Advanced Wolfe Wave Analysis - Part 9 Week of Dec 1st
Will not comment on how the market immediately reversed after my final post of last Friday.
Gold went through SNR at 1456 in a matter of an hour and was up $9. I was at a rehearsal for graduation on Saturday.
I had not place a SL in place!!
By the time I had figured out what was going on - possibly a 0.382 retracement off of Monthly bars, I was down $7.50/per contract and market closed a dollar down from where I exited my shorts for a loss of $2200! Ouch.
In the middle of my panic, I found confluence of FOUR different resistance levels going back to August high in Gold.
Look carefully at how Wave 4 points are constructed in advance (thick dark blue lines)
But as we know a good chartist does not translate into a good trader!
Here is my analysis for the coming week. Market does not open for 12 hours!
Gold will continue its way down and most probably will reverse at the higher Wave 4 pt.
This is written mid-afternoon Sunday (Africa time).
Lessons learned:
(1) Need a hard stop placed with my orders
(2) Work on a longer TF (4 hours). Getting caught in smaller time frames is for day-traders.
Gold went through SNR at 1456 in a matter of an hour and was up $9. I was at a rehearsal for graduation on Saturday.
I had not place a SL in place!!
By the time I had figured out what was going on - possibly a 0.382 retracement off of Monthly bars, I was down $7.50/per contract and market closed a dollar down from where I exited my shorts for a loss of $2200! Ouch.
In the middle of my panic, I found confluence of FOUR different resistance levels going back to August high in Gold.
Look carefully at how Wave 4 points are constructed in advance (thick dark blue lines)
But as we know a good chartist does not translate into a good trader!
Here is my analysis for the coming week. Market does not open for 12 hours!
Gold will continue its way down and most probably will reverse at the higher Wave 4 pt.
This is written mid-afternoon Sunday (Africa time).
Lessons learned:
(1) Need a hard stop placed with my orders
(2) Work on a longer TF (4 hours). Getting caught in smaller time frames is for day-traders.
Comment:
Target WW Point 4 is 1444