Trialing my algo in October

My friends have been asking me why I would want to spend a month away from family in October. These charts from last night may help to answer that question.

My TC algorithm is a momentum-based algorithm and there is generally more trading momentum during the European and US market sessions. Given I’m located in Australia though I do try to catch larger moves off 4hr charts but these signals have been fewer and fewer of late.  I have always wanted an opportunity to trial my algorithm, live, during the European and US market time frames off shorter term charts and I will have this opportunity in October.

I should add here that there can be decent 30 min chart-based moves during the Asian session but, with my algo, they evolve more irregularly making for many periods of wasted time sitting in front of a screen. The European and US sessions generally offer up more trading opportunities and last night’s move with Gold was just one example of the type of trend move I hope to catch during October.

Gold: I had noted in my w/e analysis that I was keeping an open mind with future direction of Gold. This is what I wrote in that report:

Gold: Gold has respected the 5-year bear trend line and has also formed a bearish-reversal weekly ‘Dark Cloud Cover‘ pattern. For the moment, though, price action is consolidating in a wedge under this resistance giving traders trend lines to watch for any breakout activity. Any continued US$ strength would keep pressure on the metal but any rising concern due to Brexit or Geo-political events may help to support Gold. Thus, I’m keeping an open mind with Gold and watching for any trend line breakouts that evolve with increased momentum.

Gold 30 min: the 4-week bullish-reversal descending wedge was broken, momentum increased and a new 30 min TC signal was triggered. This breakout move worth up to 180 pips evolved during my night time though and so I missed catching it:

Gold30min

Gold 30 min Cloud: this move came with a bullish breakout from the 30 min Cloud for added confirmation:

Gold30minCloud

During the month in October I plan to look for trading opportunities across FX pairs, Gold, S&P500, DAX and the FTSE.

I have no idea whether I will be successful using my algo during these market sessions in October but I intend to give it my best shot. At a minimum, I get to spend time back in Portugal as we loved our time in Lisbon during May.

NB: Please e-mail at mary@tradecharting.com if you have any questions or comments about this trading trip.

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