Nicemate

Why it's important to NEVER BUY THE DIPS - GOLD

FX:XAUUSD   Gold/U.S. Dollar
109 1 7
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.
timwest PRO
a year ago
Good points.
Reply
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