Technician
Long

(J) Trade 15 : Long Gold on Risk Aversion #forex

FX:XAUUSD   Gold/U.S. Dollar
7740 91 111
Update 2: Stopped out
Profit= - $800
Balance= $29 617

Update: I added 0.2 lot to position at at 1168.00. Full position = 0.8 lot. For just below 3% risk of balance.

===========================================================================
Trade 15: Bought XAUUSD             @1171.00
Trade Status: Active
S.L @ 1160.00
T1 1187.00
T2 1200.00

For $30 417 Balance, Position size = 0.6 lot ~ 2% risk of capital

For who need more explanation:
Balance= $30 417
2% x 30417 ~~ $608
Each tick in gold             is equal to $0.1
For each mini lot or 0.1 standard lot , each tick Equals $1
My stop loss is 11 dollar = 110 ticks.
$608/110= 5.5 mini lots OR 0.55 standard Lot. I have chosen to make 0.6 lots in my trade.
===========================================================================
Reasoning
  • Support area
  • Multiple rejection as clear on chart through pin bars
  • Descending support for wedge
  • Bullish divergence on RSI
  • Negative sentiment surrounding markets, may support safe haven demand.

Don't forget to click the Thumbs Up
Wish me luck and best of luck for everyone.

For Trades rules and guidelines follow this link
Journey to 100 Trades: Rules and Guidelines #forex


My best regards
Technician
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My live trades here https://telegram.me/joinchat/DgsnQ0FzifLqyI2YAoMqqQ
ChetanFX
a year ago
Looks good Technician..
Reply
mantasg
a year ago
good trade but targets to small specially if we see long waited dip at stocks across world
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Technician TOP mantasg
a year ago
:) . Possible. But i am looking for a short term trade.
-1 Reply
Jahid
a year ago
Nice Call Boss
Reply
Thanks
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cipri.blaga
a year ago
i`m in! nice setup
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AngelO
a year ago
nice setup. What do you mean by the trade is active, did you already enter long, or is it a pending order?
+3 Reply
Technician TOP AngelO
a year ago
I entered long already.
-1 Reply
AngelO Technician
a year ago
Ah ok. because usually you alert before it triggers. i guess i'm going to pass on this one and wait for the next setup.
+3 Reply
Technician TOP AngelO
a year ago
Yep, sometimes i don't have a chance to put a pending order.
-1 Reply
iznogood
a year ago
i put limit order, GL!
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apol233
a year ago
I think this is the best and safest trade of the week both fundamentally and technical! best of luck for all of us.

I entered long Last week @1,160.00

Thank you Technician as always.
Reply
DrG
a year ago
Nice setup. Long gold. Thanks.
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Eric_Noah
a year ago
May I know how do you come out with the position sizing?
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Technician TOP Eric_Noah
a year ago
Sure...

Balance= $30 417
2% x 30417 ~~ $608
Each tick in gold is equal to $0.1
For each mini lot or 0.1 standard lot , each tick Equals $1
My stop loss is 11 dollar = 110 ticks.
$608/110= 5.5 mini lots OR 0.55 standard Lot.
+2 Reply
Eric_Noah Technician
a year ago
Thanks for sharing your knowledge!
Reply
Technician TOP Eric_Noah
a year ago
You are welcome.
+1 Reply
gunne821
a year ago
Probably not a bad move to add some gold here.
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Update: I added 0.2 lot to position. Full position = 0.8 lot. For just below 3% risk of balance.
-2 Reply
Technician TOP Technician
a year ago
at 1168.00
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Nice setup! Very good explanation. I already bought. I was not sure in may trade. Thank you Bro. Best of luck for you
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TahirAli
a year ago
I just got entered by a market order @1169.00 as I saw this post late.
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Technician TOP TahirAli
a year ago
Good luck to you.
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TahirAli Technician
a year ago
Thanks and same to you.
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VRShaiju
a year ago
Good Morning..! I just saw your post. But I entered short @1174 when market open. Looking for a target of 1156. Here is my chart setup.

snapshot


I moved my SL to entry after I saw your setup. Best of Luck Sir..!
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VRShaiju VRShaiju
a year ago
Well I exited Sir. @1162. No guts to hold more..!
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Tijmen_K
a year ago
nice trade technician lets hope for some more luck on this one ^^ good luck!
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No_more_Post
a year ago
Nice , but you post after the price up 33 Pips,
+1 Reply
richbautista30
a year ago
Sir Pls. Enlighten Me on this. Why are you using CLOSE on your RSI. what is the difference with using high instead..Also what could help me identify if this could be a trend continuation or a Larger Reversal. TY in Advance
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Dinkan
a year ago
Thank you! Following the trade!
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devinchi
a year ago
sorry technician we all know how good you are but i dont agree with you on this one,it should be short all the way to 1155,am a big fun of yours just incase.
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divinem3 devinchi
a year ago
enjoyed the short?
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Why do people always say good luck? If you rely on luck to make money then you will find yourself broke.
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Tijmen_K david.cummins.581
a year ago
because : goodluck = wishing them the best outcome... please...
+1 Reply
david.cummins.581 Tijmen_K
a year ago
but thats not what 'good luck' means.
Reply
Tijmen_K david.cummins.581
a year ago
Why are you complaining anyway?
Reply
david.cummins.581 Tijmen_K
a year ago
Because if people keep wishing and hoping for luck then they wont have any long term survival in the market.
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VRShaiju david.cummins.581
a year ago
OK, Wish them " Green PIPS ". Is that sounds better?
+3 Reply
glennjoy1 PRO david.cummins.581
a year ago
Lets quantify luck...Luck is the component of a transaction where the outcome is indeterminable. Trading has that component like it or not. eg what is the probability of flipping a coin and getting heads or tails...you say 100%. Is it really? what if it lands on it's edge! You say what is the chance of that? I say I don't really know but luck has it that it will be very unlikely. Lucky hey!
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pmks1 david.cummins.581
a year ago
David, i completely agree with you .... in my opinion trading is the "science" of making a strategy so that you are able to exclude the element of "luck". That has been my goal for the last 5 years .... "Nothing beats luck" so to say, but we cannot use that as a component in forex ... :) ... hence forget the phrase "good luck " ... ;-)
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david.cummins.581 pmks1
a year ago
well said.
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riskmode TOP david.cummins.581
a year ago
Because they're buying off a 4 hour chart in a downtrend. They're going to need all the luck they can get.
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TahirAli riskmode
a year ago
snapshot

Technically you are right as this thing is still below the downward trend line but since its holding the support well chances are high that it will break out of this wedge in upward direction.
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riskmode TOP TahirAli
a year ago
Everything is always holding some support at any given moment. This is a terrible trade setup. The only place it would have made sense to buy this would have been on the 113 shark. His entry price is off a middling rsi. Never enter a trade when RSI is in the middle. The SL is about as arbitrary as it gets as well. If price does tick down to 1160 and stop you out nothing has changed about the structure. The only thing that has changed is you've lost your lunch and now price is more likely to go up.
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TahirAli riskmode
a year ago
I entered into this trade because of this beautiful hammer making a bear trap.Look at its long lower shadow showing intense buying at this point.I will be really surprised if the low of this hammer is violated but this is trading.Lets wait and see.
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apol233 riskmode
a year ago
I am eating lunch while I watch gold go up, funny isn't : ) I hope you didn't short.
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riskmode TOP apol233
a year ago
I didn't short. Like I said you don't enter trades when RSI is in the middle.
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TahirAli riskmode
a year ago
Hey bro please stop paying attention to these stupid indicators.They have made millions bankrupt before.
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riskmode TOP TahirAli
a year ago
They also have made those of us who use them correctly very wealthy.
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apol233 riskmode
a year ago
Remember fundamentals are also key, Greece and no fed hike this year.
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Technician TOP apol233
a year ago
Yep agree, some ppl use indicators, but some do not. everyone has his own approach.
-1 Reply
Technician TOP apol233
a year ago
Yep agree, some ppl use indicators, but some do not. everyone has his own approach.
-1 Reply
riskmode TOP apol233
a year ago
I'm not saying never buy xauusd under any circumstances. I'm saying buying at 1171 has a much lower probability of success than if you bought on the 113 shark 4 days ago. All the same fundamentals were the same then as they are today.
+2 Reply
riskmode TOP riskmode
a year ago
To anyone who is in this trade I would recommend closing it right now, kissing then ground, and saying a prayer of forgiveness. You have just been taken to the edge and made it back.
+2 Reply
cajimbi TahirAli
a year ago
Long Term Gold Idea
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david.cummins.581 riskmode
a year ago
Most of the trades here are pretty solid. But most of the traders here just follow blindly tbh and don't have there own solid analysis.
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cipri.blaga
a year ago
it`s kind of going in the wrong direction
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TahirAli cipri.blaga
a year ago
Sorry but I have to dis agree its not going down but its holding its support well.
+1 Reply
AdamFx42
a year ago
Here you go:
https://dl.dropboxusercontent.com/u/95660193/Gold.JPG

Trading Central agrees with you
Reply
I am totally happy and have no issue with everyone posting different view. Thanks for your contribution for the learning process, as long as there is no disparaging or be-littleing of the author's idea, either me or anyone else on tradingview. Please keep the discussion constructive and clean, be open-mined to different views even if you see it wrong, sometimes I will be wrong and sometimes you will be. Good luck to everyone: For me , good luck is a positive phrase, as a man of faith, i believe in positive energy. Respect.
+32 Reply
timwest PRO Technician
a year ago
Nice work Technician. Many services charge $300/month or more for this level of service you are providing for free here at TradingView. Everyone should be gracious and thankful for your dedicated efforts. Well done.
+20 Reply
Technician TOP timwest
a year ago
Much appreciated Tim :) .
+10 Reply
AshleyWeyers timwest
a year ago
Completely agree
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Ghostrider7 Technician
a year ago
I totally agree with you Technician. ^_^
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Casey_Yeo Technician
a year ago
Keep it up mate. There will always be haters. Haters are like those dogs which bark at anything.
Like you said, there should be constructive discussion instead of attacks/stepping down on others' ideas. If agree, click like to the idea. Otherwise, post your views nicely or move on.
Good luck on this, mate.
Reply
In every chart, i am forced to re-iterate that this is my trading journey, and i never told anyone that i am sure it will be a success. Neither recommended anyone to take my trades. So Again, i am saying this, if you like it follow it, if you dont just dont follow it.
+12 Reply
pezq PRO Technician
a year ago
Here is where Gold reversed to the upside
snapshot
-1 Reply
TahirAli Technician
a year ago
Very well said.I can understand your feelings.Looks like some people here have turned strongly against you.As soon as you post a trade right away they start writing against it and as soon as the trade starts heading against the analysis (which is very normal),they start bashing the trade.I myself have also become sick and tired of these haters.May God provide them some wisdom.
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RiccardoAnnoni
a year ago
Hi mate, lets welcome Indian weddings!
Plus grexit and the dow looking not-so-strong could push gold above 1200.
Here a nice read.
Cheers
Riccardo

https://www.fortressgoldgroup.com/why-right-now-is-the-best-time-of-the-year-to-buy-gold/
Reply
Technician TOP RiccardoAnnoni
a year ago
Thanks, will read this.
-4 Reply
Bankster RiccardoAnnoni
a year ago
expect a final shake-out before huge up move
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RiccardoAnnoni Bankster
a year ago
yep. hold on to your tree folks.
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FXMONA
a year ago
stop loss hit
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cipri.blaga
a year ago
SL hit here to
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riskmode TOP
a year ago
Does this mean all those downvotes I got go away? Keep in mind I said this was a poor setup when the price was going up.
+3 Reply
iznogood
a year ago
my platform don't hit 1160, still active.
-3 Reply
iznogood iznogood
a year ago
sl hit
-1 Reply
No_more_Post iznogood
a year ago
It was finished, try another trade.
-1 Reply
No_more_Post No_more_Post
a year ago
I said the truth, no meaning to say unlucky.
-1 Reply
devinchi
a year ago
Technician i want to use this opportunity to thank you for your effort here,i know how much i have made following you and i have all so learnt a lot from you so please keep posting as some of us here knows your worth, and you do it for free cant thank you enough ,God bless u,
+3 Reply
exilate PRO
a year ago
Thnaks
Reply
reteid2222
a year ago
Your setups here have very a very good qualtity!
Three things are clear:
- Not every setup is successful
- Not every setup is suitable for every trader
- You can t find the optimal entry point
So thanks very much for you work and for that what we can learn from you!
Reply
cajimbi
a year ago
Long Term Gold Idea
+3 Reply
TahirAli
a year ago
snapshot

Guys if you remember I explained you that in our last trade (AUS/USD) I had not one but three chances to re enter into the trade and recover my loss once I got stopped out but I was low in confidence so that I couldn't dare.This time it was not the case.Using polarity principle (which is when a strong support breaks it turns into resistance) I re enter @1157.00 as short and recovered almost all my loss as my target just got hit.
I am mentioning this only because of the point that if you are stopped out of a trade this is not the end of the world so never lose your heart.
Happy trading for all.
+2 Reply
tcas
a year ago
Now still good time to take a trade. Buy gold so 1140 tp1200
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tcas tcas
a year ago
its time to look for sell
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andrein
a year ago
any point entering the trade again, after the SL?
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Tijmen_K andrein
a year ago
i think gold is on a down trent right now.
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riskmode TOP andrein
a year ago
buy at around 1136
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tcas riskmode
a year ago
Agree. Good price for buy.
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TahirAli
a year ago
Looks like that strong downward trend line is still playing its role as price got pushed back from it again.
A close above this trend line is required for the bulls to come into action.
snapshot
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