Using Multiple Timeframes
Multiple time frame gold strategy equals using 2 chart time frames to trade gold - a shorter chart time frame used for trading and a longer chart time frame used to check the xauusd trend.
Since it is always good to follow the gold trend when gold trading, in Multiple Chart Time Frame XAUUSD Analysis, the longer chart time frame 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 the probability of opening a profitable gold trade is greatly increased. This is because even if you make a mistake the long term gold trend will eventually save you. Also if you trade with the direction of the gold trend, then mostly you will be on the winning side - this is what this Multiple Time Frame XAUUSD Analysis is all about.
Remember there is a popular saying by many gold 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 time frames to trade as shown below.
Examples of how each type of xauusd trader uses multiple time frames xauusd strategy:
Multiple Time Frame 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 gold chart wants to open a buy gold trade, checks 5 min gold chart, which looks like the one below, since 5 min gold chart show gold trend is moving up, then decides from this multiple time frame gold trading strategy it's okay to open a buy xauusd trade.
Technical Analysis Using Multiple Timeframes
Multiple Time Frame 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 objective of making quite a number of pips in profit, 30 - 60 pips.
Gold day trader trading 15 min gold 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 moving up, then decides from this multiple time frame 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 objective of making a large number of pips in profit, 100 - 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 example illustrated and explained below, since 4H gold chart shows the gold trend is moving down, then decides from this multiple time frame 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 Time Frames on Gold Charts
Multiple Time Frame Gold Trading Strategy
Position gold traders are traders that hold on to their xauusd trades for weeks or months. With the objective of making a large number of pips in profit, 300 - 800 pips.
Position gold trader using the daily gold chart wants to open a sell gold trade, checks weekly gold chart, weekly looks like the xauusd chart example illustrated and explained below, since weekly gold chart shows the gold trend is moving down, then decides from this multiple time frame gold trading strategy it's okay to open a sell xauusd trade.
Multiple Time Frame Gold Trading Strategy
Gold Multiple Time Frame Gold Trading Strategy - Using Multiple Gold Trading Timeframes - Gold Multiple Time Frame Trading Strategy - Multiple Gold Time Frame Analysis - Trading 2 or 3 Gold Time Frames on XAUUSD Charts - Multiple Time Frame XAUUSD Analysis
