I'ne done it again...

FX:XAUUSD   Gold Spot / U.S. Dollar
115 14 0
I am still thinking that gold             should correct fro here and that the downtrend has not yet been broken.
And I was stopped out with the remaining part of the position. Nevertheless it was wise to reopen the short position. I have not yet decided whether I will reopen the short once again.The bears struggle hard at this point and I wonder whether the bulls will succeed at all.
It was good that I did it again at least. Now I took the first part of the profit leaving the remaining part at risk. This time it is really risk as, if I consider the 3 attempts as one, the deal is still under water. But there is much less water above me now.
+1 Reply
jangseohee motleifaul
just want to share with you this. but it doesn't happen at time.
when i want to short anything around resistance, i would normal put at least 3-5 ticks higher giving allowance to spike up :-)
as expected, hard battle between Bulls/Bears along the resistance region
+1 Reply
motleifaul jangseohee
What an expensive day! Stopped out again. I shouldn't have interfered in this battle. Obviousely there is a resistance but it's fairly impossible to gain on it.
jangseohee motleifaul
As long as small losses it is ok, frankly i am also very louzy in intraday trade, which is why i need to use larger timeframe to guide me.
Especially when Saudi said Oil will be difficult to pass 100 mark, causing oil to plunge and the effect is pushing the gold up!
motleifaul jangseohee
Yes, I was stopped out unfortunately. Perhaps the stopp was to tight for this market. I re-opened the position. I still have the opinion that there should be a correction at this level.
jangseohee motleifaul
jangseohee motleifaul
if the downtrend channel is broken, the next place to short is the descending triangle line
+1 Reply
jangseohee motleifaul
it could even shoot to 1300!
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