Gold 5-minute chart scalping, haven't you been watching the chart all the time? A discussion on reviewing tethered/ glued-to-the-chart trading
Gold catches my eye, and I keep opening charts between work and chores. Before I know it, I’ve been watching for hours.
And yet, I miss the scenes I was aiming for, and I end up rushing in after the move. Haven’t you felt this way?
What I want to convey this time is,to change from “watching continuously” to “setting a trigger to confirm”.
Five-minute charts are not charts you have to trade every five minutes. It’s okay to wait for scenes that meet your conditions.
The more you watch, the more you feel like trading
At first, you think, “I’ll enter when a good scene comes,” but as time passes it becomes, “I’ve watched this long, so I want to take something.”
When prices go up, you want to buy, and when they go down, you want to sell. You end up looking for reasons to trade without realizing it, even though you intended to wait.
As I wrote in yesterday’s performance article, I myself held a position outside my rules and took a relatively large stop. Just because profits remained doesn’t mean I think that way of entering is acceptable.
That’s why, rather than enduring by willpower alone,I want to create a flow that prevents unnecessary entries.
Notifications are “triggers to check the chart”
For example, decide in advance the times you can trade, and use alerts within that time window. When a notification arrives, open the chart and check the current state.
If the conditions match, consider trading; if not, pass. That’s all there is to the flow.
Just because a notification arrives doesn’t mean you must place an order.
There are times when the price has already moved by the time you notice a notification. Separate the moment of a signal from the moment you can place an order.
After a notification, confirm these three things
- If you enter now, does it still meet your conditions?Check not only the position of the signal but also the current price and the chart.
- If you hit stop loss, how much would you lose?Check the distance to stop loss and the lot size, keeping losses within your acceptable amount.
- After placing the order, can you take the necessary actions?If you have to return to work immediately and can’t calmly verify, don’t force a trade.
If you only look at “buy or sell” and place an order, your loss and subsequent actions tend to be put off. If you’re using notifications, decide the order of checks as well to reduce hesitation.
Don’t chase missed signals later
When you finally open the chart after a break in work, the price has already moved a lot. You may think, “If I had entered with that notification.”
But rushing in then will lead to trades different from your originally intended entry.
It’s okay if you couldn’t confirm a scene.If there’s no basis to enter now, wait for the next opportunity. That too is following your own rules.
Notifications are not a promise to capture every price movement. I want you to use them to confirm the scenes you can handle.
KGS as an aid to organize your judgments
I’m developingKURAMA GOLD SIGNAL PRO (KGS)as a gold-specific sign indicator. It includes arrows on the chart, indications for take profit and stop loss, and alerts at signal occurrences.
By noticing alerts, checking the chart display, and comparing with your trading conditions, this method helps organize what to look at.
KGS is not an EA that automatically completes trading merely from notifications.Display of take profit/stop loss targets and actually setting orders are separate steps.
Before use, please confirm your operation environment and notification settings according to the manual. Since there may be times when you don’t notice notifications or delays due to communication, I do not recommend relying solely on notifications to leave positions unattended.
For those who want to learn “how to view this scene?”
Even with indicators, you can still be unsure whether to enter now or to pass on this pattern.
For those who want to learn this too,a complete set with my MA method materials and one-on-one coaching included for the indicatoris recommended.
If you send your chart, we can share where you hesitated and what you based your judgement on, making advice more concrete than words alone.
For example, place a mark at the spot you considered entering and send, “I’m thinking of buying here. Is my view correct?” We can learn the reasoning using the actual chart.
If you’re tired of watching the screen continuously, start by“notice with a notification → check the chart → decide whether to trade”in that order.
We have tools and learnings prepared for that purpose. The product details are in the following section.
Complete set with indicator + my MA method + one-on-one coaching
Recommended for those who want to learn the thinking process. See set contents
This article provides general information on how to proceed with trading. Indicators and teaching materials do not guarantee profits. There are risk of losses in FX and CFDs, and final trading decisions should be made by yourself.