Trade 22 – Gold

Entry

watchthisGOLD1 (-)Reference on Daily Price in a healthy uptrend with resistance potentially at 1300.

watchthisGOLD2 (-)Entry on 4H Corrective waves as shown. 1220 turning from resistance into support. Also, a bullish engulfing + inside bar. Will be looking to enter risking 0.5% on the inside bar set-up and another 0.5% when price breaks out from the corrective wave line which is still intact at time of writing.

Did not wait for confirmation. Bad.

0.5% capital risked for potentially 3.1R.

Entry: 1235.3 | Stop loss: 1215 | Target Profit: 1300

Psychology and emotions – A bit of itchy fingers to go through the commodity markets to find something to trade. Not a bad set-up though entry point might register on the impatient side. Especially below.

GOLDtriangle5mins (-)On the 5-minutes could not resist making a short term day trade by trading the triangle (which was seen as the inside bar earlier).

A triangle on the 5-minutes, obviously it’s not going to be as significant. However, had it broken out… Well, FOMO is here again.

0.5% capital risked for potentially 2.6R.

Entry: 1235.3 | Stop loss: 1232.8 | Target Profit: 1241.8

Exit

Spot Gold Mini (10oz) (-)Stopped out, deserved to lose this trade.

[1] Upward trend line stretched too much

[2] Corrective wave line still intact, did not wait for break (confirmation)

[3] Impatiently entered on the 5-minutes upon finding a triangle

 

Advertisements