Classic example of why it's important to never buy the dips.
The three blue lines were the Daily support, the Weekly Pivot point and another key support level that I had marked down although don't remember what it stood for, exactly.
It is now evident that Gold price took a shock from both the interest rates and the ADP news, both effecting the greenback these days.
But you couldn't have possible known, back then right ?
So each time Gold hit a major support level, it seemed a good idea to buy the dip, being able to the position your stop loss the closest.
And each time I was stopped out !!!
Should I have waited for Gold to start its long awaited rally, AND THEN gone long at the first available pullback, I wouldn't have been stopped out. Another better idea, would have been to wait for a break, in this case of a trendline. In terms of risk therefore, it is, generally speaking better to enter on the pullbacks once the trend (being it long term or intraday) has settled.
The three blue lines were the Daily support, the Weekly Pivot point and another key support level that I had marked down although don't remember what it stood for, exactly.
It is now evident that Gold price took a shock from both the interest rates and the ADP news, both effecting the greenback these days.
But you couldn't have possible known, back then right ?
So each time Gold hit a major support level, it seemed a good idea to buy the dip, being able to the position your stop loss the closest.
And each time I was stopped out !!!
Should I have waited for Gold to start its long awaited rally, AND THEN gone long at the first available pullback, I wouldn't have been stopped out. Another better idea, would have been to wait for a break, in this case of a trendline. In terms of risk therefore, it is, generally speaking better to enter on the pullbacks once the trend (being it long term or intraday) has settled.