Was waiting around a long time to get long at 1274 which looked like a good trade to begin with after an intraday low at
1273.25 as Wall Street joined the session...just hope you were smart enough and fast enough to exit, though (unlike me,
busy with other incoming, der).
Even worse, there was another buy trigger (which I hope you never traded because you got in at 1274 lows early in the NY
session) on a rough 50 pip break above 1283, so at 1283.51 ish by the book - well if you traded long here I'm very sorry - my
bad, in fact really bad...this is not a bad or unlucky trade, fooled by the chart - it's worse. It's just lazy, stupid
writing...because there's clear resistance at 1283.5 already there on the chart so it should have been 'only go long on a 50
pip or more break above here, which would be 1284 +.' And so if I'd been a little more diligent it would and should have
been technically perfect (high at 1283.98) - so this is my fault and not a fault or false reading from the chart. I feel a need
to own up to that. My bad. Charts rock. Most of the time. It was a really dumb, lazy call that should have been written
with more care. I feel deep guilt and responsibility if you got caught near the top because of that.
If, like me you're still stuck in this trade from 1274, well at least we're still a couple of bucks to the good, not bad.
Am raising stop to 1275.30 so this trade makes 1.7 points if it goes wrong or makes 7 points to 1281 upside target if right...
But it's clear - that on the hourly chart looks serious - big reistance lies from 1281 through to 1284 (and not to 1283.5 as
erroneously previously stated). So will close out long at just below 1281 if rally continues and not wait for better...just cannot
trust rallies with DXY whipsawing right now the way it's doing - but believe that DXY is getting close to finishing its consolidation
before the rally resumes, so it's difficult to trust any rally in gold for more than 5 minutes...therefore need to set limit
just under 1281 for this long trade. If price is then met, no way can we consider going long again until 1284 is broken on
updside by 50 pips+ (wait for next pull-back and with reasonably tight stop just below 1283 if trade triggers, for a maximum
1.7 point loss if wrong) and an upside target at 1290, a small 5.6 point win if right. A 3/1 risk/reward isn't great but just about
acceptable. But gold looks more likely to fall away again from 1281-4 range if tested - hence looking to close out long just
under 1281 and probably short from 1284 if touched with a stop just above 1285