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TFC Commodity Trading Forum

Re: Feb Gold/Testing Resistance #2/Lee

Well I keep it real simple. K.I.S.S. works best for me without trying to be too cute. So on the West Coast I watch the 1st 1/2 of trading which is from 6:30am Pacific time to 7am and wait till all the crazies have finished ejaculating. Then after 7am I look for support and resistance levels along with a channel to trade if its there or building one. Markets only trend 30% of the time and consolidate most of the time so I like finding channels they are consolidating in. I prefer a 15minute chart for that but always make my basic decisions based on the Daily chart. And with the markets closing at 1pm Pac. I' m out unless I want to hold overnight. I prefer ETFs to trade and don't use margin as a rule to avoid 'over exuberant" trades. That forces me to not get carried away with leverage. Studies have shown leverage is the main cause of major losses in trading. Combine emotion with leverage and you have a financial time bomb in your account. So that's about when and what I look at.