Nice 1:9 Risk:Reward Buy on Gold!Looking to get in on counter trend buys, entries @ 38.2 fib + 1hr previous low. 1st tp at $1824 giving a 1:4RR, 2nd tp @ the weekly high
Forex-gold
XAUUSD 15MIn 15 minutes, one of these two direction can be checked. We have to wait for the reaction of the dollar index to the resistance area. If it returns, gold will probably be bullish.
XAUUSD 1H - LevelsQuick update for the end of day. We managed to hold support below at the levels we suggested that gave trades an opportunity to go long into the 1814 level as the first target. Well done to those who followed.
Now we want to see where we close today. We have a potential level above around 1818-19 where if the price pushed upto in the late session could be an opportunity to short back down into the 1810 and below that 1806 price regions.
We're not going to risk anymore trades today as its the end of the day and we prefer to start fresh in the morning. This is only for reference so please use the levels on the charts.
As always, trade safe.
KOG
TRADING PSYCHOLOGY | Common Traps You Must Know 🧠💭💫
Hey traders,
Trading psychology plays a very important role in a learning curve of a trader. In this post, we will discuss common biases and traps that every struggling trader is occasionally facing.
⚓️Anchoring Bias
People rely too much on a reference point from the past when making a decision for the future - they are "anchored" to the past.
Imagine you spotted a great trading opportunity & made a nice profit. Encountering a similar setup in the future you trade it again. It turns out that you lose.
Next time - same thing. The setup that initially brought you nice cash refuses to work.
Even though the probabilities indicate that the identified pattern produces negative long-term returns, you keep taking that because you are "anchored" to the initial winner.
🙅♂️Loss Aversion
This is when people go to great lengths to avoid losses because the pain of loss is twice as the pleasure received from a win.
You see a great trading setup. You are 100% sure that it will play out. You open a trade and guess what? The market goes in the opposite direction. You can't believe that you are wrong. Instead, you decide to hold your position just a bit more adjusting your stop loss. And again, the market refuses to go in the direction that you projected. It is a vicious cycle that most of the time leads to substantial losses.
✅Confirmation Bias
The confirmation trap is when traders seek out the information that validates their opinions and ignores any theory that invalidates them.
You spotted a great long opportunity on GBPUSD. Checking the ideas of other traders on TradingView you consider only the ones that confirm your predictions completely ignoring the opposite ones.
👑Superiority Trap
Many traders have lost large sums of money in the past simply because they have fallen prey to the mentality of overconfidence.
Imagine that you caught a winning streak. You feel like the king of the world. You spend less and less time and reflection on each consequent trading decision that you make, you lose your focus. At some moment the reality kicks in and your gains evaporate.
🐮Herding
As a trader, you should execute your own analysis & avoid the temptation to blindly follow the majority.
Analyzing a EURUSD chart you make a conclusion that the market is bearish. However, then you see that 90% of the traders are very bullish on TradingView.
Instead of following your own analysis, you decide to join the herd.
These biases are common and most of the time we fall prey to them unconsciously.
The more you self-reflect, the more you analyze your thoughts and actions, it would be easier for you to avoid them.
Have your ever fallen prey to these traps?
❤️Please, support this idea with like and comment!❤️
Gold H4 - Long SetupGOLD H4
Gold bounced from this 1785 support region we have in sight, initially saw a nice trade from 1800 up towards 1827, but failed to break this 1827 resistance price, monthly key level and previous high was enough to see resist price.
1800 is now acting as support (current price), we also have somewhat s/r from the previous area of demand and support (to the left). Lets see what happens from here and whether we can break this 1800 mark.
XAU/USD ShortGold short, structure has shifted bearish. Structural resistance zone aroun 1800. Risk entry.
XAUUSD 4HrGold , XAU/USD , I hope everyone out there had a good 'New Year's Bash'. Well now let's get back to work. As shared in my previous chart we talked about buying small lots @1785, and I hope you all closed it with insane pips of profit. As we see the precious metal hiked upto 1831 this week.
As I have been got cut up partying too I couldn't manage time to share my setup update, but here it is! LETS MAKE SOME SERIOS MONEY!
You see the Simple S&R levels, playing out good. We see some opportunity of buying here at 1800-1803, taking profit at 1823. Also we sell if the price escalate below 1800 and we take profit @ 1797 and then if rejected then @1789 which is the next support level.
I hope my analysis will be helpful again for my followers and viewers. Please Share if you agree.
Be careful with your risk management. Trade safe.
Follow to learn and earn.
Let's make money all together.
CHEERS to this NEW YEAR!
Your Success Formula | What Drives a Big Change 🏔️
Hey traders,
There’s a well-known Chinese proverb that says, “A journey of a thousand miles begins with a single step.”
The one thing that prevents you from attaining your goal is hidden in your psyche, deep inside your soul. People usually look for shortcuts and want to accomplish their goals in one night. But the thing about long-term goals is that they can not be accomplished in a single day! It’s not like they require one huge, monumental effort to be achieved.
The only way you’re going to accomplish something really big and ambitious – the kind of goal that will transform your life forever – is by consistently taking one small step at a time in the direction of your dreams.
The importance of small incremental steps should be recognized by everyone, life is full of challenges, ups, and downs, but one should not lose hope or give up during the process. Failure should be considered as a learning point, an opportunity for growth.
Be ready for a journey of thousand miles this year. Be ready to meet the chaos and unknown. That is the only way to evolve and be better.
Remember that nothing is impossible to achieve unless you decide to do it at all costs.
Do you agree with this quote?
❤️Please, support this idea with like and comment!❤️
XAUUSD (GOLD) | Forecast of movement in beginning year 2022Hello guys,
First of all, HAPPY NEW YEAR 2022.
Time passes so quickly. Many things happen in 2021, and the world still got an impact on corona virus, and this influences all of us a lot. But I have confidence, at a time in this year, this corona effect will decrease and then the world can adapt to it and move on. And regarding this, I am still thinking gold is under a transition phase from bullish to bearish like what happened in August 2011- March 2013.
Gold now is ranging between 1680.30-1876.4. And it can last for months. In another word, gold will come to bearish but not fast as you can think. It takes time. And in the period of a range-bound market of gold, if we do not act carefully, we won't have any advantage of it at all.
In my warm regards as a start of our journey in 2022, I made a forecast based on the Ichimoku concept. You must remember that this is not my advice to you do that and this. All of this is my interpretation when reading a chart, so, I do not take any responsibility for people's actions regarding their thoughts when reading my writings.
Okay, let's start.
Scenario 1 : Gold will go to 1680.3 around 21 February 2022. After that, it will rebound around that support 1680.3 and test 1876.4 around 25 April 2022. This scenario makes sense to me since the gold as I said still under a range-bound market. And though gold now seems bullish in the intraday chart, it will test major resistance around 1831, and sellers can attack around this number and drop gold down again.
Scenario 2: Gold will try to move up and breakout resistance 1876.4. But then after it rises up for a while, it will come back again to the new support 1876.4 around 21 February 2022. In this scenario, I am talking about how gold will undergo a bullish trend. And this also makes sense for me, because I see a changing movement in H4 below now. Gold breakout 1813.8 and still showing impulsive movements till the end of last week. And this impulsive move can continue later. And develop to another bullish trend later.
Overall, whatever scenario happen in market, as traders we should prepare ourselves. So, good luck in your journey in 2022, the year of dream and vision.
GOLD is likely to drop on the next 4 hours!!GOLD is approaching the weekly and monthly resistance level and if this current 4-hour candle cannot break the 1827.40 level, it is highly likely that GOLD will fall in the next 4 hours and a short-term sell opportunity may arise.
Press the like button if you find value in this analysis
AUDUSD short now or later. upto youThis one has recently broken below 38% weekly fib level in Blue and come back up.
What's happening currently? nothing much it's just a fake recovery after a big fall from .75 to .70 level. So either this is an opportunity to sell now or may be with more patience sell this after it reaches to 50% to 61.8% Pink Fibonacci level from 8 hours. Honestly I see this falling way below to 50% Fibonacci level Weekly in Blue. Any alternative path? Please share your opinion. Let's learn together.
Merry Christmas & Happy New Year 🎄🎁☃️
Hey traders,
That year was one of the hardest ones in my trading career.
And I can not even tell you what has changed exactly. Just it looks like this trading year was a bit different:
the markets were simply reacting to key levels in a bit different manner, the price action patterns were not that accurate & volatility was insufficient.
I tell you that just to let you know that if you were struggling this year with your trading, you are not alone. We are in the same boat and the only thing that makes us stay afloat is the fact that we never give up, we keep going no matter what. We know that at the end of the day we are always the winners. And winners win.
Next year, be a winner, be strong and consistent and the magic things will happen with you.
Merry Christmas.
AAVEUSDT Daily TA : 12.23.21 : $AAVEAs we can see, the price is in an important range and recommended to keep an eye on it ... 😉
Follow our other analysis & Feel free to ask any questions you have, we are here to help.
⚠️ This Analysis will be updated ...
👤 Arman Shaban : @ArmanShabanTrading
📅 23.DEC.2021
⚠️(DYOR)
❤️ If you apperciate my work , Please like and comment , It Keeps me motivated to do better ❤️
DeGRAM | GOLD sellers are strongGold continues to decline within the trading range. The price pulled away from the support, but the bears quickly brought it back, which speaks of the sellers' strength. Our goals remain the same as they were - $ 1,770
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Share your opinion in the comments and support the idea with Like.
Thanks for your support!
DeGRAM | GOLD short to 1772$Gold is moving according to our scenario, but so far it does not have enough strength to move even lower. The price is consolidating at the support line, but does not change its downward direction. Therefore, we expect a strong movement to support at $ 1,772 or even lower.
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Share your opinion in the comments and support the idea with a like.
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GOLD false breakdownThe price breaks the resistance line for the second time. Buyers are running out, judging by the shape of the dying candles. Therefore, we can expect the price to return to the resistance line, which will now act as support
GOLD top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
XAUUSD - 10th December, Possible Next MoveQuick scalping on gold.
Go to lower timeframes to understand my process of thinking.
Regards,
Team PRFX :)
What Type of Trader Are You? 🤔
Hey traders,
In this post, I decided to make a comparative analysis of three main trading styles: scalping, day trading, and swing trading.
We will go throw the main pros and cons of each approach and discuss common misconceptions.
🏃♀️🏃 Let's start with scalping.
I guess many of us were impressed by videos on youtube showing how a guy makes thousands of dollars applying a simple scalping strategy.
Some of these videos get millions of views and excitement from the audience. No surprise the majority of newbies start their trading journey with scalping strategies.
Practicing some of them and trading on a real account, these traders suddenly realize that the youtube videos barely reflect the reality of scalping.
Scalping requires being extremely reactive, making trading decisions quickly, and constantly staying focused.
Moreover, it turns out that this trading style is extremely risky, and occasional losing streaks become an essential part of the process.
A pro scalper usually opens dozens of trading positions per day and manages many of them simultaneously.
Even though it is a fact that a solid scalping strategy is a true cash machine, the constant pressure and high level of stress make many traders leave that game blowing their trading account.
A true scalper is a guy with iron nerves and a sharp mind.
It takes many many years to become a person like that.
🚶♀️🚶Intraday trading is a bit simpler. While quite often scalping gives a trader just a couple of minutes to react and make a trading decision, intraday trading gives the hours. Such a trading style is slower, the intraday perspective is not that chaotic and irrational. It takes many hours for the trading setup to play out making the trade management process not that time-consuming. Moreover, intraday trader tends to open much fewer trading positions than a scalper. Analyzing primarily 4h/1h time frames less trading setups meet the entry conditions.
That primarily affects the potential gains though. Lesser you trade, the less money you make.
I consider myself to be an intraday trader. Trading full-time of course I was trying different scalping strategies, but I must admit that I can’t make the decisions that quickly, I can’t constantly hold so many active trading positions in my mind, I need some time to think, I need some time to do other things, I want more freedom. For that reason, intraday trading is my choice.
And let me be frank right here: I am not trying to say that intraday trading is simple, it is SIMPLER than scalping still remaining extremely complicated to master.
🕴🕴 If you want trading to become your side income if you have a full-time job and just a couple of hours per day for charting, I believe that intraday trading/scalping are not appropriate for you. In your situation, I would consider swing trading.
Swing trading is extremely slow. Being primarily focused on weekly/daily time frames a swing trader tends to hold trading positions for weeks, sometimes even months.
Moreover, it takes many days for a swing trading setup to form and the market gives a trader much time for reflection.
Of course, that primarily affects the potential gains:
I believe that among the 3 trading styles that we discussed, swing trading generates the lowest returns.
Swing trader is the best starter for newbie traders.
Analyzing higher time frames they can constantly follow the market and don’t miss the major moves.
Just 1-2 hours per day are enough to follow dozens of financial instruments.
Only by becoming a consistently profitable swing trader, one can try himself in intraday trading.
Working with hundreds of struggling traders from different parts of the world I realized that the majority has the inverted perception of scalping/intraday/swing trading. I hope that this article will shed a light on that topic.
What trading style do you prefer?
❤️Please, support this idea with like and comment!❤️
XAUUSD LONG 📉📉📉Price took out previous weekly low and should make a bullish reversal from that point, we are in a bullish market strucutre on a HTF, price is right now in a bullish orderblock on a daily timeframe and on h4, 1770 an important psychological area for the price, price left a lot of bearish imbalances during bearish explosive movement that will ,, magnetize ,, price back above 1830.
What do you think ? Comment below..
