I want to know how you guys trade it. I know gold is highly based on fundamentals, but I want to know how some guys scalp in smaller time frames like 15 min or 1 hr. What are the confluences you use, or is it just simply break of structure or other stuff?
I don’t scalp gold; I’ve been bitten too many times. I only trade it when there is a clear trend, wait for a pullback to a distinctive level, and hold for a few days to a week.
Leighton said:
I don’t scalp gold; I’ve been bitten too many times. I only trade it when there is a clear trend, wait for a pullback to a distinctive level, and hold for a few days to a week.
That said, I’m only a break-even trader overall, so take what I say as just someone else’s experience, not advice.
Gambling.
Frankie said:
Gambling.
Hmm, I see. I can only lose 100% of my capital, but there are possibilities that I can gain 1000%.
Frankie said:
Gambling.
Hmm, I see. I can only lose 100% of my capital, but there are possibilities that I can gain 1000%.
If traded randomly, the probability of losing 100% of your capital is 90.9% and the probability of gaining 1000% of your capital is 9.09% (assuming there’s no broker fee). If traded non-randomly, it’s 0% and 100% respectively.
Frankie said:
Gambling.
Hmm, I see. I can only lose 100% of my capital, but there are possibilities that I can gain 1000%.
Never related so much. Many just use supply and demand like rally base drop or drop base drop and just full port and turn 50 to 3000. Never try that shit; it only works in those videos. I’m thinking about learning everything about fundamentals and then combining them with technicals and swing trade. Makes sense and is less stressful; you just need at least 25k funded.
@Reese
What’s your alternative to finding an entry? I’ve used the Fibonacci tool successfully before, but it’s always just small, making money off small movements.
Same as anything else: price action.
Tan said:
Same as anything else: price action.
Here is the answer!!! PRICE ACTION IS THE BEST ON GOLD. Gold loves to fill out ranges; I scalp wick fills on gold.
I stopped trading it. I get whiplashed and stopped out most times, then it goes in my direction.
Hey, I use the 4-hour chart and look at Ichimoku for support and resistance.
Supply and demand, Quasimodo levels… trend continuation trades mostly, very few reversal trades means I mostly buy gold.
During the New York session,
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Rejection of the previous day NDOG
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Confluence from the first or last FVG during the Judas swing
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IFVG from any peak or valley
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Wait for a retracement into the OB or breaker block to confirm entry.
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Target BSL/SSL sweep for profits (ranges for your certain R:R range. Generally 1:3)
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Rinse & repeat.
I’m not that good at all, but…
Daily bias and then just look for FVG.
Always trade towards the bias, and I try to do 1:2 RR minimum.
Again, I am not that good, haha.
Teo said:
I’m not that good at all, but…
Daily bias and then just look for FVG.
Always trade towards the bias, and I try to do 1:2 RR minimum.
Again, I am not that good, haha.
Stop trading FVGs; it doesn’t work well in trending markets. FVG works best in ranging markets.