5 Ways To Enhance Your Trading Psychology (Tips)Welcome to mindset Monday, where I will share something trading psychology-related.
In this post, I will be breaking down 5 things that have helped my trading psychology over the years. Trading is not only a game of strategy, but there is a level of self-awareness involved as well. The 5 things that have helped me are basic brainwave science, limiting social media, diet, letting go, and having a trading ritual. Let’s discuss them further.
1. Your Brainwaves & Binaural Beats
Did you know? When you wake up your brain is in what’s called “Alpha” state? Believe it or not this is actually not ideal for trading. When your brain is in Alpha state, it is actually in a more relaxed mode, Alpha is typically a state someone is in when they meditate or are about to fall asleep. It takes the average person 30-60 minutes after they wake up to transition out of Alpha and into the “Beta” state. Beta waves are what your brain is in when it feels “on.” When you are doing homework, working out, or even at a work, your brain is in Beta. How does this relate to trading? Well, back when I was obsessed with charts (in a dangerous way) I would wake up and just hop on the chart and try to trade. I would literally hop out of bed and look at my laptop. I now allow myself one full hour to transition into Beta before I begin trading, this allows me to operate at full capacity and stay sharp and alert. I also use an app on my phone called binaural beats. The app will actually play Beta waves through headphones, and while your listening to it will help your brain switch into it faster. I recommend looking into binaural beats apps, a quick google search will explain more to you. In trading, it’s important to find as many ways as possible to stay mentally sharp. This is one I use.
2. Limit Social Media
I’ve seen it and I’m sure you have, the people on Instagram, Facebook, and other platforms flashing pictures of how many pips they are catching and how they are scaling accounts by 5000% in 8 days. That’s great and all, but this could potentially DESTROY you when you sit down and look at the charts. As humans, we are always comparing ourselves to other people, and when we see someone else doing better we either get down on ourselves, get inspired, or think that we need to do that too, or we aren’t performing up to par. Trading is unlike anything out there. You aren’t competing with anyone, it’s about you and the chart, your mind needs to be clear to tap into your zone. The issue with social media is people get googly-eyed at money and the lavish life but trading is not about that, it’s simply about building habits, when you take your mind off of your execution and systems and you start thinking you need to scale up quicker, you are going to be trading simply off emotion and probably make mistakes. Silencing my social media from flashy traders was one of the best decisions I have ever made.
3. Your Diet
What you put into your body can affect your mind greatly. If you eat more whole foods, and get some exercise regularly these actions lead to a good feeling. Your brain will release more serotonin, this will help increase your mood. When you feel good about yourself. You usually have more confidence, and when you have more confidence, that is going to come through in your trading and your life, you’ll feel more confident in your intuition and decisiveness, and as traders, all we do every day is make decisions!
4. Let Go
Let go of everything, let go of yesterday’s bad trade, let go of an argument you had with a loved one, try and let go of any stress you may feel. Meditate for 15 minutes if you need to. Beat the crap out of a pillow. Release that energy because if you don’t you may exert it onto the chart. Every trade is a brand new trade, the market doesn’t care about your problems, it will tick on with or without us. I have tried yelling at EURUSD when it stops me out, and I found that I never get a response from my computer screen. If you’re having a bad day, just step away and get a fresh start tomorrow.
5. Consistent Ritual
Man, I can’t emphasize this enough, when you have a strategy, the name of the game just becomes execution really. You need to train your brain/subconscious to simply repeat your strategy over and over. In my opinion, the best way to do this is to trade from the same location. If you trade at home, do it in the same spot every time. Do something that puts your brain into “trading mode,” for me, it is making a cup of tea. I wake up, eat food, and once that cup of tea gets made, I started thinking “it’s game time.” Did you know that Tom Brady takes a nap two hours before every game? This is an example of his ritual, yours can be anything you want, affirmations, visualizing, anything you feel you can do before sitting down that will trigger your “trader state of mind.”
I’m not a psychologist, but I hope this article gave you value, or maybe just gave you a break from reading posts about charts and setups. Just sharing my experiences.
Let’s Elevate,
Gio
P.S. Every week I share a forex outlook, educational content and trade ideas, right here on tradingview. Make sure to follow so you don’t miss them!
Metals
Inflation Coming? Gold About to Enter Bear Market! $1690 is critical for gold to hold. Should it close below that level (marked by the Red Indicator line), we will think of shorting gold.
---
How to understand price action.
It is very easy to read price action if you have a reference point. These support/resistance lines are there to help you read where the buyers and sellers are likely to make a stand.
You can also think of these indicators as moving pivot points .
MasterChartsTrading Price Action Indicators show good price levels to enter or exit a trade.
The Blue indicator line serves as a Bullish Trend setter.
If your instrument closes above the Blue line, we think about going Long (buying).
For commodities and Forex, when your trading instrument closes below the Red line, we think about Shorting (selling).
For Stocks, I prefer to use the Yellow line as my Bearish Trend setter (on Daily charts). A stock has to close below the Yellow line first, then rally towards the Red line and top out there. This is where I would short it.
Be sure to hit that Follow button! Please find me on social networks via the link on my profile page for more ideas from @MasterCharts!
Trading can be lonely... What do you think...???Although not exactly education - I thought it would be different to ask rather than just post.
As a trader of 21 years, I have gone through various ups and downs. Emotions, stress, pain and success. I thought it would be interesting to ask the question, it doesn't matter if you have traded 40 years, started due to Covid or been learning.
The only competition in trading is with yourself! (and of course your emotions)
With global lockdowns, it's possible trading has been even more singular than usual. So I am asking if you want to share your stories, what you like & dislike about trading. Strategies, mentors, tips you might have learned. Even why and when you started!
Why do you trade? What do you want from trading? are you getting it? what's missing? what's working?
Hope you are all having a good weekend!
Post comments/stories below.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Support and Resistance, A way to draw a horizontal line !Support and Resistance, A way to draw a horizontal line !
Support, S and Resistance, R
1. Definition
1.1. Support is a zone where price moves up.
1.2. Resistance is a zone where price moves down.
- Support and Resistance can interchange when that zone is overcome by price
2. Support and Resistance levels
2.1. Horizontal line
2.2. Trendline
2.3. Moving averages
2.4. A Fibonancci level that you often use (Fibo 61.8)
2.5. A ratio of pattern AB=CD , or a Fibo derived from Harmonic pattern
….
Support and Resistance level are mostly depending on the trading skills and experiences of individuals
You and me would discuss a way to draw a horizinteal line
- S1: Change the chart to Line chart (because I prefer Closed price)
- S2: Choose zones where price is mostly reacting to that zone, then draw a horizontal line at those zones
- S3: Change back chart to candle chart of bar chart and adjust the horizontal line to make it look approriate
Just only 3 steps for us to draw a support/resistance line
o Attention:
- I emphasis that Support/Resistance is a zone, not a line. We usually based on historical data to plot the horizontal support/resistance zone. There fore, the close of candle or the shadow of it getting over that zone are quite common
- Because we base on historical data to plot it, so it doesn't have significant value in some specific cases. Not every time that price approaches that zone and bounce back. And not all the bouncing back case meet our expectation.
- All should depend on the surrounding theme of market, we have to look careful on specific cases to consider applying the Support/Resistance zone logically.
- All market are freely traded so there is always a chance to form a brand new Support/Resistance .
Good luck !
" INTRA-DAY PATTERNES " To Get 50-100 Pips Daily Hi Pro Trader's .. Hope You Be Fine ♥️
Today We Have New Education Lesson .. About INTRA-DAY PATTERNES
1- Ascending Triangle
2- Descending Triangle
3- Channel
4- Trends On 5 Minutes Frame
If you follow Those Pattern You Will Get Daily 50-100 Pips ✔️
Best Pairs : GBPUSD / EURAUD / EURNZD / Gold / Dawjones
Be Safe - Trade Safe ✔️✔️
Should you buy bitcoin or gold?Gold and bitcoin are two assets that have a lot of die-hard “ true believers ,” people for whom the asset class seems like essential investments. They also each have severe detractors who argue that one or the other is not a good investment at all.
Does the rapid rise in the bitcoin price and the slide in the gold price over the past several months indicate that bitcoin is sapping demand from gold? The short answer is no, because the performance of gold makes sense without reference to bitcoin. A longer answer requires discussing the major differences between gold and bitcoin.
It seems like a perfect time for crypto traders to say “I told you so” and pour more money into the most popular cryptocurrency, celebrating its triumph. Bitcoin has started 2021 with a new all-time high above $34,000 (£24,850, €27,724) and analysts remain bullish about the cryptocurrency’s strong performance in the next 12 months and beyond.
Bitcoin has tripled in value during 2020, showing steady growth even when the stock market was severely hit by the Covid-19 pandemic. With the US dollar weakening, Bitcoin and other popular cryptocurrencies continue gaining more attention as traditional investors are looking to diversify their portfolio and to get better return on investments.
Bitcoin’s mainstream adoption is also supported by the growing interest of the institutional investors. Payment giant PayPal (PYPL) has already embraced Bitcoin. JPMorgan analysts share this view, saying that the adoption of Bitcoin by institutional investors has only just begun and they added that the price of gold would suffer because of this in the coming years.
In 2020, the price of gold has jumped over 30 percent from $1,517 per ounce on January 3, 2020 to over $2,000 per ounce on August 6, 2020. The spike in the price of gold isn’t yet at the level reached in the 2017 Bitcoin boom when the price of one Bitcoin rose from $999 on January 1, 2017 to $3,270 on August 6, 2017, an increase of over 300 percent. The demand for gold in 2020 is driven in part by investors seeking a perceived safe harbor from uncertainties in traditional asset classes caused by the COVID-19 pandemic and, in part, by speculation. But similar to the Bitcoin bubble, much of the recent demand for gold as an investment comes from retail investors.
But bitcoin has been called blockchain gold, which begs the question — how similar are they as an investment?
Both are considered safe-haven assets
Gold will always be a safe haven for investors. We can say the same thing about Bitcoin. As the oldest and most well-known cryptocurrency there is, Bitcoin has been somewhat of an ever-present and durable investment. Bitcoin has recently become something that investors flock to in a time of financial distress.
Both have a limited supply
There will only ever be 21 million bitcoins in circulation, that much we know for sure. This makes Bitcoin a limited digital asset, as after the 21 million are mined (predicted to be in 2140), there will never be more Bitcoin released, this makes it similar to gold in some ways.
Although gold may not run out as quickly as Bitcoin, studies have shown that gold production may be declining and may become economically unsustainable by the year 2050. This is due to the fact that humans have extracted all of the “easy gold” therefore, we have to dig deeper into the earth to retrieve the nuggets. This also means that gold is also a limited asset.
Both are speculative investments
A speculative investment is when the asset in question has a high degree of risk where profit depends a lot on the price fluctuations of the market. Bitcoin, with its famous volatility, can definitely be categorized as a speculative investment. Gold isn’t as well-known for being as volatile as Bitcoin, but it is still considered a speculative investment as investors buy with the hopes of holding it until significant gains can be made.
comparing the two
There are far more differences than similarities between these two assets. It is somewhat strange how they are lumped together when one looks closely at the details.
For hundreds of years, gold has dominated the safe-haven asset arena, while bitcoin was launched just over a decade ago and has only achieved widespread recognition in the last few years. Below, we'll compare these two investment options head-to-head:
Transparency, Safety, Legality
Gold’s established system for trading, weighing and tracking is pristine. It’s very hard to steal it, to pass off fake gold, or to otherwise corrupt the metal. Bitcoin is also difficult to corrupt, thanks to its encrypted, decentralized system and complicated algorithms, but the infrastructure to ensure its safety is not yet in place.
Rarity
Both gold and bitcoin are rare resources. The halving of Bitcoin's mining reward ensures that all 21 million Bitcoin will be out in circulation by the year 2140. While we know that there is only 21 million bitcoin that exist, It is unknown when all the world's gold will be mined from the earth. There is also speculation that gold can be mined from asteroids, and there are even some companies looking to do this in the future.
Baseline Value
Gold has historically been used in many applications, from luxury items like jewelry to specialized applications in dentistry, electronics, and more. In addition to ushering in a new focus on blockchain technology, bitcoin itself has tremendous baseline value as well. Billions of people around the world lack access to banking infrastructure and traditional means of finance like credit. With bitcoin, these individuals can send value across the globe for close to no fee. Bitcoin's true potential as a means of banking for those without access to traditional banks has perhaps yet to be fully developed.
Liquidity
Both gold and bitcoin have very liquid markets where fiat money can be exchanged for them.
Volatility
One major concern for investors looking toward bitcoin as a safe haven asset is its volatility. One need look only to the price history of bitcoin in the last two years for evidence. At its highest point, around the beginning of 2018, bitcoin reached a price of about $20,000 per coin. About a year later, the price of one bitcoin hovered around $4,000. It has since recovered a portion of those losses, but is nowhere near its one-time high price point.
Besides overall volatility, bitcoin has historically proven itself to be subject to market whims and news. Particularly as the cryptocurrency boom swept up a number of digital currencies into record-high prices around the end of 2017, news from the digital currency sphere could prompt investors to make quick decisions, sending the price of bitcoin upward or downward quickly. This volatility is not inherent to gold for reasons mentioned above, making it perhaps a safer asset.
In recent years, a number of alternative cryptocurrencies have launched which aim to provide more stability than bitcoin. Tether, for instance, is one of these so-called "stable coins." Tether is linked with the U.S. dollar in much the same way that gold was prior to the 1970s. Investors looking for less volatility than bitcoin may wish to actually look elsewhere in the digital currency space for safe havens.
Gold’s history spans back over ten thousand years and across the globe, while bitcoin has existed for a little more than a decade. The former is a physical object that can be worked into many shapes and sizes, whereas bitcoin only exists in the digital realm.
The key advantage of bitcoin over gold
Gold is much less practical for day-to-day use than bitcoin. The latter may have its flaws, but at least in theory, it allows for near-instant digital micro-transactions without a centralized bank in the middle.
One cannot typically buy a cup of coffee with physical gold. There are some workarounds such as debit cards that payout from a physical gold stash held by a third party, but these are edge cases. The core point of bitcoin is to allow for a new kind of transaction, nearly instant and frictionless, which is essentially opposite the nature of gold.
The worst case scenarios for gold and bitcoin investors
What is the worst case for investors in each asset class? Gold has an interesting possible worst-case scenario: Asteroid mining.
Some people believe that the current wave of space entrepreneurship from Elon Musk’s SpaceX and Jeff Bezos’s Blue Origin could lead to asteroid mining that will bring substantial additional amounts of gold into the earth’s marketplace. This could theoretically increase the supply of gold, no alchemy needed, and thus lower the price of gold, hurting investors.
It may sound like science fiction, but one may need to really consider the future impact of space exploration on gold assets. For anybody thinking about investing in large amounts of gold and passing it down to their grandchildren, this could be a real problem.
For bitcoin, the worst case is more immediate: The system could simply fail. This could happen through market pressure if the optimists are wrong and the economic system collapses as a bubble like the famous Tulip Mania of the 1600s. It could also result from some unforeseen technical glitch or attack vector being discovered and ruining the security of the system.
The simplest way that bitcoin could fail would be through a massive disruption of the internet. If a solar event knocked out all of the computers in the world, bitcoin’s transaction history would simply vanish.
Ethereum founder, Vitalik Buterin warned in tweets that cryptocurrencies are “still a new and hyper-volatile asset class, and could drop to near-zero at any time”. Gold will always have the advantage of having intrinsic and traditional value.
On a general note both are good investments depending on your risk appetite.
Happy Holidays and Happy YearI wish you happiness, health, wealth and trading success
🤩Be different in the new year and earn more.
⭕️This has been a difficult year for some and a successful year for others.
💛 Our plan for 2021 is to have 100,000 followers and become one of the best Forex content creators.
Merry Christmas🎄🎄🎄Traders and Have a good day, night
We've added 100+ years of price history for gold and silverThe team at TradingView is committed to building a platform that gives you the best charts, data, and visualizations for better decision making. Today, we're happy to show you two new data feeds that we've expanded for those who want to see the history of gold and silver.
You can now chart over 100 years of price history for gold and silver. As two of the oldest precious metals and essential to the evolution of currencies and trade, we believe these additional years will be invaluable for long-term precious metal traders and enthusiasts. See gold or silver in short-term time frames or long-term time frames going back as far as 1915.
To get started, type GOLD or SILVER into your search box. You can also use the two links we've included below for quick viewing:
• See a live gold chart
• See a live silver chart
We hope you enjoy these expanded datasets and if you want us to add even more data for a specific ticker, please write it in the comments. Our team will do their best to add it for you. Thanks for reading!
HOW TO BUY & SELL GOLD : Part1🏅 CFDS VS ETFS 🏅
➡️ GOLD ETFS (Right Chart)
ETFS PHYSICAL GOLD (ASX:GOLD) offers low-cost access to physical gold via the stock exchange and avoids the need for investors to personally store their own bullion.
Each GOLD unit comes with an entitlement to an amount of "physical bullion". This means : Real Gold, Real Bars.
⬅️ GOLD CFDS (Left Chart)
CFDs on GOLD US$/OZ (TVC:GOLD) (OANDA:XAUUSD)
CFD stands for Contracts for Difference, with the difference being between where you enter a trade and where you exit. Simply put, when the position is closed, you’ll receive the profit or incur the loss on that difference. When you trade a CFD you’re speculating on the movement of the price only, rather than traditional stocks where you purchase a physical asset. You do not ever own any real gold bars.
🤓 CFD TRADE EXAMPLE
The price of gold is measured by its weight. Therefore, the price shows how much it costs for one ounce of gold in US dollars. For example, if the gold (XAUUSD) price is $1600.00, it means an ounce of gold is traded at US$1600.00. Similarly, the price of silver is its price per ounce in USD. If the silver (XAGUSD) price is 28.00, it means that an ounce of silver is traded at US$28.00.
If you have bought gold for $1600, you do not have an ounce of gold that you can hold, but you rather have the obligation to buy XAU at US$1600. When you close your position, you sell the XAU and close your exposure. If you sell it for $1605.00, you have made profit of $5 for every ounce (unit) of gold in your contract. The same concept applies to silver trading. If you have bought silver (XAGUSD) for $28.00 and sell at $28.50, you would have made a profit of $0.50 for every ounce of silver in your contract.
🤔 WHY TRADE CFDS?
If you’re looking to invest in the price movements of instruments, rather than purchasing physical assets
To take advantage of swift fluctuations in the underlying instrument or security. This is popular with short-term investors looking to profit from intra-day and overnight movements in the market
To take advantage of leverage and spread capital across a range of different instruments rather than tie it up in a single investment (note: this approach can increase risk)
As a risk management tool to hedge exposure
Understanding ETFsHello traders, in this post I will explain different types of ETFs and what is an ETF (Exchange-Traded Funds).
ETF for example is a package of different stocks that have similar characteristics. One characteristic could be that they all are in the same sector. Some ETFs track indexes, commodities, and more. Those packages are listed on an exchange and are traded just like stocks.
Traders and investors use ETFs to diversify with the provided indexes (or other products) with lower costs, or if the trader can’t trade in futures contracts, it is possible to use ETFs that are related to a specific future. Also, there are options on ETFs that can be used as an alternative for expensive indexes.
Leveraged ETFs
Most of the ETFs are trading in a 1:1 ratio, for example, NASDAQ 100 is currently at $12621 and the relevant ETF QQQ is $307.8, the difference is 1 to 40, but the returns are the same (1:1).
The ETF NUGT on the other hand is moving with correlation to the gold miners index, but if the index return will be 10%, the ETF NUGT return will be 20%, because it is leveraged 2 to 1.
Those kinds of ETFs are not for investors or long-term traders, only for the short term. This is because the returns are multiplied by 2. If the index will move down 7% NUGT will move down 14%. Eventually, it will move substantially lower in price because there will be a major correction of 30%+ that will cause a 60%+ drop in price. Thus, there will be a split.
If you look at September 2012 you can see that NUGT price is $36000, this is because there were many splits due to the phenomenon I described above. NUGT was never really traded at $36000.
In the chart, the orange line NUGT. Moving 300% between March to August, the blue line GOLD 40%.
Reverse ETFs
ETFs that move in the opposite direction to the index.
For example, DUST is a leveraged ETF and going in the opposite direction to the gold miners index.
In the chart, the green line DUST. Decreasing substantial percents due to leverage.
ETFs that based on Futures
There are two types:
ETFs that own the commodity – those ETFs are moving almost the same as the commodity itself. For example GLD
In the chart above, the blue line is the GOLD price in cash, the red line is GLD.
ETFs that buy the futures of the commodity and not the physical commodity, don’t track the commodity with the same returns as the previous type, for example, VXX (VIX), USO (oil), UNG (gas).
As discussed in the previous post Futures have a time premium. When you buy ETF that is based on futures, that means that you buy also the premium attached to that future. As time passes, that premium is lost, and then the ETF buys the next contract with a new time premium. As time will pass, you will lose this premium also… and so forth… This is something to be aware of.
Orderzones Explained : A form of Support & ResistanceHello traders!
In this educational idea im going to be going over the 5 different main types of Order Zones on Crypto Charts & how i identify and draw these zones, aswell as what they are used for.
Orderzones are a way of marking on the chart historically significant areas where price had strong reactions to.
The price tends to come back to these areas and have strong reactions, the Order Zones act as a form of Support & Resistance.
For those who are new to Technical Analysis ; "Support" is a area on the chart price and demand (buying pressure) increases from, with "Resistance" being the opposite, with price decreasing and sell orders (Supply of asset) increasing from the latter.
Why do i use Order Zones?
-Reduces risk & increases probability of potential trades
-Trying to trade with; not against larger size traders such as institutions that use similar price levels due to historic signifcance
-Providing clear entry and exit points to calculate Risk:Reward Ratio (R:R)
-Providing reference points to capitalize on historical areas of market volatility
-Allows us to reduce clutter and find key areas as the volatility on Crypto makes it difficult to chart
We have 5 main types:
-Supply Clusters
-Demand Clusters
-Single Candle Supply
-Single Candle Demand
-Orderblocks
Supply Clusters & Demand Clusters
First we must find areas on the chart that look similar to a tightly squeezed together rectangle . Price should then make a "thrust" (major increase, or decrease in value) from this rectangular area. We use the Rectangle Tool to draw a zone across these areas.
In the below image you can click for a in depth explanation of how to use these clusters in your trades.
Single Candle Supply & Single Candle Demand
To draw and identify the Zones first we must find areas on the chart where a strong reversal occurs, at the start of the trend reversal, or at swing points we can find larger then normal "wicks": (wicks are the thin, needle points at the end of the candlesticks ) as you can see in the above and below images.)
Click the below image for a in depth explanation of how to use these zones in your trades.
Orderblocks
Orderblocks are the small square shaped candle bodies, usually found in between significant price moments. They are small "pauses" before the next move. We use the Rectangle Tool to draw a zone across these areas.
In the below image you can click for a in depth explanation of how to use Orderblocks in your trades.
If you take some time to go back over your charts (especially on the Monthly, Weekly & Daily timeframes) and test out some of these Order Zones, you will see more then often price comes back to these areas before reversing like a magnet towards the next closest Order Zone so they become a useful tool in any traders arsenal.
If you found the idea informative show your support by Liking & Commenting thank you!
An up and down channelWelcome Back.
Please support this idea with LIKE if you find it useful.
***
What Is an Ascending Channel?
An ascending channel is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. Technical analysts construct an ascending channel by drawing a lower trend line that connects the swing lows, and an upper channel line that joins the swing highs.
***
An ascending channel is used in technical analysis to show an uptrend in a security’s price.
It is formed from two positive sloping trend lines drawn above and below a price series depicting resistance and support levels, respectively.
Channels are used commonly in technical analysis to confirm trends and identify breakouts and reversals.
***
A bearish channel is a continuation chart pattern (of a trend). A bearish channel is formed by two parallel bearish lines. The price progresses between these two parallel lines; the upper line is called the "resistance line"; the lower line is called the "support line".
Each of these lines must have been touched at least twice to validate the pattern.
NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times.
This implies that the bearish channel pattern is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).
How to trade with Elliott wave Elliott wave trader buy at the low of wave 1 and 3 while exit at 5th wave
buying at the low of 1st wave or 2nd corrective wave give you numbers for both sl and tp.
since 3rd wave always move beyond the high of 1st wave and longest among 1,3 and 5, catching 3rd wave alone gives you enough profit.
if you buy at 2nd corrective wave you put your sl below low of 1st wave.
as Elliott wave has guidelines for every wave. buying at the low of 2nd wave give you opportunity to profit 3 and 5 wave at the same time. Since 4th wave can't enter in the price territory of 1st and you entered below the high of 1st wave you can lock your profit at 1st wave and wait till end of 5th which give profit of entire trend.
Gold Vs 10 Year Treasury Bond Interest Rates In this video, I explain in detail the relationship between the price of Gold and the interest rate on 10-Year Government Treasury Bonds.
You will understand why Gold is used as a hedge against inflation when investors cannot protect the purchasing power of their wealth through the purchase of government treasury bonds.
Gold has risen in value by 231% since 2007 from $545 an ounce to $1,809 an ounce.
As central banks must keep interest rates low coming out of the Covid-19 pandemic to help governments borrow huge amounts to inject stimulus into the economy, gold remains alongside stocks the only way investors can hedge the risk of inflation from eroding the value of their wealth.
We also look at Gold priced in Euro's, Pounds and Australian dollars as interest rates in Europe, Australia and the UK have hit record lows over the past few years.
You are going to love this educational video!!!
J Shape FormationHello Traders!
Have you ever wonder why the market turns back after the clear breakout of the trendline and even after a perfect retest?? Here is your answer. There must be The J shape above that trendline or above that resistance because this J shape mostly forms above the resistance.
This J shape pattern occurs again and again and it's easy to find because of its clean and clear formation.
These are the three shapes that form after the J Formation and the head and shoulder pattern is one of them.
Formation 1
You can catch the drop at the peak by selling on the reversal candle or if there are continuous bullish candles then wait for the first bearish candle and go for the sell. In formation 1 it always drops hard.
If Market already dropped hard then wait for the market to retest the bottom of the J pattern and sell it and target will be the same size as the J shape.
Formation 2
In a rare scenario, it bounces back because there must be some strong support. This is also tradeable when you see the market turning back at support you can go for the buy.
Formation 3
It's the Head and shoulder pattern and it can be traded when it's half completed with the help of this formation But it is not compulsory that Head and shoulder formation always have a clear J shape.
GOLD & THE TUESDAY NIGHT? WINS STOCK MARKET RALLY
? WINS STOCK MARKET DOWNTURN
NO WINNER TONIGHT STOCK MARKET SEVERE DOWNTURN
BECAUSE STOCK MARKET DOES NOT LIKE UNCERTAINTY.
Descending Chart Pattern
Price Bias is Bearish
While gold has an inverse relationship with the dollar, stocks markets also have a deep connection to the metal.
Investors commonly perceive gold as a haven in the event of a severe stock market downturn. ...
Typically, stocks have a high negative correlation with the US dollar .
However, gold has an opposite relationship.