Gold Smashes through the recent high

1 mar

Making use of a much wider stop loss due to the accelerated volatility

I posted a few minds this morning this exact idea (that gold would buy>

1. (tradingview.com/chart/?mind=RUuRK98QQ2m0kAqxpssW2A&symbol=OANDA:XAUUSD)
2. (tradingview.com/chart/?mind=u-PfwUBwSr2OtASolR3PEQ&symbol=OANDA:XAUUSD)
3. (tradingview.com/chart/?mind=qvvbiGQgT9-7aEI-pA5Ltg&symbol=OANDA:XAUUSD)

Before someone says that I took the trade without explanation > here is your before and after ;)

It is better to have a wider stop and still be in the trade as opposed to have a ridiculously tight stop and be stopped out every other time

My confluences to take this trade were simple and are as follows:

Question 1 - Was Gold in momentum (bullish or bearish)?
Yes, Gold was in bullish Momentum at the time of me looking at it

Question 2 - Who was interested (at that time)?
Buyers were interested at that time (purple circles)

Question 3 - Where were their stop losses?
Stop losses would have been right below the highlighted levels (red horizontal line )(break out buyers)

Question 4 - Have those stop losses been taken out?
Yes I believe Stop losses would have been taken out already on Gold (Red X)

Question 5 - Did the set up make sense for me to pursue?
Yes I believe it made sense for me to pursue this trade given the information I had
________________________

Many traders seemed to be interested in sells this morning probably due to price being really high in time (I don't really know, nor can I understand why)

Especially when price is so bullish, it's like you're seeing a bull running towards you and you deciding to try to charge directly towards it

That is how I feel about selling in a bull move. My system may seem stupid but you have to admit it works.

That being said, this isn't meant to gloat, it is meant to shine a light on what I think works in the hopes that other traders may realize things they might be doing wrong.

Downvote\Don't boost if you didn't read this entire post and didn't try to understand
OR
Upvote\Boost if you did read this entire post and did try to understand

P.s Being wrong isn't the probably, I am wrong a lot. Being wrong and remaining ignorant is why most traders will stay losing

Have a great day