In today forex faq, we have a question from one of our subscribers.
Below is the question:
I have read your book on Forex Strategy. It’s amazing.
Please advise me the best set of indicators and time frame to trade Gold (xau/usd). My job does not permit me to watch chart all the time.
Really appreciate if you can refer some MT4 custom indicators for that.
First of all, I am glad that you find my forex strategy course useful for you.
As for the set of indicators as well as time frame to trade GOLD (xau/usd). I will recommend you to use the 4 hourly and daily chart as you do not have much time to look at your chart.
Since you have purchased my forex course, you can use the strategy on XAU/USD pair. You will use the 4 hourly chart to draw the long, medium and short term trend line. As for the indicator, you just have to use those indicators that I have taught you in the course and it will be enough.
Since you are trading the higher time frame, you can trade simply with the short and medium term trend line. When you see the price breaking the short term trend line with valid breakout sign, you can then enter a trade to trade the breakout and take profit at the medium term trend line.
On the higher time frame, you will find that the price finds it very hard to break the medium trend line as it is more powerful as compared to the medium trend line on a 15 minutes chart. Therefore you can concentrate on trading the valid breakout of short term trend line as it will gives you more trading opportunity.
As long as you stick to the strategy, I am sure that you will make money from trading xau/usd pair.