Sometimes patience are not always rewarded but it is part of trading which I need to accept.
My game plan was to long Gold (GCZ2017) if you have been following my trade ideals. So far,
besides the occasionally test on 1288-90 then a false break on Fri early price action which
might have been triggered by stop loss orders, there wasn't much trade i'm interested in.
If on Friday the selloff continued, i will setup to do short trades till the long structure (in green)
has been reached, or my bullish Cypher is triggered. Now with Friday's rally, it ended near the
short structure which i won't go long due to poor risk to reward, and neither short because
the buying momentum is good.
So, now i need to wait again for either a long breakout + pullback, or short if this short structure
hold up. Luckily, we have so many other instruments to trade and I can put my "Go for Gold" plan
aside. I don't wish to assume and take for granted a sure trade. So, keep your ammunition until
a clear direction takes place!
Comment:
By avoiding getting in, its now a clear path for Gold. I would say its time to go for gold on the long side. But my style is to trade pullbacks. I'd leave the breakouts to the pros.