I have 2 positions on gold: - Short term where I entered very close to stop - Long term with a wider stop but not that wide
In the short term gold has really gone. I'll cut to the chase now I am trailing it with a $20 stop.
The price is going vertically, and often once it retraces it can retrace hard. Maybe my $20 stop is too wide and I will give back profit. I already have a long term hold so I don't need to tighten my grip on this.
"Last time"
The vertical price can see a major correction, but often this does not happen "instantly", here are some examples:
I am sure it can drop like a rock but usually, very often, it does not, so there is no reason to "panic" and be a profit snatcher. And even if it does, in my personal case I bought $5 from the bottom (and posted to do so $6 away) at worst I'll give back 1/3 to 38% of my profit, not the end of the world.
When I'll buy more would be on another major pullback, I'll enter with a stop of maybe $50 and trail with $100, 50 being somewhere between the current (high) and past few years (low) weekly ATR.
Just going to be attentive and check on the price often!