[4ow4ow]

Many asked me how and what type indicator to trade Gold?
Gold respects Daily and Weekly Pivot S/R. How to entry or exit is depending on you. It has a similar behavior with Eur/Usd candlestick bias. My decision is random, sometimes I entry from lower the line, in the line, or above the line. Stop loss either is back to your risk management. My P:L = 3:1 short term / 20 to 30:1= long term.

Hedging on the opposite line for small reversal is a random occasion, to get something along waiting big move hit target. But I don't often do it anymore like past time until 30-40 tickets per day. With a bigger plan, 2 or 3 tickets were enough for a day, due to we use bigger line with bigger gain of profit and the risk of damaging our floating profit. Once it failed, I stop and wait for more compounding profit before taking another decision. This scalp margin is small than long-term ticket value, 20-30% comparing to that long-term ticket margin.

In long term ticket, you must have a gut to see (for example) 6000-7000 pips down left until 2000-3000 pips. That's the risk we must take it, either you like it or not. As long as your tickets were covered with positive Stop Loss (Trailing Stop), you will be safe. If you're out, seek another timing, don't be rush to entry in the middle of trend journey. Be wise with the entry spot, use weekly line for timing the scale. Even though it may fail, but once you hit the long-term Bingo's bubble, it's your porridge bowl for future margin plan.

Good luck.

Closed trade:
19 Sep 08 (Long term)
Gold Long 737.47 C: 838.05 +10058 pips
Gold Short 849.20 C: 838.01 +1119 pips

22 Sep 08 (Long term)
Gold Short 855.71 C: 901.71 -600 pips

23 Sep 08 (Long term)
Closing Short Gold 906.00 +1682 pips

24 Sep 08 (All were short term)
Closing Total 6 ticket Long Gold +3829 pips
Closing Total 2 ticket Short Gold +451 pips
2 ticket failure Short at below, losing Total -398 pips