Now that Gold is breaking out, all focus goes to the 4hr chart.
I'm trading E-micro Gold futures (/MGC), 2 contracts at a time. Strategy is to hold 1/2 position all the way up to $1,880 target. Day/Swing trade 1/2 position on the way up.
I'll update my markers where I buy and sell moving forward. Links below show where I started building position.
Stay Black.
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Still holding 1 contract for the medium term target of $1,880. Missed my buy order for a second contract by about $3 !! If that order had filled the logical place to sell is $1,800.
Looking for another dip to $1,730-ish or lower to try to pick up that 2nd contract and get another chance to sell at $1,800.
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Gold prices are still trucking along.
I cancelled my sell limit order and will decide when to sell once we get to $1,886 depending on the price action. Sometimes when Gold grinds up to these levels it can cause a small short squeeze.
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Soon as Congress announces the next stimulus package I'll look to sell to those who are chasing this rally.
Trade closed manually
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Sold -1 @ $1,878.10 Profit: $1,337.50 (plus about $200 from the other contract traded earlier)
Price got to my $1,886 target a bit earlier than I expected and looks like it could pull back. I'll look to buy again on a dip.
Trade active
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Price did not pull back and my buy limit order got filled on the break above $1,900 this morning. The all time high is only $23.70 away so my theory is there could be an epic short squeeze to new all time highs.
Note: Bought the October(V) contract in case I want to hold longer term. It's price is set $10 above the front month contract.