I will be sharing the performance results from trading the gold futures market on this thread. I will also be sharing my daily insights on gold, silver and the other metal markets here. If you are interested in following the appreciating gold and silver markets, then visit this thread at the end of each trading day to learn more.
March 1, 2010:
The GoldDigger account managing expert advisor was launched on a demo account at the open of the Asian market today. This expert advisor scalps the gold futures market on the 1 minute chart. You can follow the performance of its trades on MT4Live.com - Share Your MT4 Statements Free .
March1, 2010 (Mid afternoon):
The EA has gained over 3.6% today with less than 1% drawdown . Today's volume has been above average and is comparable to the previous 5 weeks average daily volume. (See Attached chart). Trading has been brisk as a result. This is good for the scalping strategy being employed by the EA.
Last edited by kengen; 03-01-2010 at 21:48.
Gold is Soaring to the Upside
March 2, 2010
After loittering around the 1120 price level during the Asian markets, Gold finally broke to the upside correlating with the move of the EURUSD pair. It finally settled at 1135 at the NY market close.
The GoldDigger EA was caught in the dust resulting in over $1300 drawdown. The first cluster of martingale orders were exhausted. If the market continues on the upside, the second cluster of martingales will kick in to nimble at profits.
Let's wait and see how that unfolds.
Gold Follows Through
The Gold market continued its wins of yesterday, reaching as high as 1145.7 overnight.
The GOLDDigger expert advisor relapsed to its defensive algorithm and did not place any more trades as a result. The first cluster of martingale orders (6 orders) was maxed out. From here till when the martingaled orders are liquidated single entries with defined TP targets and hidden SL levels is the next logical strategy which will be employed by the EA to trade the market.
Gold Pulls Back From Last Week
The Gold market retraced from last weeks up run starting Sunday (See attached chart). The GOLDdigger EA liquidated its martingaled open orders yesterday with good profits and has been trading quite actively today. You can check out the detailed trading report from this link: MT4Live.com - Share Your MT4 Statements Free
Volume Analysis For Gold
The gold market has continued its retracement to last week's price levels. Volume seem to be picking up on the way down. The last highest volume occurred during the down swing of February 25, 2010 at 20,309 trades. Today's volume finished at 16,495 to the downside. (See volume details attached). If tomorrow's volume exceeds today's volume and tomorrow's low swings lower than today's low, this will signal a higher likelyhood of a run towards the February 25 low price of 1059.8. The approach towards this price level would have to be on decreasing volume else the level will be broken to the downside. I will keep you informed. Come back to learn more of how to use volume analysis to enhance your trading strategies.
The GOLDdigger EA has been very active and is up over 24% in less than 10 days. See the trading summary below or visit this link to see the live trades for yourself: MT4Live.com - Share Your MT4 Statements Free
This is a very interesting EA. Do you intend on selling it?
Also, can we see backtest?
GOLDdigger: BackTests From Jan 18, 2010 - Mar 11, 2010
Per your request, I am attaching a backtest results from the GOLDdigger EA for the past couple of months.
NOTE that the trading instrument "GCJ0" will expire on April 28, 2010. If you find interest in trading gold futures, you can get further information from this link:
Broco Company — Online Forex Trading, Online Futures Trading, Stock Indexes Trading, Forex Currency Trading System. FX Trading (Foreign Exchange Trading) - Broco .
You may want to open a demo account to use the available zero spread and their commission-only-based futures instruments, including gold.
The GOLDdigger expert advisor is a privately developed EA used to manage the gold funds for the "Visual Investors Club FX" (ViC). You have to be a member of the club to have access to this EA. If you need further details, send an email of interest to email@example.com .
Find the backtests below here.
The htm file is larger than the limit allowed by the site. I will reduce the date range and post One month's results soon.
Last edited by kengen; 03-11-2010 at 20:37.
GOLDdigger: BackTests From Feb 11, 2010 - Mar 11, 2010
Gold Volume Comparably Lower today
Yesterday's low price on gold was broken today but today's volume fell shy of yesterday's volume. (See chart below). This signals a return to the upside for the coming couple of days. If volume continues tapering down as the price goes up, it will indicate the fleeing of big movers from the market, which will send the price tumbling down again.
The GOLDdigger EA took advantage of the reduced volume as yesterday's low price got broken on lighter volume and reverted to a buy mode. At the time of this writeup, the first cluster of buy martingales had been exhausted and the second cluster had been evoked with one buy at the low of the daily candle. (See attached chart).
Last edited by kengen; 03-11-2010 at 23:11.