Huge move on Gold but we were on Wrong Side of Market
There was a huge move on Gold which we were expecting… it’s just a shame that we were on the wrong side of the market.
From the chart above you can see the price action. It was actually the 27th April when I had entered the market on the pinbar as highlighted. You can see the support line had rejected price quite strongly each time it hit this so I had my entry.
I did know that the overall price direction was bearish but I was thinking that the market had been heading lower for quite a while and there was surely an up move to be had soon. You can see that the market had been caught between 1620 and 1590 for a while which is a very narrow range for Gold. I was expected a massive movement when the price broke out of this and boy, was it a move. I think it’s an equivalent of a 350 pip move when it broke out.
Unfortunately my long was stopped out at 1588 which was actually an equivalent of a 170 pip loss which was very bad actually.. much higher risk than I usually put on because I really believed that the market would go higher. I broke my trading rule here actually as I usually trade the same fixed percentage (1% risk) but I thought I knew better and risked more… and guess, what I got hit hard!
