In keeping with my new trading rule of only taking trades I write about...I want to write about the long I just took in the gold. I am thinking more boredom made me trade this than logic. I am about 5 ticks away from my ridiculous $74 losing trade stop. I am holding it if it takes off for 3 times my lose (roughly $210). Not sure I should have taken the trade. And since I am so close to the stop...I will not get out unless the stop is hit.
Anyway, the basis of the trade is this: the gold has made a nice low for the day, and has bounced back and closed above it's overnight low (I usually look at overnight highs and lows for good support and resistance levels...as do most traders). So, I am long from around 598.5....only risking about $2.
Good luck.
Me
UPDATE.... Got stopped out....Surprise surprise! At the low of the move (596.3) for a loss of $77.
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