NWG_student
Recruit
- Messages
- 8
First I entred the market after scalping som great pips yesterday, I did not belive gold hitted a reversal so I thought a retracement to upper range was a great opportunity to get som easy green pips.
The trend kept going upwards and i kept selling at new resistant levels, ended up in a really nasty selling position.
According to previous clues I expected a retracement to a lower range, placed all my SL at 1236 level, as the trend grew I was starting to get emotional involved and started searching for clues online, all analysis I found demanded that gold could not go down until it was hitting at least 1241 area, the trend grow strong and I had huge problems controlling myself and lost confidense, I moved SL to 1231 and opend a great long position based on analysis and speculation from alot of other trades, still hoping for a retracement to lower level.
Suddenly there was a higher high stopping out my 1231 SL, I was in huge loss but still relived as I thought that my buying position would get me into break even.
What we saw was just a spike, the market did not close over 1228 and retraced to a much lower level I was in a huge loss as both my selling and buying position gave me red pips.
I settled down and decided that this was bull**** and marked was playing to well so I swallowed my last confidence and got rid of all positions. (my only right decision today)
Later on i checked back and saw an new downtrend and decided to ride it, i got into new selling positions but then the marked started to go sideways and couldnt really breake any support levels so i got out again barely in + on this trade.
LESSON LEARNED, TRUST YOUR OWN INTUTION OVER ANY OTHERS, THERE IS A REASON YOU TOOK THE TRADE. FORGET ABOUT EMOTIONS AND LIKE JARRETT SAYS TECHNICALS IS LIKE LOOKING IN THE MIRROR DRIVING ON A HIGHWAY.
If i sticked to my plan and holded my original SL I would get out 2grand in profit, I ended up in greater loss.
Any views on todays behaviour in gold? and any predictions for the new week? im planning to let market settle a bit, it might be wise. any other has this opinion?
The trend kept going upwards and i kept selling at new resistant levels, ended up in a really nasty selling position.
According to previous clues I expected a retracement to a lower range, placed all my SL at 1236 level, as the trend grew I was starting to get emotional involved and started searching for clues online, all analysis I found demanded that gold could not go down until it was hitting at least 1241 area, the trend grow strong and I had huge problems controlling myself and lost confidense, I moved SL to 1231 and opend a great long position based on analysis and speculation from alot of other trades, still hoping for a retracement to lower level.
Suddenly there was a higher high stopping out my 1231 SL, I was in huge loss but still relived as I thought that my buying position would get me into break even.
What we saw was just a spike, the market did not close over 1228 and retraced to a much lower level I was in a huge loss as both my selling and buying position gave me red pips.
I settled down and decided that this was bull**** and marked was playing to well so I swallowed my last confidence and got rid of all positions. (my only right decision today)
Later on i checked back and saw an new downtrend and decided to ride it, i got into new selling positions but then the marked started to go sideways and couldnt really breake any support levels so i got out again barely in + on this trade.
LESSON LEARNED, TRUST YOUR OWN INTUTION OVER ANY OTHERS, THERE IS A REASON YOU TOOK THE TRADE. FORGET ABOUT EMOTIONS AND LIKE JARRETT SAYS TECHNICALS IS LIKE LOOKING IN THE MIRROR DRIVING ON A HIGHWAY.
If i sticked to my plan and holded my original SL I would get out 2grand in profit, I ended up in greater loss.
Any views on todays behaviour in gold? and any predictions for the new week? im planning to let market settle a bit, it might be wise. any other has this opinion?