Posts Tagged trading gold
A good trading week last week. Sometimes just a couple of trades can do it and last week we had two relatively straightforward trades.
Firstly, on the USDJPY forex pair, the trend has been up and there was a clear pinbar. We went long on that bar and the following day, the market went up. As it was Friday and I wasn't keen on holding my position over the weekend, I took profits for 80 pips.
My Gold trade was actually done a few days before - on Tuesday, shorted at 1242 with a stop at 1
July 8, 2013
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If you've been reading any financial papers, you would have noticed that the big news was Gold and it's biggest ever fall when it went from 1540 to 1340.. 2000 points in just two days! The move certainly got a lot of people startled but it's since recovered half already.
Anyway, I felt that Gold was due a move down again after the big fall and a retracement and was looking for a short entry. I took the first sign of some weakness as a point to enter and this was 1420 as you can see from the c
April 25, 2013
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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 low
April 2, 2013
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