Hey guys what's up Brandon here, ekatatrading. So I am here to discuss what really happened today through my own views. Now the first thing we must establish is that gold overall is a bull market..do we agree with this? Yes? ok good..
That being said - if that is the case, ultimately buys SHOULD make sense when the opportunity presents itself right?
I see most traders all the time ignoring the momentum in hopes of catching the absolutely highest high for a sell or the lowest low for a buy - THE PROBLEM WITH THIS IS - how do you know where the highest high or the lowest low is?
One trader responded to me by saying - "if I have to ask, it's because I haven't mastered my tools" true story. Let me let you in on a little secret - there is NO tool that will tell you this information. Your job is to figure out to the best of your ability what is likely to happen and that is it.
Now saying that I want to present you with an alternative to calling a top or bottom - it's simple really - Let the market tell you where it is going and get on for the ride..that's it.
Anyone who has been following me for any amount of time will have heard me say at least once -
NEVER GO AGAINST THE MOMENTUM UNLESS A REVERSAL IS CLEAR - Ekatatrading
This is a law and cannot be broken...at least for me and it works really damn well.
I found my entry using the M1 timeframe and as I am typing this I am still very much in the trade.
I also want to let you remember - I show and discuss my losses as well (ON THE RECORD) go to my profile you'd see
The trick is to make sure when you lose, it isn't the end of the world
Have a great rest of your day guys
Trade active
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Trade closed: stop reached
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Price hit trailing stop loss in profit - closed at 1:1.9 RRR
Coming back to this post after 15 hours. Thanks for this analysis and the explanation of your mindset when looking at the charts. The mouse trap analogy convinced me to switch my bias and hold my trade confidently which is currently running in profit!
Brandon_evo4
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@Brandonreidforex ayyy.. Very nice... I just woke up to see it's still running and floating profit as well.. I'd do an update video in a while
aparlagreko
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So- what do you think will be retrace limit and what would u suggest for guys who are stuck in sale?
Brandon_evo4
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@aparlagreko, I think it is just to get more sellers in to add liquidity, once enough liquidity is injected - buys should continue