 2-5% per day.
2-5% per day.. is it for real..
i think you must be using either large leverage or able to take big pips.!
PipGxd_
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@haenge, its all in my risk, i will always start with a 1% risk, depending on my time frame i will go to a 1min 3min or 5min time frame and will add as long as my trade is valid, so if im risking 1% for a 3:1 RR means im risking 1% to make 3%, but now if on small time frame pullbacks i continue to add (only when first position is in the money) then my RR can reach to 5% profit. why im not worried about being wrong, i can attempt 5 trades risking total of 5% and hit one home run with multiple positions and make the 5% loss back, depending on daily market conditions i will scalp each session during the volatile hours. this is for my main big account. then i have smaller amounts in "high risk accounts" where i will over leverage to try and achieve crazy returns off of tight stops and higher risk this is what i guess youd call "fun money" everything comes down to risk.
haenge
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@PipGxd_, its a good strategy as long as it makes money.. if you are using 1-5 min TF, you could probably be in trade for short period of time. Likely you are a pure technical trader. Are you using stochastic to time and enter the trade?
Also, I doubt XAUUSD is a good pair to trade in such short term?
PipGxd_
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@haenge, im in 1-5min simply for stop placement and adding to positions, i base by bias off of a 4hour daily or weekly all depends. i am more of a orderflow trader, gold is good on small time frames as its crazy volatile i mostly trade oil gold and us30
haenge
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@PipGxd_, I lose money day trading so i mostly buy and hold gold and silver instead. Looks like gold is trying to breakout from the down trendline. if it breaches 1930 and able to make a daily or weekly close above that level, I think we are now again in bull run which could lift gold to above 2500.
i think you must be using either large leverage or able to take big pips.!