Using Multiple Timeframes
Multiple timeframe gold strategy equals using 2 chart time-frames to trade gold - a shorter chart timeframe used for trading & a longer chart time frame used to check the xauusd trend.
Since it's always good to follow the gold trend when gold trading, in Multiple Chart Timeframe XAUUSD Analysis, the longer chart timeframe gives us the direction of the long term xauusd trend.
If the long term gold trend direction supports the direction of the smaller chart time-frame then probability of opening a profitable gold trade is significantly increased. This is because even if you make a mistake the long term gold trend will eventually save you. Also if you trade with direction of trend, then mostly you will be on winning side - this is what this Multiple Timeframe XAUUSD Analysis is all about.
Remember there's a popular saying by many traders and traders that says: "The gold trend is your friend" - never go against the gold trend when trading.
There are four different types of gold traders - all these different types of gold traders use different chart timeframes to trade as displayed below.
Examples of how each type of xauusd trader uses multiple time frames xauusd strategy:
Multiple Timeframe XAUUSD Analysis Scalping
Scalpers hold on to their xauusd trades for only a few minutes. The scalping gold trader never holds on to a gold trade for more than ten minutes. With the objective of making small amounts of pips as profit, 5 to 15 pips.
A Scalper using 1 min chart wants to open a buy gold trade, checks 5 min chart, which looks like the one below, since 5 minute chart show gold trend is heading up, then decides from this multiple timeframe gold trading strategy it's okay to open a buy xauusd trade.
Technical Analysis Using Multiple Time-frames
Multiple Timeframe XAUUSD Analysis Day Gold Trading
Day gold traders hold on to their open xauusd trades for a few hours but not more than a day. With the aim of making quite a number of pips profit, 30 to 60 pips.
Gold day trader trading 15 min chart wants to open a buy gold trade, checks 1H gold chart, which looks like the xauusd chart below, since 1H gold chart shows gold trend is heading up, then decides from this multiple timeframe gold trading strategy it's okay to open a buy xauusd trade.
Multiple Time-Frame Gold Analysis Day Gold Trading - Multiple Gold Time Frame Analysis
Trading 2 or 3 Time Frames on XAUUSD Charts
Swing gold traders hold on to their open xauusd trades for a few days to a week. With the aim of making a large number of pips profit, 100 to 250 pips.
Swing trader using 1H gold chart wants to open a sell gold trade, checks 4H gold chart, which looks like the xauusd chart examples illustrated and explained below, since 4 Hour gold chart shows the gold trend is heading downwards, then decides from this multiple timeframe gold trading strategy it's okay to open a sell xauusd trade.
Trading 2 or 3 Time Frames on XAUUSD Charts - Trading 2 or 3 Timeframes on Gold Charts
Multiple Timeframe Gold Trading Strategy
Position gold traders are traders who hold on to their xauusd trades for weeks or months. With the aim of making a large number of pips profit, 300 to 800 pips.
Position gold trader using the daily chart wants to open a sell gold trade, checks weekly gold chart, weekly looks like the xauusd chart examples illustrated and explained below, since weekly gold chart shows the gold trend is heading downwards, then decides from this multiple timeframe gold trading strategy it's okay to open a sell xauusd trade.
Multiple Time-frame Gold Trading Strategy
Gold Multiple Time Frame Gold Strategy - Using Multiple Gold Trading Time Frames - Gold Multiple Time Frame Strategy - Multiple Gold Time Frame Analysis - Trading 2 or 3 Gold Time Frames on XAUUSD Charts - Multiple Timeframe XAUUSD Analysis
