Trading on Multiple Charts Gold Day Trading Strategy
5 Minute Day Strategy PDF
Day Traders
This group of xauusd day trader holds on to their gold trades for a few hours but not more than a day. With the aim to make quite a number of pips: 30 - 100 pips.
Day xauusd trader trading 15 minute chart timeframe wants to go long, checks 1 hour xauusd chart time-frame, which looks like the one below, since 1 hour xauusd chart timeframe shows market xauusd trend is going up, then decides from this chart technical analysis it's okay to buy.
Gold Day Trading on Multiple Charts - 5 Minute Day Trading Strategy Guide
XAUUSD day trader traders using technical analysis use xauusd charts to try & attempt to predict the movement of gold price on the trading charts.
XAUUSD Day traders will sometimes use two or more xauusd chart timeframes so as to figure out the long term xauusd trend and the short term gold trend.
How to Define A XAUUSD Price XAUUSD Trend for Day Trading
Using a xauusd system that has Three indicators - Moving Average Crossover System, RSI and MACD & using simple rules to define the gold trend. The trading rules are:
Upward XAUUSD Trend
Both MAs Moving Up
RSI above 50
MACD Above Center line
Downward Gold Trend
Both MAs Moving Down
RSI below 50
MACD Below Center line
Multiple xauusd charts time frames analysis equals using 2 chart timeframes to trade xauusd - a shorter xauusd chart timeframe used for trading & a longer chart time frame to check the xauusd trend - the chart timeframes that you choose for gold price action with will depend on the type of trader you are: for day traders the chart timeframes used for trading will be example of 15 minutes chart timeframe & 1 hour xauusd chart time frame.
Since it is always good to follow the xauusd trend when xauusd Day Trading, in Multiple Chart Time-frame Analysis, the longer 1 hour xauusd chart time frame gives us the direction of the long-term xauusd trend when Day trading using the 15 Minute Gold Chart Timeframe.
