Monday, March 26, 2018

Following up on a quick Gold trade from March 26, 2018

DISCLAIMER: The information presented here is for informational purposes only. These are not trade recommendations. Please follow your own trading plan. Trading is extremely risky and you may experience substantial losses.

Finally have a moment to post the chart from the gold long this morning.  Gold was trending higher on the H1 timeframe.  The 15 minute timeframe had a consolidation zone and breakout so I went long.

I have to admit this was a bit undisciplined on the exit as the prior resistance zone at ~1360 concerned me.  I decided to exit and take some time to reconsider this.  Since it's spring break, the kids were home so I had plans to go out.  Never had the opportunity to follow up the trade for further break outs.

In retrospect, I should have either avoided the trade altogether or stick to my original target to see how far this could run.

Note:  I used the etf GLD to enter this trade instead of the e-micro gold contract (MGC) as the bid-ask spread is better and there would be less slippage on the exit.

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