I like this kind of volatility because it indicates that either there will be a reversal in the trend or a significant break out. In my view everything will be clear on Friday following the NFP release, even though 1268 became an intraday support, charts show that the 1254 - 1262 area is key for medium term analysis. As for today I booked profit @1270 and I will likely be just watching until Friday with no position at all.
A break of the 1250 level will easily take the price down to the 1191 - 1201 area where a long term trend line has been building up for the last 2 1/2 years. I believe this scenario won´t develop immediately and then I would expect a rebound from the 1260 area for a rally during this month up 13xx.
Disclosure: I do not have any open position at the moment and I will be looking to go long around 1262 with SL order @1248.
A break of the 1250 level will easily take the price down to the 1191 - 1201 area where a long term trend line has been building up for the last 2 1/2 years. I believe this scenario won´t develop immediately and then I would expect a rebound from the 1260 area for a rally during this month up 13xx.
Disclosure: I do not have any open position at the moment and I will be looking to go long around 1262 with SL order @1248.
Great work, cesar. Thank you.
ReplyDeleteGood Morning Friends,
ReplyDeleteyesterday again proved that I'm no scalper, or that I need to study the art of scalping, on top of that, major news is not my friend.
luckily I had a tight SL, so a little loss vs an account clean-out is always better.
I'm also going to sit on the XAU sideline while its in consolidation between 1276 and 1268 (ignoring yesterdays news blip to 1275 and 1280.
the NFP's of tomorrow should give us the breakout we where looking for.. dunno the direction, my technicals say bearish.. but I'll wait.
have a great day, and good luck trading
Congratulations, being able to close a losing position with minimum loss is a big step towards being successful in the trading business. Sitting on the sidelines is the second most difficult skill to master, so congrats for that too. Try to study the 1 minute chart strategy for the NFP, if you walk away with a small loss on the news just take it and enjoy the weekend, Not chasing the market is the third skill to develop. A workable account will always be much better that no equity at all.
ReplyDelete