Wednesday, May 22, 2013

Gold trades

Gold had some huge swings today and I couldn’t really capitalize on them. The day ended positive, but with some dumb trades in between and my psyche telling me to close trades near breakeven, even if the charts told me otherwise. Have to work on that one. But having my last trade move 12$ against me wasn’t something I like to see and then seeing my short entry at 1369.50 holding for nearly 3 hours before I caved, moved my stop below 1369 on another breakdown attempt, seeing me stopped out and finally having Gold really break that heavily defended level, felt like a slap in the face.

Golde trades 2013-05-22

Trades are connected by lines. Blue doted lines show a profitable trade, red doted lines a loss. I made 79 ticks today in Gold on a day Gold had a range of 600 ticks. I did something right by exiting a trade in the red right before Mr. Bernanke started to speak, as I see myself not as gambler. That 100 tick spike up would have brought my losing position way up into the green. Unfortunatly spikes tend to go either way, so it was better to reenter a bit later, even if I then missed all of the fun above 1400.