Day Trading the Gold Futures Contract. GC.


hello traders at samurai trade here
welcome to this training session in today’s session we’re going to be
discussing day trading the gold futures markets yellow metal gold offers some
fantastic opportunities almost 24 hours a day and particularly when you find
that say the ES is very quiet or the NQ gold may be a great alternative for you
as it has some great trends every day as we get underway I do need to put up the
risk disclaimer there is of course a risk in trading if you haven’t read this
disclaimer please pause the video and read the disclaimer as well is if you
don’t have my free training manual in the description link below you’ll be
able to click on that to obtain my training manual as well as my ebook the
truth about day trading please visit my site so let’s get into this there are
some key points before we go to the chart so I’m going to show you a couple
of things on the chart so first of all it’s almost a 24-hour market that is the
exchange for CME does closed down for a few minutes while they reboot computers
and whatever so it’s basically a 23 hour day market five days a week you’ve got
some good daily volume it’s not as much to say the NQ or the es overall however
during the Globex session which is the after-hours market let me just give you
an example right now so it’s Monday morning down under in Australia it’s
11:13am. the markets been open for what about three hours now and if we
look at gold that’s traded our nearly 15,000 contracts the ES is traded just
under 14,000 and CL oil is traded around 14 and a half thousand contracts so gold
has actually exceeded all those markets so you’ve got some good volume in the
Globex market now it does slow down you don’t have that much volume in
comparison I say that much it’s not as much as say CL or nowhere near as much
as say the ES during the New York session however there’s some some still
some great trends and as we know the ES can really slow down at time some can be
in long periods of consolidation now gold will have habits periods also but
you have a lot more trends you know get some great breakouts and great trading
opportunities so there’s good daily volume so as I mentioned some great
intraday trends I love it I love gold during the Globex session like right now
and I’ll show you in a moment go and have a look at the chance it moves with
the dollar and as you see a lot of forex markets moves the currency markets
you’ll see gold move as well that’s something also to be very very aware of
which I’ll cover in a moment now a big thing that comes up is which
is the right timeframe to trade well first of all I’ve got to say what suits
your personality of course it’s no good be seen here rather trade the 89 and 144
volume chart on gold if you’re not really a day trader because those
settings can move very very quickly so you need to find a time that suits you
you’ve got to remember that if you’ll say trading divergence trades or a 34b
or one of the other many trade setups that we teach in a day traders fast
track program that really they appear on all markets and all time frame so number
one first of all is what best suits you now let me tell you what I like during
the Globex session I like the 89 to 144 volume chart does
that mean by the way that a one-minute doesn’t work or you can’t use say a 55
tick during the globex session no of course and it just comes down to
personal preferences or maybe even habits that appear over a period of time
what really suits you so during the Globex session 89 to 144 the difference
there by the way is really speed as once you start to say from where we are now
in the asian session you lead into the london session you’ll find that the 89
may be too fast for you now getting into the new york session the 144 tick i
really like if you like range charts you might look at a three or a four range
and but comment under that also i’ve got use an anchor chart now the anchor
chart that I like to use is three times higher than could be my entry chart so
say if I’m using an 89 I’ll go up to and use a fib number user 233 for my anchor
chart so very important by the way you use an anchor chart because the purpose
of an anchor chart is not necessarily to trade off that but just to confirm your
higher timeframe the overall trend direction because I think that’s one of
the really biggest tips I can give you with gold yes you’ll get some great
divergence trades and perhaps if we’ve got time I don’t want to make this video
too long we’ll have a look at some but really stick with trading with the trend
because one thing with gold it can be extremely volatile very volatile and it
really comes down to the next thing here which is the risk the maximum risk I
believe full stop no matter what market you’re trading should be a maximum of
two percent that’s very important the lower the better now because of the
volatility of gold margins are higher the day trading Mahdi’s are higher than
say trading oil or trading the ES or the NQ etc so you will have a higher margin
and that’s an important thing with gold I’d tend to find if you’re trading with
the trend you’re not going to cop some of those violent moves that stop you out
and give you that three or four even five or six ticks slippage and that’s
the thing you’ve got to be aware of Gold is you can get a lot of slippage even on
your exits so because of those moves and you’ll see that and that’s very
important leading to the next point here is watch for red flags very important
that you not only say check the website called econo day.com
for red flag announcements but you also check the red flags for currency
announcements on forex factory that comm.com is very important that you check that
because once again those moves can be really severe with gold and you’ll get a
lot of slippage on your exits and your entries of course if you’re using
market orders so I like to be have got to be totally flat with any
positions during red flags for both Forex announcements and for the general
economic news announcements in the US there are the best times to trade if
you’ll trade even New York session 732 till 2 pm. but you will get some great
moves and some great trends during the Asian and London session remember it’s a
23 hour basically a day market the volumes a lot thing of a mother the
thinner the market depth of course if you’re a 50 lot trader you’re going to
have problems during the after market and even it could be interesting even
during the New York session so but there are some great trading opportunities 20
of 23 hours a day but the best times are 7:30 am. Eastern till 2 pm. now what
I’m going to do is let’s go and quickly duck over and have a look at a few
things on the charts one thing I do want to mention is please
subscribe to my channel and you’ll be able to be kept up to date with all of
these but a couple of things I want to point out on this we’ll come back to
this particular PowerPoint okay so what we’re walking at traders here is for 144
tick chart and down the bottom there you can see 1044 so that’s during the New
York session and on my right I’ve got a 377 so I like a 144 tick for my entry
chart for my actual trading chart and I’ve got my 377 which is my anchor on
the right and what I really like to see is both charts trending in the same
direction now if you’re a pure price action trader just ignore the indicators
down below as you can see my EMA’s really give you my trigger line the EMA’s
all the information you really need if you’re a trend trader once again you’ll
see some fantastic to trade set up both with trend and counter trend up here
we’ll get out 200B we’ve got a t25 here we’ve got a 34b you’ve got a 21b just
there so members you know what these setups are here you’ve got a nice little
double bottom but as with all trading your best
trading of course is trading with the trend now for members watching this by
the way here is a classic example then let me just move something out the way
here this is a t19 with trend now T19 with the trend the same as a
t7 with the trend what we called bet thumb trades by the way they generally give
you a great return now you may be thinking well what about stops what
about targets on gold generally speaking I like to see a stop of around 7 ticks
maybe an 8 tick stop now in a fast moving market you’ll find of course that
a market takes off we are momentum traders by the way if you’re a day
trader we are momentum traders that you may have to have a largest stop but
here’s the stomach to consider first of all I like my stop to be 1 to 2 ticks
above a swing high so here I’d have my stop a couple of ticks above here and
generally it’s about seven ticks I will increase my stop to eight six as a
maximum with an overall target of eight ticks as well now in a fast moving
market which you’re quite often happening gold we will take off like a
rocket if you wanted to put your stop a couple of ticks above us we know you
might end up with a 1015 tick stop so if the markets moving that quickly I’ll
just keep it t7 okay if I get stopped I get stopped now here we can see the
white paint bar by the way is our super scalper and really nice one here once
again that is t19 we had a nice sight 89b
right there so it gets just some great trends with this market here is your t20
you’ve got a 34b there again and here you’re heading up for really nice
diverging strain there remembering what we want to be doing of course is
conferring with our anchor chart that gives us a lot of information but what I
just wanted to really point out here was gold offers some great trading
opportunities and as you can see here by the way they pretty much Abbes the four
pivots you’ll see the market bouncing or floor pivots
this is an error by the way where we want to be more cautious now of course
what we can see here all of our EMA’s are converged are we in a trend here no
we’re in a sideways trend okay we’re in a range bound market here and what we’re
waiting for is a nice breakout and there are various techniques of course we can
use to get our breakouts now the next thing I do want to show you is the t89
tick so that is our New York session timeframe 144 tick and the 377 and sorry
I meant to say actually 89 volume so on tradestation that’s known as 89 share
bar so you’ll still get some nice little trends now when you’re trading the globex
session generally speaking you can sort of keep your stop maybe as low as
six ticks but once again I really want to see my target there one tick below
and just subject to the volatility or your ATR Average to range you may need
to ever have a target of only five to seven ticks of your scalping the market
so this is during the globex session where this by the way is standard times
about 3 am. you as I mentioned during the London session you’ll pick up some
really nice trends bit choppy there now to keep you out of a chop this is where
you want to be looking for what I call the sweet spot the sweet spot is when
you have the EMAs on your anchor chart confirming the direction of the EMA’s on
your entry chart ok this is what we call sweet spot trading if you truly want to
make a small fortune from the markets just wait for these sweet spots wait – I
call it a fanning of the EMA as you can see here my EMA is are separating of
course if we were to take this over the right hand side this is all you would be
seen this bit here and you can see very clearly my EMA is starting to separate
here on the anchor is separating on my entry I’m waiting for my first pullback
I actually have a couple of different types of trade setups here we’ve got a
t2 a 34b I got a t1 you’ve got multiple trade entries it
this is the best of the best when it comes to trading virtually any market
and particularly gold so I just wanted to maybe show you just divergence trades
here let’s see here okay you can just see and by the way this is what we call
it t3 when we start to see great angulation on gold and you can see the
angulation if I was to draw a line here whoops not done let me just get this
right for you trendline okay see this great separation here this is what we
call angulation basically a wedge formation when you start to see that in
the cross back down under the trigger line it’s an excellent indication of a
potential short or a great short opportunity and when you see
particularly what I call two waves one to you get this great separation like
this in a great angulation great angulation like this generally you’ll
get a really healthy move and a rule of thumb is is to take your measurement
from there to there and let me perhaps just try to draw this for you I’m just
going to quickly disengage something to do this properly for you this is one way
of measuring so I’ve taken that there to be 200 okay there that will be my
generally the minimum move I will get from native them to the 200 not actually
obviously thinking of another type of we’re just going to actually show you
but confuse myself there a bit but that is the measurement there as you I was
talking about I was thinking about another widget we actually use called an
ascending and descending triangle wedge we use that as a measuring tool here it
is here anyway so just remember also when you take these divergence trades or
counter trend trades your first pip bounce point will be the gold then the
89 then potentially the 200 the more severe the move that greater what I call
the snapback will be so traders are giving you just a quick rundown that
there are some great moves every down goal like all markets gold has its
own personality its personality is totally different to say the ES the NQ
and oil it’s totally different to the forex markets it can be a wild beast and
as I say you’d never turn your back on it okay and trend trading gold unless
you’ve got a severe oversold overbought market just really stick with the with
the trends that’s what I’d recommend now quickly and by the ways you can probably
tell these videos are all real and unedited so excuse any typos or if I
fluff anything up as I’m talking to you about this so anyway back onto this
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ideas and by the way traders I should have mentioned this at the start of this
video even if you watch my videos and just pick up one idea a day I put out
new videos each and every week for the general public
besides the private members-only and have a notebook you know just take just
jot down what you know as I mentioned things jot it down I guarantee you’ll
pick up one or two ideas every video I’m really I’ve been at this business for
over 24 years and quite frankly traders I still pick up new ideas we’ve got a
lot of professional there’s a trade with us and seriously
virtually every day also if it’s a good idea that’s something I can learn from
and really that’s what our business is about and as they say a sign of an
intelligent person is how open they are to new ideas you know I’m not saying
don’t verify the idea or check it out for yourself but once again there’s a
lot of great traders we work with may come up with some smooth ideas so anyway
we’ll finish this video they could try to see you on the next recording

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