FX - Trading the Daily's

[adityasaraf007]

Ah...... it's quite commendable..... In Gold, last week we had a crossover of SMA9 over Middle BB and you didn't take a Long Trade on it due to reasons mentioned earlier..... And it gives a fall of over 9% from that levels....

Now that we have a Green Candle after Lower BB had been pierced... and the next candle (ie; Today's Session) does take out the high of this Green Candle.... won't you go Long over here..... Or, do you still maintain 1477 as the Level at which you would initiate this Long trade....

BTW, it presently has to face the resistance from 1600-1620 zone which provided a strong support during Sept-Oct this year....

Hopefully, this post won't create confusion for others......

 

[SavantGarde]

Hi Aditya,

Am I glad..!!! You remembered the old rule......If executed... will explain it to others....Order is For Today Only.

GOLD - Daily

By The way Resistance would be @ 1644..ish Levels...a little higher than the level you mentioned...

SG

 

[SavantGarde]

Update To The Below Posted Chart Of Limit Order

GOLD - Daily

Rule For This Entry Is When The Lower BB Is Pierced & The Bar That Comes Immediately After The Piercing & Is A Green Bar, One Initiates A Long Entry & S/L For This Entry From The Day Of Entry Would Be The Low Of Piercing Red Bar Which In This Case Is 1563.40 To Be Placed ONLY Next Day After Entry.

Once This S/L Survives On The Next Day After Entry...It Shall be Adjusted Every Day.....Will Illustrate It In Real Time After Monday Session Ends.

SG

 

[adityasaraf007]

Great.... order filled and it's moving in our favour....

Now... if you could also explain how did you arrive at the figure of 1644......

One more thing.... as the low of yesterday is just a little lower at 1560.19.... And suppose, Gold takes a ride to 1560's on Monday...... won't you feel compelled to move the Stops a little down with a filter to 1560..... I am asking this because we are trading the Daily TF and it might give an Intraday Spike against our position....

Take your time, you have the whole December weekend to enjoy......

 

[summasumma]

Update To The Below Posted Chart Of Limit Order

Rule For This Entry Is When The Lower BB Is Pierced & The Bar That Comes Immediately After The Piercing & Is A Green Bar, One Initiates A Long Entry & S/L For This Entry From The Day Of Entry Would Be The Low Of Piercing Red Bar Which In This Case Is 1563.40 To Be Placed ONLY Next Day After Entry.

Once This S/L Survives On The Next Day After Entry...It Shall be Adjusted Every Day.....Will Illustrate It In Real Time After Monday Session Ends.

SG

When you say that lower BB is pierced, i assume that the close of the bar is completly below lower BB? is that correct? or even piercing by making big lower line of the bar also should be considered?

Thanks,
...summasumma

 

[hills_5000]

Piercing is not done by the body...but can also be by an appendage

When you say that lower BB is pierced, i assume that the close of the bar is completly below lower BB? is that correct? or even piercing by making big lower line of the bar also should be considered?

Thanks,
...summasumma

 

[SavantGarde]

Hi Sanjoy,

Re-posting the same Chart.

Thought process behind the Short Limit Order was as follows:

1) Bollinger Band Deviation of 3 pretty much way out of whack from mean...considering it had already pierced in the previous few bars.
2) Was expecting to spike up and then go down...Hence The Short Sell Limit Order was set as seen on the chart below.
3) Order wasn't filled and had a nice down spike yesterday (Friday)

Order has been cancelled & will now look for going Long once the 'Opportune Shorts' of the last few bars are neutralized.

Carefully chosen Trades on the extremes of BB is usually well rewarded....Just that It didn't execute this time.

USD/CHF - Daily

SG

 

[SavantGarde]

Damn... Swap for Gold has increased from $50 to $150... Shocking....!!! Will require re-assessment of this open trade.... Abhi doosra kuch nahin soojha tha...

SG

 

[abhi_neth]

Damn... Swap for Gold has increased from $50 to $150... Shocking....!!! Will require re-assessment of this open trade.... Abhi doosra kuch nahin soojha tha...

SG

Doosra kuch nahi soojha tha. Wanted to put in a commodity to see how it can be traded. Thought what better than Gold. One thing I noticed in currency is that swap is charged 3 times on Wednesday & Friday. So maybe the increase in swap of Gold is rollover charges over weekend. Not sure, just conjecture.

Thx

 

[SavantGarde]

Clever Man Abhi...ofcourse it is what you said.... How stupid of me....!!!

Lagta Hai Yeh Boodha Sathiya Gaya Hai.....

SG

Doosra kuch nahi soojha tha. Wanted to put in a commodity to see how it can be traded. Thought what better than Gold. One thing I noticed in currency is that swap is charged 3 times on Wednesday & Friday. So maybe the increase in swap of Gold is rollover charges over weekend. Not sure, just conjecture.

Thx