My evil scheme didn't work. Well, no more evil than other arbitrage techniques.
I loaded up on gold, 30 oz with an entry order, but it didn't trigger right, and I took a loss in the first few seconds that this broker opened. I basically loaded the margin up on all the forex pairs I could as well, but again, the broker is smart and won't let this happen. So, it was worth a try. At least my silver short triggered right for the most part.
Got market order short for gold. I think it may surge up a bit more to hit the 423.6 though, tight stop.
This one is an example of a spike target. I want to catch a big trend, and if this level breaks, it will signal trend reversal and continuation up. I should be able to trail the stop but in case I am not around I won't miss the top of the range.
Just shy of the extension again. I want to understand the best place for targets, is it best to put it almost to the extension? I also wonder if there is some easier way to test than just journaling.
Silver made it just past the extension, but like I said earlier with gold, just not quite to the 423.6.
Moved my stop to breakeven, stopped out, then it went as I thought originally and hit the 261.8, likely to continue to the 423.6. To chincy with stops has been the problem.
Sunday spikes! I love tripling my account in a day.
I did terrible with metals though, well I should have taken profits when I had them, and ended up stopping.
Closed out some positions for this reason, though it seems a little early. This one for example is taking forever to get to the 423.6. What to do when it takes so long? I have a short with an exit at the same spot on this pair with my Oanda account. Should I have cashed it out?
Originally I was going to hold that trade for months or years, building it, but not with only 50:1 leverage. I can't pyramid.
This is what has been draining my account. Slight retraces and stop placed at breakeven too soon. On gold, if I had placed it above breakeven, I would have stopped out by now. Silver, I am in the money enough.
The stop is in a similar location as the silver entry. They correlate not perfectly but quite well.
As long as it stays below the crests of the previous waves. Silver may be breaking it to a new high though. If I have the stop behind the second crest back then I can survive a break of the first wave, then get out at breakeven or better on a retrace of that wave, unless of course it spikes as it tends to on breaks of triangles.
