Dummy day trading #10 14-August-2006:Mini Gold: Short trade closed
August 15, 2006 – 12:27 amThat was not so nice to start the week with a loss. Short position of GOLD was established below 8:00am (chicago time) reversal up bar. And I was stopped out by the very next candle.
Nothing much to write about this trade. The possible mistake might be, the reversal up bar was in fact closed above moving averages. It was, in fact, not my favourite set up condition. Then why did I make the trade?
Secondly, it is necessary to reconsider about trading Mini Gold. Volume is low and spread is sometimes too big to be swallowed. Not a good choice for day trading.
30-min chart of Mini Gold futures
I decided to call it a day around 1130 am (chicago time) since I do not have desired set up for stocks indices, and oil seems to be making a intraday come back. uh! I am doing nothing when market is having 3-digit gain?!? It does happen.
Vince reminded me the movie 'God Father' : 'This is the business we have chosen'
Ok, 1 trade closed with 1-R loss.
From the desk of Tradergav.com
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Tags: Gold, Trading Journal
The 30 min bars did set up a good formation to short the stock. Proly the 2-5 min would help u gain some profit and set up a decent exit. Nice trade.
jest: I assume you are referring to 2-5 min chart? That's too fast for me. I don't like to be chopped to death
Have a nice day!
[...] August 2006: Week 3 review By Gav It is time to review result of this week’s trading. It was indeed a bad week for me. Negative begining, facing discipline problem, missing trades and close a losing trade on options expiration day. However, I closed the week in black again [...]