60 min Flow in International Commodities.
- Thread starter dnjadeja
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Prabhjeet..even i mistakenly went long and now paying for it.....but in gold it is all about pivots and just waiting and waiting and being lazy....so ideally even in those crazy downmoves, you should use WRB's or some other points as only stops to protect profits and not really reversal points....
I've traded with neeraj and we experienced these things before many times but i think it still haven't learnt from my mistakes...chalo either way....now im just going to hold for however much longer i could as the gold is still in a secular bull phase...
I've traded with neeraj and we experienced these things before many times but i think it still haven't learnt from my mistakes...chalo either way....now im just going to hold for however much longer i could as the gold is still in a secular bull phase...
This for me is Trade 2......we already shorted and exitted our very profitable longs at 15762-f.And added at 15632-f......The add came on a WRB BBF Breakdown from an area of Support.Yesterday's move screamed back up testing that same area which now is resistance.
Stops using the 2 bar method but ignoring the tiny bars,as we are playing the big moves............By the end of 24th Feb,stops moved down to high of 9pm bar.25th Feb:2nd Bar to new lows,moved SAR to high of 10pm bar+f......This is also that area of strong resistance that should not get taken out.Also,my preoccupation is with letting this move play out as long as possible.My focus is not trying to catch the few hundred point moves..........focus is in allowing the trade to run its course.Makes sense that a move above that resistance and one can comfortably hold longs.
The area does not get taken out.........and a gap down the next day.Stops are still at the same point.If it triggers,mild losses,but one knows that one went with the flow.There should be no regret that one let 500 pts disappear!Such is the nature of this method in its earliest form.......... stomach required,thinking not too much.
New lows from here,is add point no.2.......and then stops are finally brought down to the high of yesterday.
All the best!
Saint
Stops using the 2 bar method but ignoring the tiny bars,as we are playing the big moves............By the end of 24th Feb,stops moved down to high of 9pm bar.25th Feb:2nd Bar to new lows,moved SAR to high of 10pm bar+f......This is also that area of strong resistance that should not get taken out.Also,my preoccupation is with letting this move play out as long as possible.My focus is not trying to catch the few hundred point moves..........focus is in allowing the trade to run its course.Makes sense that a move above that resistance and one can comfortably hold longs.
The area does not get taken out.........and a gap down the next day.Stops are still at the same point.If it triggers,mild losses,but one knows that one went with the flow.There should be no regret that one let 500 pts disappear!Such is the nature of this method in its earliest form.......... stomach required,thinking not too much.
New lows from here,is add point no.2.......and then stops are finally brought down to the high of yesterday.
All the best!
Saint
what i hav seen is that gold always gives clear pivots after some patience to reverse.............
these tiny pivots which we r used to trade in nfty and stocks are of no use here......
only the major pivots....
prabhjeet ur rsi indicator works perfect here....and major pivots gives reversals only.....
the pivot we used i.e. last bar of 24 was a pause in fall...not a retracement.....and ur rsi indicator states dat clearly....this indicator helps in case of flags even...and sideways movement.....it helps us avoid many unnecessary trades......which we will always do if we r not cautious......
a good retracement gives reversals...which we witness in major pivots......
rest we can use minor pivots to book some profits.....as gold gives big moves.....
regards
neeraj
these tiny pivots which we r used to trade in nfty and stocks are of no use here......
only the major pivots....
prabhjeet ur rsi indicator works perfect here....and major pivots gives reversals only.....
the pivot we used i.e. last bar of 24 was a pause in fall...not a retracement.....and ur rsi indicator states dat clearly....this indicator helps in case of flags even...and sideways movement.....it helps us avoid many unnecessary trades......which we will always do if we r not cautious......
a good retracement gives reversals...which we witness in major pivots......
rest we can use minor pivots to book some profits.....as gold gives big moves.....
regards
neeraj
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