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Trading GC For Dummies
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Trading GC For Dummies

  #1 (permalink)
Trading Apprentice
Los Angeles, Ca United States
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: ES, GC
 
TheOwlTrader's Avatar
 
Posts: 12 since May 2013
Thanks: 1 given, 8 received

Trading GC For Dummies

What's up guys, long time lurker here, first time posting. Would like to keep a journal here of my trades, and if it happens to educate some, or make some of you money, right on. I'm actually not alone, I trade with a partner, but he focuses on other instruments. He's currently trading ZC, we really try to not trade more than one instrument.

I feel that focusing on one instrument is what has put me to the place I am now.
I trade a combination of these strategies:

  • Fibonacci retracement levels
  • Regression channels
  • Channels
  • Price formation
  • price action
  • candlesticks
  • Risk vs. reward analysis through the measurement of price
  • multiple time frame analysis


Another part of my strategy is what kind of set up I trade. I prefer to trade instruments that are in the process of accumulation after a large drop. I get attached onto the instrument which can be considered to be in a phase similar to what Wyckoff teaches. I continue to zone in and attempt to stay in the flow of price, and trade it for as long as possible, which is usually until it hits new highs. The first wave up is usually my specialty.

Iv'e been into the markets for 6 years, starting when I was 19. I've had a long path to where I'm at now, and always look forward to progressing and keeping my head down on this journey. I'm 100% self - taught, and wouldn't have it any other way.

When I mean I'm self - taught, I mean completely self taught. Each of the strategies I employ aren't because I've read about them online, I use them because I studied price when I began and I felt the need for whatever tool I use before I knew there was a tool already designed for that. I feel that that was important in me really understanding my strategy. This also means that the way I use my tools may not be "right" by most traders standards. I cannot even tell you if the way I use many of them are the way they are meant to be used, I know I use some completely wrong, but it works for me.

I can be right very often, but as I'm human, I can run into bad streaks and make common psychological errors. Most my downfalls have never been strategy, but have been due to lack of discipline and emotional error.

Now that you a little too much about me, let me get to the good stuff. Periodically I'll go in here and post up research that keeps me in check with my long term views. I'll go over each strategy I use, over multiple time frames. I like to start from as far back as I can price, and ZOOM in like a microscope. Keeping the longest time frame in mind first, all the way down to the 5min.

I'll also probably just start off posting some recent trades, or whatever trade I'm working through and where I expect it to reach. I'm still unsure on how transparent I'll be with my strategy, I may completely give you my whole strat, or just give you glimpses of my S/R. We'll see I guess. blah blah blah, let's get to some charts...


Last edited by TheOwlTrader; April 4th, 2014 at 08:10 AM.
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  #3 (permalink)
Trading Apprentice
Los Angeles, Ca United States
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: ES, GC
 
TheOwlTrader's Avatar
 
Posts: 12 since May 2013
Thanks: 1 given, 8 received


I guess I can't post photos until I've posted 5 times, since I don't feel like spamming up other peoples threads for the sake of posting photos, I'll just reserve these spots for whatever I feel like adding in the future.

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  #4 (permalink)
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Los Angeles, Ca United States
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: ES, GC
 
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Posts: 12 since May 2013
Thanks: 1 given, 8 received

reserved.

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  #5 (permalink)
Trading Apprentice
Los Angeles, Ca United States
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: ES, GC
 
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Posts: 12 since May 2013
Thanks: 1 given, 8 received

reserved2.

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  #6 (permalink)
Trading Apprentice
Los Angeles, Ca United States
 
Futures Experience: Intermediate
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Favorite Futures: ES, GC
 
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Posts: 12 since May 2013
Thanks: 1 given, 8 received

reserved3.

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  #7 (permalink)
Trading Apprentice
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Futures Experience: Intermediate
Platform: TOS
Favorite Futures: ES, GC
 
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Posts: 12 since May 2013
Thanks: 1 given, 8 received

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This is my support that I've pegged gold to swing low at. There's multiple reasons why, whether it be deviation on the channel its creating, fib support, standard risk vs reward, or pattern recognition. Bear with me as I'll get into more detail the more I journal. I just feel like slapping some stuff up before I go to sleep.

This is another chart of how I'm currently navigating GC. Im targeting 1320 as first major target, but I micro trade the moves up most the time, allowing myself tight R/R on plenty of trades. Although some weeks I'll just hold out for the entire swing. This will give you a good idea of what my S/R commonly looks like. Sometimes I'll have different S/R up, mainly what stays is whatever I feel is relative at the time. The more clean and simple I keep it the less foggy my thought process remains.

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I'm currently long 1285 on the bottom wedge. Tomorrow I'll hopefully dump it between 1295-1300. Preferably closer to 1300 if it pans out correctly. I'll add contracts at 90 very soon here.

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  #8 (permalink)
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TheOwlTrader View Post
I guess I can't post photos until I've posted 5 times, since I don't feel like spamming up other peoples threads for the sake of posting photos, I'll just reserve these spots for whatever I feel like adding in the future.

It doesn't quite work that way, you will only be able to edit them for 24 hours I believe.

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  #9 (permalink)
Elite Member
Lehrte, Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: PTP / Rithmic
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tturner86 View Post
It doesn't quite work that way, you will only be able to edit them for 24 hours I believe.

Yep, but he could fill them with some additional charts within that time...

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #10 (permalink)
Trading Apprentice
Los Angeles, Ca United States
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: ES, GC
 
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Posts: 12 since May 2013
Thanks: 1 given, 8 received


No charts but I'm long 97, looking for a nice move up.

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