Dummy day trading #6 07-August-2006: Mini Gold: Long trade closed.

August 7, 2006 – 11:47 pm

I decided to look at commodities today, since most likely, stocks market will be waiting for tomorrow's Fed decision with some monkey moves.

I do not know if I am making a mistake on this trade. Long position of Mini Gold was established at 661.7 , which was above 9am inside bar. Stop was moved to break even point after 1-R gain at 663.4. And, it was triggered. Looking at the long tails of candles, it makes me thinking if moving stop after 1-R gain if appropriate for commodities trading. No concrete plan yet, I will still stick to this rule for the time being.

If I were to point out mistake of the day, that should be missing out entry opportunity of Mini Crude oil at 10am.

Here is the 30-min chart of Mini Gold. One trade closed, with no gain.

From the desk of Tradergav.com


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“Make $2 Every Time Gold Goes up a Buck ” McCoach (Stock Gumshoe, 11/4/08)
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