Update - 5 Days Result of Scalping Path

Just an update of the result from 5 Days using my old technique with some additional modification.

GG - 2013.04.30

5 Days Result of Scalping Path - 2013.04.30

JUST FOR PERSONAL RECORD.

This is my 5 Days Result of Scalping Path.

It's been a good result so far but I'm not too satisfy because some of the profitable position made me put a big distance SL. This mean that sometimes I still enter at the wrong time that market can drag my positions to the wrong direction before going to the right one. Whether I'm too early to get in or I'm wrong. Have to improve this problem

I also find out that to improve the accuracy, it's better define the direction first. Do this in longer time frame (H4 or H1 at least) before opening a scalp position.
Open Long is better when trending is up, Short much better when market is down.
Meanwhile, still defining the trend by the classic method: SMA 24 for H1


GG - 2013.04.30

3 Days Scalping Path Result - 2013.04.26

3 Days result of scalping path.

Things to remember (for my personal note only)*:
1. Stick to the rules strictly. DO NOT enter when the price is in the middle of a range.
2. Wait till obvious R/S has been formed. Patience is the key. Do not rush nor late. Watch the timing for OP. Can use the trailing stop to maximize the profit.
3. First W%R then RSI. both in M5 and M15. OP only when both touch my target R/S.
Both indicators in H1 are only for the confirmation of longer trend.
4. Safer avoid NY Market. Noon in my time is better to scalp. Avoid high impact news. Works better in sideways.

Homeworks to do:
1. Still can't define the ideal SL. If it too close then it it easily being executed. Too far, then exceed my RR ratio and makes my drawdown exceed my target.
2. Have to try MA R/S and the ideal setting.
3. Try to increase the accuracy by combining more indicators if necessary (trial and error).

*) Notes for the readers: Sorry, these are only for my personal notes to remind me of the scalping system I'm developing right now. Since this is still in the progress of trial and error, I can't share it yet. Just ignore this posting since it is really for my personal use.
Maybe someday I'll share my scalping technique if I already satisfied of the result and consistently make the profits.

GG - 2013 04 26

Special Notes and A Reminder of Scalping Path

SILVER DAILY

GOLD DAILY

Silver and Gold had unexpected moves that beyond my technical. Of course there were many opinions, but I'd rather said that was a panic selling in the market. I didn't expect gold and silver would drop that far. It was the deepest drop (gold) for the last 30 years. And they said that many were loss.

Okay, it was history....
Everything has passed and we have taken the lessons. STOP LOSS AND MONEY MANAGEMENT works as the safety devices when unexpected things happen.

Let's take a look for gold now.
From the daily chart above, just notice the RSI and William Percent Range both are in the extreme oversold area. It was pretty rare that the RSI goes below 20, even more touch 14.70 (see the chart above). And it turned out to be true that gold rebound in that area.
If we use the Fibonacci to predict how far gold will rebound upside, we can see that for the last 3 days, gold is stopped by the 23.6% line (around 1430). I think this will become a new resistance area.
It still too early to say where gold will go from this area. If gold can break this resistance area and go higher than 1440, I think it could go to test 1500.
But if gold can't break this area, there is a possibility that it would go lower than 1400.
In the condition like this, I'd like to remind the old technique of mind, Scalping Path....

Now, this is just a reminder of how I do my business, the gold trading...

SCALPING PATH

As I mention in my several old posts, I'd like to do scalping in the sideways move or in the day when there is no big impact news. Gold movement is easily predicted in the day like this. It is as simple as making the support and resistance. (Just look for my post about scalping path). I'd like to call this kind of day as A Scalping Path Day. Just got 813 pips from 6 times scalping. Who says scalping is bad :D
There's plenty of scalping days in gold market. Learn how to scalp, and buckle up (SL and MM)....

Good Luck.

GG - 2013.04.25

Silver, an Exception Forecast - 2013.04.11

Continuing my post about Silver, these are my additional prediction about Silver:

1. From the daily chart above, I can see that there is a clear Bullish Divergence shows up, that means most likely Silver is making a reversal, or at least a significant correction to the north. I think the journey to the north is not over yet.
2. Silver has entered the very strong support level area at price 26 which means there should be a bounce happens.
3. There is big probability, Silver will go up to at least the area of 23.6% Fibo which has also been the sideways area for more than one month (grey ellipse), from 20 Feb to the last week of March. I think Silver will enter and test this area, which now acting as resistance area. This area will be my first taking-profit area.

Of course this is only my own technical prediction, which means it is not a 100% must-be-happened-truly. Since I'm still a human, there is still a chance that I make mistake.
So, as usual, keep good MM and put SL as your safety devices.
Trade well....

GG - 2013.04.11

Personal Record, The Result of Previous Forecast - Silver and Gold

SILVER - Daily

GOLD - Daily

Just for personal record, when I post this:

* Silver has moved up as predicted to 28.065 from 27.143
* Gold has moved up as predicted to 1590.48 from 1567.89

GG - 2013.04.09

Special Note about Silver

This is really a special note because I'm not writing about gold here.
Instead, I'm talking about Silver, because I can't stand not to mention it in my blog with all this perfect technical conditions.

I've been waiting for some days for this moment. I really think that this is the time to go long with silver.
Just look at those all technicals in the Daily chart above.

1. RSI and William Percent Range are in the extreme oversold area and begin to move up.
2. The price has touched it's trend support (I'll call it minor trend support) which has been proven as a strong support that makes the price bounce back several times since beginning of Nov 2012.
3. There's a doji (morning star) in the daily chart.

Let's take a look a little bit further in the following weekly chart:

It's even clearer when I look at the weekly chart.
Silver has touched it's 2 years support area, which has been formed since Jan 2011. Look at that grey box and look at all the arrows I put in the chart. I surely say that it is a really strong support.

I personally has opened my long position with SL at some points below grey box area. My first target is 28.3, the second target is 29.8, next target is 32, and my last target is 35 which is my highest expectation that Silver can go this year.

Other scenario, if Silver ever breaks the grey support, then it might be a real big drop up to 20 area.

Just put on your SL and good MM as the safety devices. We will see if my guess is right or wrong in several days ahead.
Have a nice weekend.

GG - 2013 04 05

Forecast - 2013 05 04

Gold has been going all the way down.
But I think it's already touch the limit and trying to bounce back up a little bit.
I see some good reasons to go Long from daily chart above:

1. A big possibility of forming the Morning Star pattern (doji)
2. RSI and William Percent Range, both are already in extreme oversold area and beginning to move up.
3. A good Reward - Risk ratio.
4. Current price is already around the support area.

Of course, as usual, use proper money management.

Good luck and have a nice trading.

GG - 2012 04 05