GOLD PRO Weekly August 19-23, 2013

[Triantus Shango]

well, there is a lesson for you. when this kind of market action unfolds, you need to step back and take stock, unless you enter right after the stop grabber play at 38.2% or another significant level. but if you were not sure, and now market is in the middle of something, better wait to see how real and strong the retrace is.

anyway, we are getting close. next H4 candle is due at 1 pm EST if i am not mistaken, and now it is 10.13 am EST. so we got time.

Stopoed out at b. E. Missed taking alot of pips at 65. Bugger

 

[Triantus Shango]

forgot to say, moves like these, is better to manage on M30 rather than shorter TFs.

 

[Triantus Shango]

here is a hypothetical: https://www.tradingview.com/v/kqs2gK7g

and image here: https://www.tradingview.com/i/kqs2gK7g

 

[Triantus Shango]

1 more observation regarding how wide the stop should be. look at M30 and at the distance between 38.2% and 50% fib retrace levels. about 70+pips. and the stop grabber penetrate all the way beyond 38.2% almost touching the 50% level. all the people putting their SL right beyond 38.2% all got screwed.

so on XAUUSD, stops need to be wide, which means leverage needs to come down, or gold will just shred you.

 

[D.R.&Quinch]

I am just watching.

 

[Fang]

Looks like its coming down now.

 

[D.R.&Quinch]

Just look at usd cad. And gbp aud!!!!!!

 

[D.R.&Quinch]

If we clear above 69.09 then......

 

[D.R.&Quinch]

Usd cad usd cad usd cad

 

[D.R.&Quinch]

so far so good