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NTrading "Gold Journal"
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NTrading "Gold Journal"

  #1 (permalink)
Trading for Fun
Chicago Illinois USA
 
Futures Experience: Intermediate
Platform: MotiveWave , TradeStation
Favorite Futures: Crude Oil, 30-Year Bond, Gold, EminiS&P
 
Posts: 121 since Mar 2017
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NTrading "Gold Journal"

Yesterday GC attempted to break above its prior day high, where it found responsive sellers. GC failed to also break and hold below it's lows. GC closed around its mid.

Overnight GC attempted to break below its lows where it found responsive buyers.

Looking at larger time frame, GC daily is trading in a bullish "A-B-C" pattern.

Heading into the open, I am bullish to neutral. GC may be short-term exhausted showing signs to attempt to go lower. Yesterday also had divergence on the 30 min RSI. I will be looking for intrady patterns, failed reversal attempts, or reversals supported by divergence.

The Eco calendar has news at 7:30 and 8:45

at 8:05 I placed a Long trade 1245.3, trading a "cup and handle" on the 5 min chart, targeting 1249.5 and 1251.6
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  #3 (permalink)
Elite Member
Johor, Malaysia
 
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Thanks for sharing.

What's your normal stop loss?

Sleep well, Eat Healthy, Breathe...
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  #4 (permalink)
Trading for Fun
Chicago Illinois USA
 
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Platform: MotiveWave , TradeStation
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It depends on your risk parameter. I use a percent risk formula, meaning I will risk a certain percentage of my account and adjust the number of
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  #5 (permalink)
Trading for Fun
Chicago Illinois USA
 
Futures Experience: Intermediate
Platform: MotiveWave , TradeStation
Favorite Futures: Crude Oil, 30-Year Bond, Gold, EminiS&P
 
Posts: 121 since Mar 2017
Thanks: 3 given, 50 received

Day Summary:

Ending the day early (Friday), will resume April 2nd/3rd (taking this coming week off)

GC balanced (handle) at the open and waited for the other markets to open. The 30 min RSI supported a long entry. GC broke balance to the downside, where it found responsive buyers active at the active mid, VWAP, and prior low. The "cup and handle" pattern on the 5 min continued to play out where it balance around yesterday's midpoint.

Closed position 11:08 @ 1248.1 GC came within .5
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  #6 (permalink)
Trading for Fun
Chicago Illinois USA
 
Futures Experience: Intermediate
Platform: MotiveWave , TradeStation
Favorite Futures: Crude Oil, 30-Year Bond, Gold, EminiS&P
 
Posts: 121 since Mar 2017
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Gold Prep for week 4/3

Overview/Thoughts for this week:
GC is trading in a sideways range. Daily resistance zone above 1260-1263. Fib confluence below at 1229-1232

Looking closer, GC has minor support around the 1248-1250 area with better support found around 1238. If GC breaks below 1238 buyers could be active at 1230-1232
If GC finds support, sellers can still be active at 1260-1263. If GC breaks above that zone, GC has some room for continuation up to ~1275 and ~1286

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  #7 (permalink)
Trading for Fun
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Posts: 121 since Mar 2017
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Trade Plan 4/3

Recap: Friday GC found responsive buyers active at ~1242. Failure to stay outside of its prior days low brought in more buying.

Overnight: GC found sellers at ~1252, Fridays high, where it then found support around Friday's mid point ~1247.

Heading into the open, I am neutral. GC may have to trade lower to find responsive buyers.
Initial support can be found at overnight low, minor support at ~1242 and then ~1238 where GC may be short -term exhausted.
To the upside, initial resistance can be found around 1249-1251. A break and hold above initial resistance there is minor resistance at 1253.5-1255 and then larger resistance at 1261.5-1263.5.

The Eco calendar has news at 8:45 and 9:00 that could bring in volatility.

No immediate trade opportunities yet


Last edited by NTrading; April 3rd, 2017 at 08:08 AM. Reason: typo
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  #8 (permalink)
Trading for Fun
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GC is balancing below 1249-50 where sellers are active (also 24hr mid.)
This will serve as short-term bull/bear zone
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  #9 (permalink)
Trading for Fun
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Futures Experience: Intermediate
Platform: MotiveWave , TradeStation
Favorite Futures: Crude Oil, 30-Year Bond, Gold, EminiS&P
 
Posts: 121 since Mar 2017
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4/3 Recap

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  #10 (permalink)
Trading for Fun
Chicago Illinois USA
 
Futures Experience: Intermediate
Platform: MotiveWave , TradeStation
Favorite Futures: Crude Oil, 30-Year Bond, Gold, EminiS&P
 
Posts: 121 since Mar 2017
Thanks: 3 given, 50 received

Trade Plan 4/4


Overnight GC found continued buying off the 1254 zone and is trading outside of yesterday's range. Sellers are active at 1261.3-1262.1 larger time frame resistance zone

Heading into the open, I am short-term bullish/neutral.

Initial resistance is at 1263.5-1264.2. A break and hold above that brings in 1265.9-1267 and 1270-1270.9 where GC can be short-term exhausted

Initial support can be found at 1261.3-1262.1. Be low that support zones are at 1259.4-1258.7, stronger support at 1256.5-1255.7, 1254-1253.4, and 1252.3-1251.5.

On the Eco Calendar there is news at 7:30 and minor news at 9:00
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