Tuesday, June 25, 2013

Anticipating a cross

Gold was trading up from a recent new low, made a retest attempt which failed and the Tenkan-Sen (blue) was forming the right side of a bowl below the flat Kinjun-Sen (orange).

Gold 15min 2013-06-25

I took the trade, when the Kinjun-Sen on the 5 Minute came near the Tenkan-Sen expecting a bounce up.

Gold 5min 2013-06-25

It actually took a bit longer, but the cross of the Tenkan above the Kinjun on the 15 Minute chart was the signal for a nice move up. As 1285 proved to be resistance yesterday, I moved my stop 1285.10 when we traded to the high of that move.

You need to give your trade room to work, but, and here I requote a tweet I saw yesterday:

Its better to be out of a trade wishing you were in, than being in a trade and wishing you were out! Have the patience of a crocodile!”