myzahid92
Short

is a massive drop coming?

FX:XAUUSD   Gold Spot / U.S. Dollar
gold completing correction pattern

Comments

I apologise for not predicting anything. Me crystal ball was broken beyond repair a long time ago. :))

The probability for Gold - based on hard evidence (at this time) available to all - is for the north, on the Daily time frame (specifically) i.e. the daily trend is for the north. What this means is Gold may have a different set of probabilities on different time frames. None of this is 'advice' even if so construed.

The evidence (in tight summary):
1. Volatile stock markets largely in daily trend south.
2. US-Dollar about to be 'de-dollarized' - hence the 'new gold' standard about to be replaced by the original 'real gold standard', which just happens to be Gold.
3. Probabilities for the US-Dollar heading south over the next year or so, means that Gold is likely to move in the opposite direction.
4. Upsets in bond markets.
5. Quantitative tightening expected to be followed by further rounds of quantitative easing in the USA and globally.
6. Clear signs of an impending recession on our doorsteps globally - expected to be the worst in history since 1931 (based on fundamental and technical data).
7. The rise of electronically transferrable solid gold.

Those requiring reputable evidence-based references to information in the public domain(not constructed by me) may PM me, if they so wish.
Reply
Hi, I am reasonably new to trading and had a few hits and some nice profits, but this XAUUSD is confusing me. you mention correction pattern, does that mean it is going up or coming down and if so how low do you predict? I really appreciate your thoughts on this. Nina
Reply
myzahid92 NINA-XAU
@pinkbabyloo, Hi Nina. first of all great work on getting some profits. I predict gold to go down and continue the down trend but also so many key levels have been broken so there must be a big spike up for a fake out to stop out sellers and spike down to continue going down. when you feel like the markets are manipluated you have to have an extra edge on the market. try putting sell stop order and risk 1/2 % of your account.
Reply
NINA-XAU myzahid92
@myzahid92, Hi thank you soo much for your advise. I have sell on at the mo with massive neg which I am praying it wiill go back down. It went into profit and then flew-up. So hoping and praying. Lol. I really appreciate your guidance. What level would you consider putting a sell stop. I would hold you accountable I just wanted to see if It Is where I would as I am still learning but catching on fast.

Placed already
1276.01
1278.13
1277.08

Regards

Nina
Reply
myzahid92 NINA-XAU
@pinkbabyloo, i would recommend that you close the trades. i scale out my trades when its in profit meaning my stop loss in at breakeven or in porfit and if it comes back and takes me out i wait for the market to show me when the next opportunity is. at the momoent 1280 level seems good but its been consolidating meaning they might take it up even move or could completed change the trend to an up trend, you just never know what the market will do but we can manage our risk. 3 things that are important to me are 1.risk management, 2.trading psychology, 3.technical analysis. please don't hold me accountable rather look int this youtube channel that can help you understand how win in trading. https://www.youtube.com/channel/UCc8IRYpgBr4NGbaQFnd2b-A/featured
Reply
NINA-XAU myzahid92
@myzahid92, Thank you I thought as much. I do usually move the SL in to entry or In front of in was in good profit and then flew in the Op direction. As the market it closed I have to wait until tommorrow now.
Reply
myzahid92 NINA-XAU
@pinkbabyloo, yeah I can understand. I have also a position in gold for a short and I've just risked 1% if my account. I got a feeling it will gap out and take me out and then go in my way. :(
Reply
NINA-XAU myzahid92
@myzahid92, I have heard when it Gaps out from another trader more going down. strange but lets see what happens. I will close mine once the market it open and have an alert for when it goes back down. I will be reviewing some of your clips today. Thanks again.

I had someone trade XRPUSD it has made over 700 pips they said last night
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myzahid92 NINA-XAU
@pinkbabyloo, oh nice xrp dropped nicely yesterday. i had a nice short trade on btcusd. what do you think is going to happen with cryptocurrencies?
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