Good day to all. Gold has continued slowly but steadily climbing above the USD 1300 mark. 1310 is a key level on the daily chart and once surpassed there is going to be a quick run to the 1320 - 1325 range where I expect it to pause or even have a correction down to 1305. My buy order @1302 was triggered on Friday and I did leave it opened over the weekend with a TP on 1323; in any case I plan on raising the SL order to breakeven once the 1310 is broken should the price follows through the aforementioned level.
Diclosure: I´m long @1302 with SL @1294, first target 1323.
Diclosure: I´m long @1302 with SL @1294, first target 1323.
good day to you sir cesar, i'm with you on this one, i was expecting it to dip below 1300 today to enter long but it doesn't happen
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DeleteIt may work , you never know. Setup SL below 1295 in any case.
DeleteGood morning everyone :) We are in the same boat Cesar :)
ReplyDeleteMy current SL is at 1290, will move it to 1295 if today closes above 1304/5, and to break-even at 1312.
1st target is 1322.
I've never added a second position on a quality trend, I'm thinking of adding a postion if 1310 test breaks to the upside.
whats your thought in averaging in positions?
Well planned. I don´t like very much adding positions when I expect a lot of volatility, in this particular case I believe that 1301/1302 was the right level to add a position since your breakeven point would have been 1295. if you add a position @1304 e.g. then your breakeven point would be 1297, workable but it is entirely up to your profit expectation. What is for sure is that you must never ever add positions to a loosing trade, always add to a position that is already giving you profit.
Deleteawesome, thank you Cesar, this makes a lot of sense
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ReplyDeleteSir any chances of 80
ReplyDeleteNot that I can see now.
Deletegood day sir cesar, any update for gold?
ReplyDeletei closed all my position already
any updates sir cesar?, glad that i didn't bought, just did few scalping short when it broke 1300
ReplyDeleteI stopped out :( luckily money management is intact, and we know that we cannot win all trades.
ReplyDeleteI still have 1 long in play, with SL 1282, but I'm thinking that it will SL soon.
after that i have no position or possible play lined up.
yes highseas, market is unpredictably at times, so many people were buying because of the Diwali so i didn't want to enter long at 1303
DeleteWell done, 1305 was actually a good previous support before the latest 1300 break, well done.
DeleteAs long as money management is ok you live you trade one more time.
Deletevery true Ultra, my long was based on (what I thought) a pretty decent Price Action strategy with a bullish reversal at a major support, but i think I entered the trade too late into the play.
ReplyDeleteWe'll, account and equity still protected, so back to the charts, checking and waiting for the next oppertunity :)
Good to hear that account and equity are doing ok.
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