Part 1
Gold was trending up nicely for a while!
Then, it decided to drop; and it dropped over 500 pips in just over a day. Why?
I couldn't understand why it wasn't drying to continue to climb for several reasons.
1. It was in an uptrend.
2. It broke and closed above the 1900 level several times.
Here's what I missed:
1. The uptrend was broken and retested as you can see in the green pencil area.
2. A Triple top/head and shoulders was created-yellow circles.
3. I was biased and couldn't see differently.
I won't be making that mistake again!
I finally figured out after it was all too late and over. I took about 5 trades during that short time and only 1 was a winner.
The thing I need to do better with next time is to respond more fluidly to the ever changing markets.
How did you do during this time?
Look for Part 2 for something new to add!
Gold was trending up nicely for a while!
Then, it decided to drop; and it dropped over 500 pips in just over a day. Why?
I couldn't understand why it wasn't drying to continue to climb for several reasons.
1. It was in an uptrend.
2. It broke and closed above the 1900 level several times.
Here's what I missed:
1. The uptrend was broken and retested as you can see in the green pencil area.
2. A Triple top/head and shoulders was created-yellow circles.
3. I was biased and couldn't see differently.
I won't be making that mistake again!
I finally figured out after it was all too late and over. I took about 5 trades during that short time and only 1 was a winner.
The thing I need to do better with next time is to respond more fluidly to the ever changing markets.
How did you do during this time?
Look for Part 2 for something new to add!