Enter Long Xauusd For those missed my previous long idea

FX:XAUUSD   Gold Spot / U.S. Dollar
553 5 22
For those missed my last weekend's idea to long XAUUSD             around 1025, please note that
market may give you another chance to buy in. Wait for the price to come to 1221 to 1215 zone as this zone might be where the retracement ends. You can long from there again based on price action.
hello leo i shorted gold around 1242 on friday is this good idea to hold short position i placed a small stop loss around 1246 ..what your view?
LeoYao noel29
Hi Noel, actually I'm worried about your short trade. It's high chance the market may open higher than Friday's close price, which means a gap.If the gap appears, your SL will be easily hit. But good news is, you set a reasonable SL and really take care of your account. This is important to become a good trader. Back to your original question, although I longed XAUUSD around 1205(actually it's 1201 in my own account), I still foresee retracement may happen. In the long run, I would long rather than short XAUUSD because of world's economy are declining this year, even next year. Gold may come to a bullish era.
Hi Leo, thank you for the suggestion. But I have held short since last decline around 1240, I am wondering I can still hold it or dump it to reduce the loss?
LeoYao michaelkid_wang
Hi Michael, based on the chart, if u were shorting from 1240, the lowest price/profit was around 1201. May I know did u take some profit? In the market, taking profit is also a skill, same as important as SL. Floating profit is not true profit, and it will become loss anytime. For my opinion, if you took some profit before for the short trade, you need to make sure previous profit is bigger than your current loss to make the whole trade's net profit positive. If you did not take any profit before, as i do not know your fund scale and lot size, yourself need to control your SL within 5~8% of overall account. In the near future, i will conduct a trading regarding all of these skills. Will update u in the near future.
Hi Leo, thank you for the detailed reply. I didn't take any profit at that time because I thought it would decline further, but the climbing up last Friday confused me. I am not sure if it was just the temporary bouncing up which would just last for couple of days and then would decline further, or it would just climb up for the rest of the year. It takes 1/4 of my account. I will look forward to your update.
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