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Gold futures day trading system
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Gold futures day trading system

  #1 (permalink)
Trading Apprentice
Vancouver, BC, Canada
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Interactive Brokers
Favorite Futures: GC, ES, CL, ZN, EUR
 
Posts: 10 since Feb 2012
Thanks: 4 given, 1 received

Gold futures day trading system

For trading GC futures intraday, would a daily+weekly+volume profile support / resistance type of system work well?

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  #3 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Intermediate
Platform: Ninjatrader
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I hate to be rude, but that isn't much of a system by itself.

VP/MP gives you a reason to enter, NOT a direction. Just because price moves into a market profile determined level doesn't mean you should automatically trade the opposite direction, which is what I assume you would do with no other information.

Here is an example of a workable system based on MP:

1. Establish significant levels based on daily and weekly MP, mark your charts.
2. Wait for price to APPROACH one of the levels.
3. Based only on the NAKED chart (chart minus ANY indicators), ask yourself what a 6 year old would do at that level (long or short?)
4. Identify the last obvious swing high/low. If you think the 6 year old is going long, then at or slightly below the last swing low is where their stop is. If they are going short, then look for the last swing high.
5. If price breaks the level and creates a new swing high/low without running their stops, then you have continuation: trade accordingly with a stop at their level; if their stops get taken out and a new swing high or low is formed, you have a possible reversal: trade the appropriate direction with a tight stop (tight because reversals are incredibly difficult to accurately identify).

THIS is a "system". It only uses your MP indicator, is moderately mechanical, and can actually work on any market.
Without rules based on market dynamics you don't have a system, you have a signal that will give you the right direction less than half the time and not tell you where to logically place your protective stop.

I apologize if you already have other rules but left them out, I'm not trying to insult your intelligence, just trying to help.

My suggestion to you is to learn market microstructure/order flow and market psychology before developing a system. Without these key elements you'll be like every other grail seeking newbie from whom I and my compatriots take money.


Last edited by spiderbyte87; March 14th, 2014 at 12:44 AM. Reason: clarity
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