“X CODE VISION” Three tips to succeed in breakout using Gold Scalping
Hello
Is this YUME?
Gold (XAUUSD) has high volatility,
Even a small 'shadow' can trigger stop-loss, right?
However, when gold leverages its high volatility,
it can suddenly lead to a strong take-profit move.
In this article, using "X CODE VISION"
I would like to share tips for succeeding in gold scalping with breakouts
.
?Tip 1: Draw a trendline
First,to identify the trend direction, draw a rough line on the chart.
A simple line on the chart
I developed“X CODE VISION”which
allows you to easily plot a trendline on the chart with the included indicator “Venus Sign.”
◆ Here is the listing page
https://www.gogojungle.co.jp/tools/indicators/73241
【How to draw lines with Venus Sign】
◆Click the light blue button“LINE”.
The trendlines drawn on the chart by the tool are set to read the most recent 100 candles.
Depending on the market, the line may not be drawn,
In that case, adjust the parameter“Number of candles”.
For a 3-minute chart,“70~100”is best.
By the way, the trendlines shown by Venus Sign are
based on very advanced calculations, so
they will always be placed in the correct position.
Trendlines can also be drawn with MT4 tools, but
to draw them more accurately, using such tools is safer.
?Tip 2: Draw horizontal lines
To reliably turn gold scalping into profits, trendlines alone are not enough.
This isn’t limited to gold
To check day-to-day changes and anticipate reversals,
“PIVOT” is drawn on the chart using the “Line on the upper left” button.
Note that the PIVOT line can be hard to see in images, so
please refer to the images below as well
【How to read PIVOT】
R1~R3: rising trend zone (buying on dips is advantageous)
Mean value: range zone
Previous day high: if surpassed, buying often dominates
Previous day low: if broken below, selling often dominates
S1~S3: falling trend zone (selling on rallies advantageous)
These are guidelines, but this is how to use the PIVOT line.
Also usable as an exit strategy after entry.“Exit strategy”.
?Tip 3: Check MTF (higher timeframes)
MTF stands for higher timeframes from 30 minutes to 4 hours.
However, in gold, even if the 1-hour chart is in a downtrend,
there are many cases where 5-minute charts show reversals, so treat as reference only.
Personally, for gold scalping, I thinkwatching the 30-minute chart direction is often enough.
The Moon symbol☽ in Venus Sign indicates the direction of the higher-timeframe trend ✨
In this case, a sell signal is issued, so focusing on sell signals makes it easier to win.
?Tip 4: Wait for a signal
Then you just wait for an entry signal.
What? This image, isn’t it breakouts,
just a trendline rebound reverse entry?
No,in reality it looks like this.
In this market situation,
the trendline rebounded around the next candle after the signal appeared.
After that, selling orders surged, causing a temporary crash.
This is the market psychology I assess.
?Tip 5: Take profits at a reasonable timing
After entry,lock in profits at a reasonable timeto
continue winning in gold scalping.
For example,“PIVOT line touch + long shadow appears”is an important guideline for closing positions.
Moreover, a long shadow is not just from a single candle,
2–3 candles with trend-opposite shadowsappear,
increases the likelihood that the breakout is temporarily ended.
This is also likely due to the involvement of large investors (hedge funds),
and if a large up-down longer shadow suddenly appears during a breakout,
this possibility is highly plausible.
For beginners, first use the most recent data as a decision guideline for closures.Recent.
◆X CODE VISION listing page here
https://www.gogojungle.co.jp/tools/indicators/73241
Conclusion
Indicators are ultimately just “lagging” tools,
and the final entry and exit decisions are determined by the current candlestick state,
however, for example“trendline touch + entry signal”and more
the combination of signals and price action can further enhance the indicator’s edge.
Also,“X CODE VISION”’s
dedicated order panel “Trade Core” makes ordering even smoother.
This dedicated panel is so well-developed that it could be a standalone product.
Please be sure to make use of it as well?
◆X CODE VISION listing page here
https://www.gogojungle.co.jp/tools/indicators/73241