Holy Shizz...Goldie didn't bounce before selling off. We DID NOT get on board. However, we will short bounces. We adjusted our trigger zone a bit and will see if Goldie will throw us a bone. Why not chase it down at these levels? Goldie has teeth and will bite. ;) Never chase...you will miss some trades. Set YOUR criteria a make the market come to you. REMEMBER...No Trigger, No Trade
Hi OTFT, is it possible 1106 could be he trigger to an upside breakout to 1145? I was watching Gold earlier today before seeing this post and thinking it was looking like a set-up for a buy. Just thinking out loud.......
OffTheFloorTrader
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Great question. No doubt 1106 is support...actually down to 1104...but we don't call that a trigger. If looking to get long drop down to a 30 or 15 min chart and look for a pattern (break of a recent high, reversal candle, oscillator rotation). You can pick your poison on the trigger. The idea is to wait until the knife to stick in the ground and then your risk is defined. Gold can slip so quickly through a support area that you could be stopped in a minute. If you are long then you will be targeting the topside of the wedge and the RR will be great. Think out loud anytime...that's how we all learn. Thanks again.
CoolCreekCTA
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the good news is I'm not short, but I held back my purchase so I just missed a $20 rally. This is all related to jobs report. Bad report, no Fed rate hike = 0 rates forever, knee jerk buy gold. I didn't want to fade your trade as you guys typically make a lot of good recommendations.
OffTheFloorTrader
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Your long call was dead on...trust your system. With the jobs report, price blew through our trigger zone with no chance of a trigger developing. This is why we use triggers. If not we would have been stopped out in a couple of minutes. Now price is trading above our zone so the trade is dead. I will post an update soon. Trust your trade...if you liked 1106 area then define your risk and take the trade. Look at our post on the long trade we did in gold. This trade was counter to what the longer time frame was telling us but it was a trade for the Daily time frame so we took it. Eventually we were stopped after hitting our first target but we defined risk and traded it according to the plan. However, it the 1106 area is not a defined trade in your trade plan then I would not take it. Impulse trades are what kill most traders...along with getting out of trades to early. Hope it helps...have a great weekend!
CoolCreekCTA
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Thanks 4 reply. Yes, we all need to have confidence in our system, or in my case, trade what I see. Your 1st reply from last night said 1104 was support so I considered putting in a buy there, but then decided to watch to see how the GGC opened today. By then it was too late. 1104 was 2o cents from the low of day. I'd be up $36 had I bot there. SOB!!! (not you, just screaming mad at myself) LOL.
OffTheFloorTrader
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Don't beat yourself up....it's not worth it. There will be plenty of more trades to come and you will miss some. Have a great weekend.