fxtrader66
Long

Gold buy off of measured move

FX:XAUUSD   Gold/U.S. Dollar
381 26 1
Gold             should bounce off the 1305-1307 level off a measured move of triangle breakout and 50% fib from june low to august high. Strong daily close below this level and price could head down to the 61.8 fib at 1277
isomorph
3 years ago
there is no 'should' in trading gold. ;)
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fxtrader66 isomorph
3 years ago
You're correct, it can do anything it wants, that's why one has to observe support or resistance before entering any trade.
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isomorph
3 years ago
agreed. i also agree we your assessment too, that it's heavy and it's down to the level you identified before it goes up again significantly, unless, of course, we get some market moving news.
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alex.a isomorph
3 years ago
I questioned what the news was for xau.usd to plunges down. So, I asked below. Now, I got it. There was words around Tapering might be done on October ---
Oh, my God -
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alex.a
3 years ago
To Isomorph What was the news that plunges the gold in Europe Market?
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alex.a alex.a
3 years ago
I got it. There was words around Tapering might be done on October ---
Oh, my God -
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isomorph alex.a
3 years ago
oh sorry, didn't get notified that you posted a comment. TV is still buggy, it seems. honestly, i don't think it is so much this piece of news that 'caused' the move today, but rather the somewhat better economic #s coming out of the US, which leads many to believe that the Fed will have little choice but to taper. that being said, it doesn't mean it's got to happen in October by any means. personally, i just completely ignore the news and use the contextual parameters with which i frame the price action to decide when to buy or sell. sometimes, i trigger on M1/M3/M5 for 20 to 70 pips. reload and do it again in the same session. or let it run at news time for a couple 100 pips. either way, there is way to make some $.
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alex.a isomorph
3 years ago
with my limited brain, I know one thing I don't understand. Would you please let me know what is the contextual parameters???
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isomorph alex.a
3 years ago
don't even think that because if you believe it, then it becomes reality. we all have the capability to do this properly. for ex, the turtle experiment. now, as regards my 'contextual parameters,' what i meant by that is the set of studies and overlays i use to frame price action and thus define a PA (price action) context that makes sense to me. not always right of course, but personally i can't trade off naked charts like some people do.
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alex.a isomorph
3 years ago
What kind of context that usually makes sense to you? to enter either buy or sell
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isomorph alex.a
3 years ago
hold on. need to monitor my long.
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alex.a alex.a
3 years ago
Today US market I'm very sure consumer confidence won't be beautiful. Then it would shoot up, right? But somehow in this mode, it will go little up and then plunges again?
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alex.a alex.a
3 years ago
I forgot again, you don't watch fundamental... ><
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isomorph alex.a
3 years ago
np. i have a system for scalping and 1 for H4/daily TFs. so by context, i can only say you have to find your own system that makes sense to you, trial & error. pls understand i can't reveal mine. good luck.
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alex.a isomorph
3 years ago
If US data is not too bad toward tapering, then why USDJPY also plunged??? It should shot up to the sky... isn't it?
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isomorph alex.a
3 years ago
honestly, i don't know. i am not a fundamental trader, only technical. it just shows what i always felt about this market: irrational and logic does not apply. ;)
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