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CL & GC Day trading use Indicators, Price action and Fibonacci

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CL & GC Day trading use Indicators, Price action and Fibonacci

  #31 (permalink)
Experience: Advanced
Platform: Investor/RT and TT XT
Broker: DTN IQFeed, Rthmic, TT-NET
Trading: Energy Futures
BTR411's Avatar
Posts: 222 since Mar 2013
Thanks: 196 given, 1,179 received

Good to see you are still grinding things out Mike!

Panda Warrior had made some great points and suggestions.

You definitely seem to be fighting the overall trend and the trades appear to be indecisive, like shorts immediately followed my longs or vice versa, That is great if you are scalping, but I don't think that is what your goal is.

A 10-15 minute chart will help to clear things up in regards to the medium term trend and direction.

Like PW said, you are trading against the trend by trading into the moving averages (ie. trading into resistance) as opposed to trading away from and then back to the moving averages (a sort of reversion to the mean).

On the divergences, you are trading without "follow through" from the MACD...meaning the MACD many times has not flipped over the moved strongly in the direction of your trade. Other times, you are trading against the momentum divergence (annotation in your chart below). Also, it is helpful to look where the stochastic are in terms of OB/OS levels. Keep in mind, the stochastic are telling you where we currently are in the price range over the past X number of bars.

Gold can be a very tough chart to trade. I will usually trade it only a few times a week when the choice setups are there (especially on big news days like FOMC). This can go back to the "rules" people have mentioned. Even discretionary traders have rules and a firm idea of EXACTLY what they are looking for on a chart. If the setups are not there, then you don't trade. Sometimes the best trade is no trade. Why? Because that was the only trade.

Good trades take a fair amount of time to develop and play out over the course of the day. Try to get the direction of the move and looks for signs of strength or weakness.

The chart tells all and is the only thing that matters. The news, what the price did yesterday, this morning, etc. is all irrelevant to what is going on right now in front of you!

I annotated some of your charts below, hope it is helpful. If you have any questions, just holler.

If you can keep your wits about you while all others are losing theirs, and blaming you....The world will be yours and everything in it, what's more, you'll be a man, my son. - Kipling

Last edited by BTR411; September 16th, 2013 at 08:35 PM. Reason: correction
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