Slow day today on Gold, market moved well downside completing our short target then gave the bounce we wanted for the long which we're holding at BE with partials taken. We're about to hit our target level where we'll leave a runner but wait for the daily close now. Up here resistance stands at 2345 and above that 2350-5 order region so no more longs unless we break above, or, we see price wanting to go higher and we get a decent pullback.
The market is designed to confuse retail traders, the reason for that is they know 95% of you enter these markets with no plan. You’re not aware of the levels, you’re not charting the pairs you trade, and you lack the basic skills to manage your money and your risk. You need to have a plan before you enter a trade, you need to have a strict set of rules, and everything should line up as much as possible before you take the entry. By the time new traders understand they need a plan, they’ve blown their accounts and blame the markets. KOG
Wanted to see this push up and give us the entry level for the short from higher up, hence we suggested we were too high in the range to long. Price gave a structural flip early session which is now entering our target region for the short trade. So far resistance now stands at the 2320-3 level with support at key level 2302-2295
Need not remind you it's the last trading day of the month, they will want to try and close this below 2330 maybe even 2300 unless they can break above
Now that's done. Not discounting more downside, whether it be today or the rest of the week we'll have to wait and see. Did we get the perfect entry for it? Nope! Sometimes you just have to go with the flow, either get in with the move or simply sit it out and wait. All in all, the month has been blinding, this was just gravy to end it with.
That's what we have. It's the end of the month, they're profit taking and it's moving with no pullbacks. This was our target from early month, we want to see if we get it.
This isn't a signal, it's so you guys know where it can go!
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NO ONE will win all the time! Impossible in this industry, even the best traders of all time lost huge amounts of money, but one thing they had....
They knew when to cut the losers and when to let the winners run! They knew when dynamics change and when bias needs to change. They knew how to flow with the markets, move with them, go where they go and most of all, know when they're ready to give and when they're ready to take from you.
Price will always go where it needs to go, it's your risk and money management that make the difference
They knew when to cut the losers and when to let the winners run! They knew when dynamics change and when bias needs to change. They knew how to flow with the markets, move with them, go where they go and most of all, know when they're ready to give and when they're ready to take from you.
Price will always go where it needs to go, it's your risk and money management that make the difference