suheysen93

TRADE JOURNAL (#1): LONG NEM

Long
NYSE:NEM   Newmont Corporation
First of the many trade journal entries to keep me grounded. A way to measure the profitability of my setups.

NYSE:NEM :

Price had pullback to retest its previous breakout level around $62.20 and is testing the lows that generated the momentum for the breakout ( support and resistance ).

The whole bullish momentum retraced to the 76.4% retracement level. May indicate a proper support zone for the coming days (Fib), where TVC:GOLD is still holding its bullish momentum.

S/L was kept relatively tight, inside the previous channel. A price test of 54.19 would still support the buy trade as long as this level holds; T/P @ 1.272 Fib. ext.



Trade closed: stop reached: S/L hit. Bearish sentiment is too strong, but trading at support trend line. Could be a good area to re-enter the buy trade, but not yet. Will be watching this zone.