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XAUUSD trade

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    • February 3, 2024 at 10:31 am #92441
      Max
      Participant

      I got royally screwed buying xauusd on friday. Apart from the fact that you should not trade on big news. How could I know on Friday that XAUUSD would go down by reading the MCA chart? I did not listen to the news because it is misleading. I looked at my charts and saw that there were a lot of shorties and basically not that many longies in the way to go up. Since there were more shorties, I didn’t think SM algo would do house cleaning so everything pointed to the price going up and boy was I wrong. But was my interpretation of the charts wrong or was it just bad luck?
      Next time maybe I should hedge the USD pair.

      And a small request from using the MK web is that the MK web charts is not scalable so on Wednesday I was not aware of the upper MTS on XAUUSD and it would have been nice to see that.

      PS: I think I had great success with trading MK web this week it feels like it can work so overall I am satisfied.

      XAUSD before news

    • February 4, 2024 at 7:00 pm #92495
      FractalFreak
      Participant

      “PS: I think I had great success with trading MK web this week it feels like it can work so overall I am satisfied.”

      Thanks Max.

    • February 4, 2024 at 7:00 pm #92496
      FractalFreak
      Participant

      “Apart from the fact that you should not trade on big news. How could I know on Friday that XAUUSD would go down by reading the MCA chart? I did not listen to the news because it is misleading. ”

      Yes, I just covered this in the MK blog summary.
      I will explain here again.

    • February 4, 2024 at 7:01 pm #92497
      FractalFreak
      Participant
    • February 4, 2024 at 7:03 pm #92498
      FractalFreak
      Participant

      Gold before the news:

      The price was within “H4 reversal territory”, the DM shorties were already deep in DD:

    • February 4, 2024 at 7:04 pm #92500
      FractalFreak
      Participant

      The DM switch in Gold came during / after the big Friday news, triggering the H4 reversal…..

    • February 4, 2024 at 7:05 pm #92502
      FractalFreak
      Participant

      Note how they took all the IR STS and cleared the IR MTS.
      Also note the bigger DM longies just above the price.

      So I would say, not a massive crime trying to trade a little long “News trade”, however, with the highs being cleared, the price above the upper H4 reversal band, the shorties already in DD and then the big news item,
      one would play with fire of course.

      Does that make sense?

      D

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