GOLD/USD

For now, I am going to be experimenting with a session based strategy to see if it works on xauusd. I will mark out the Asian session from midnight till 6 am and see how gold price reacts to it, and do the same for the London session.

The idea here is that, sessions always try to stay above or below each other, so I will look to build trade plan to find an edge.

Good morning traders. Right now gold is still trading within the Asian range. I am waiting for gold price to break out of the Asian range from ontop or below then I take a buy/sell as necessary. In other words, I will trade the breakout.

Price has closed outide the Asian range, so I have taken a buy.

In this image I have included the SL and buy trigger (grey circle)

I am in $10 profit and I am going to close the trade here because we are headed into the New York session in 40 minutes and NY could reverse the direction of the market.

So here we have it, I have exited the trade in profit.

Key Takeaways

1. The buy trigger was the candlestick pattern i encircled in blue, it appeared twice, the first during the start of the Frankfurt session and the second during the early hours of London.

2. The two ash coloured lines marked out the Pre-Frankfurt hour high and low prices.

3. When a bullish candlestick pattern forms outside the Pre-Frankfurt lines, we take it as a signal to buy

I just went long on gold because price broke out of the Asian session and is reversing back into it. My TP is at the Pre-Franky high and SL is below the reversal pattern

Just got stopped out

Ive taken another buy trade on gold because after the NY session started, price seems to have the momentum to reverse back into the Asian range. The reversal pattern has been spotted (encircled in blue) so I have gone long.

Got stopped out of this long trade

Just took a long gold trade after the reversal back into the Asian range failed.

SL blown

Sell signal spotted on gold. Price is trying to reverse back into the Asian range

I have taken a short on Gold.

SL is about 16 pips

I have exited this trade with $14 profit because the Frankfurt session is about to start and it may reverse the direction of the market.

Gold trade summary

Headsup! Gold price kept falling, maybe I should have held the trade longer but I had to exit because a new session (Frankfurt) was coming and it was risky holding a trade. Frankfurt is notorious for reversing the Pre-franky move.

Trade 2

Just went long on gold becase price is revrsing back into the Asian session. my buy trigger is encircled in blue. This is my last gold trade for the day.

TP smashed again, today was a good day. I am done for the day.