- PPF Points
- 2,039
On a 1-minute time frame, trading gold fast is possible, but it needs precision, diligence, undisturbed thoughts, and actions because the market is so sensitive to news that the price can change drastically in a fraction of a second. A clear and practiced plan and the discipline to curb impulsive decisions are requisites for trading success. Firstly, confirm major support and resistance levels by examining the higher time frames of, say, 15 minutes or 1 hour in order to have a clearer picture of your trades. To know if the move starts, a trader should use volatile-indicators (Bollinger Bands), momentum-indicators (RSI or stochastic), and volume (for confirmation of strength). Roam for a good sign of a trade like the one where the price comes out from nowhere. That's a kind of rejection of the candle that takes place at key levels or the price that gets hot (between the bands) in the company of a momentum, which confirms the trade. In addition, going for a trade a forex trader needs to make sure that liquidity is good and the time to trade is high between London and New York sessions. Being a trader, always make sure to put a stop loss because gold can go too high too soon and thus you can lose all your gains just because of one spike. It is a trap that can lead to a really bad trading decision if you chase the price so wait for a confirmation and set your target the moment you enter the trade. The practice of scalping gold on the 1-minute chart does not only provide plenty of opportunity to members, but it also rewards them with a dedicated attitude, capability to make decisions quickly, and an unbroken focus on a certain path of making a profit.