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miami,fl
Posts: 1 since Apr 2014
Thanks Given: 1
Thanks Received: 1
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I have been trading gold intraday (mostly mornings) and these are my observations in 2 months of watching it:
it really obeys support and resistance from previous days or pre market low.
it obeys to any support resistance mostly major levels like previous close, yesterdays high or yesterdays low or yesterday's pivot.
it's good to watch all the levels from previous days that it might have to notice major possible S/R.
it likes to see saw people before it tends to go on one direction only. it is best bought countertrend at a previous level of S/R (support resistance) with a bid beforehand as it happens in seconds on a sweep (move abruptly to one side).
it does not care about simple moving averages and it only obeys the 200 sma as a S/R level on the 2 minute chart.
you need to get a 'feel' and stay open of the strength once is near a level to wait.. wait and see if it would break the level or just bounce as it likes to see saw people on big moves that lead to stop outs. pays to wait and by the third side is trying to pick, that most likely could be a good direction to enter a position. always have stops on it near.
I do not trade it on extreme volatility or I wait for volatility to decrease.
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