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Th That open drop last monday cost me $2100, if only i had the nerve to hold it for a couple of days, would have made a approx $1500 profit, but thats the game we play.  

No problem @gautamhait, looking at the Gold hourly chart below you can see price has nudged hard up against resistance at 1400. If you look back the largest blue breakout candles occurred at 1:00 am a

Time to start a new thread on Gold now that it's broken free and into fresh space, included is the monthly chart with the major resistance levels ahead though after what looks like being this months l

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1 hour ago, davidbrister said:

image.png.4e63f8beb523c53fe21b5f256699f7d8.pngTh

That open drop last monday cost me $2100, if only i had the nerve to hold it for a couple of days, would have made a approx $1500 profit, but thats the game we play.

 

As the thread has been removed I can only go by memory but there are some important points.

The algo was working without stop losses, it was not shutting down trades that were going deeper and deeper into the red, the gold trade had lost 10% of the whole account in the last pic posted and was still climbing, never mind not losing more than 3% on a trade.

The gold price continued to go against, the algo was waiting for price to reverse again but what if it never did, the effective stop loss on the trade was the account balance hitting zero. 

That's why I asked if the algo had malfunctioned because such a system is guaranteed to blow the account, just a matter of time.

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it seems there was a 1500 point stop loss, but im guessing it was hoping for a price reversal before that took effect. what that big jump down did do was achieve the take profit on the 4 old positions that were sitting at almost $4k loss on paper, but were triggered with good results in the end. the trade that lost me the 2100 was a manual placed order i put on, which then i panicked and sold instead of keeping, even knowing the charts were suggesting hold and wait longer term for the price to go up. but thats the game.

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5 hours ago, davidbrister said:

it seems there was a 1500 point stop loss, but im guessing it was hoping for a price reversal before that took effect. what that big jump down did do was achieve the take profit on the 4 old positions that were sitting at almost $4k loss on paper, but were triggered with good results in the end. the trade that lost me the 2100 was a manual placed order i put on, which then i panicked and sold instead of keeping, even knowing the charts were suggesting hold and wait longer term for the price to go up. but thats the game.

Thanks David, for telling what is a very interesting and revealing story, shame it got jointed or butchered by the lawyers but that also raises the point there must be other IG clients also using the system and they should have concerns. Especially around the stop loss, I think you said your account for the experiment was 10k and the algo let the aggregate gold trade go 4k into the red when price turned and did return all the way past the entry and into profit. If the algo was not malfunctioning then it's constantly walking a tightrope of death for the account.

 

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On 13/07/2019 at 11:25, davidbrister said:

image.png.4e63f8beb523c53fe21b5f256699f7d8.pngTh

That open drop last monday cost me $2100, if only i had the nerve to hold it for a couple of days, would have made a approx $1500 profit, but thats the game we play.

 

 

That 'game' sucks.  It's pure gambling and nobody but a billionaire with cash to burn can live that way.

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Gold H4 and the coiling continues to get tighter but the break when it comes usually leads to a strong move, never quite sure which way the break will go but most chart patterns are continuation patterns.

image.thumb.png.7fa13131e8fd56242c970fdb7d13ba3a.png

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17 minutes ago, Caseynotes said:

Gold trapped between 1413 and 1424.

H4 Chart;

image.thumb.png.0aca9a4c07154be302bfa46d604f9d89.png

Agreed - looking for breakout but will be range bound until FOMC with possible short term spike on rate decision. However, now that FOMC 25 point is expected (rather than 50 point) I expect gold to pull back to range again thereafter.

What do you think?

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5 minutes ago, FFS_Daytrader said:

Agreed - looking for breakout but will be range bound until FOMC with possible short term spike on rate decision. However, now that FOMC 25 point is expected (rather than 50 point) I expect gold to pull back to range again thereafter.

What do you think?

Sounds a reasonable summing up, FOMC this Wednesday and Powell unlikely to do the unexpected, don't think too much is expected from the US/China trade talks this week and NFP Friday, July's data doesn't usually throw up big surprises.

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The call in yesterday morning's post for a retest of 1400 was spot on to the tick but missed the bit about then going on to test 1450, could be a waiting day today to see how the indices perform and what NFP brings this afternoon.

image.thumb.png.587700026d14611f6f317371d778c0f3.png

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