iiivb's Journal

i am sidelines atm... but maybe london will play out a short at this levels aiming yesterday's high ... if this happens i will long at those levels with a sl at todays lows... letting it run freely till it reaches the sky ..

hehe



but in the meanwhile i will stay chilled ...

trading plan.

Hi there,
What do you use as a final trigger into a trade? Purely momentum, or levels, or......what?
Cheers

wedge breakout invalidated ... taking the rest of the day off ... cya everybody.

hello Interceptor,

first of all thank you for leaving a line in my thread.

i like to call myself a price-action purist ... i dont use momentum indicators -since is just lagging math-.

and is pretty much discretionary my trading style ... based on a lot of screening hours ... that gives me the "feeling" of market direction ...

but of course i am not trading only on a gut-feeling ... but based on most of all horizontal supports and resistances ... bar formations -diamonds, etc JUST as references- ...

but the most particular way i trade is that i am not awaiting for confirmations of anykind... i simply wait to have a "feel" of market direction... then ... i use all what i mentioned above to GUESS the potential tops and bottoms of the day ... their alternative sub-levels... their DENIAL -stop loss- levels ... the possible trading scenarios and how to improvise if something is not EXACTLY as i expected ... and of course contingecy trading plans if my denial levels are reached ...

another thing ...

i average positions a lot ... if my feeling is bullish i buy as it goes lower ... BUT ... as stated above i ALWAYS have a stop loss that allows me to plan my maximal drawdown and that sorta things.

umm... hope i answered ur question pal.

cya soon.

ps . i am not very used to putting all this into words ... ask if have doubts.

Thanks for the reply.
I'm going to mull it over for a while!

Cheers.

Apparently gold topped at 1061 yesterday ... looking for a good place to short it expecting a big correction in prices ... starting today ... and maybe ending next week ...

still on the analysis atm ... will post the chart with the trade plan at london open.

ok ... longed gold now with a sl at yesterday lows ... tp at 1055.

there i will short with a sl at yesterday's high and tp at 1043, 1036 and 1015

trading plan.

nice ... london bulls made yesterday's low to be respected so far ...

plan still as stated.

switched to bearish mode.

well ... neither my long tp target was hit ... neither my short sl was hit ...

neither my denial levels were hit ... neither a breakout to either side happened ...

bleh!

ANYWAYS ... my bias is still to the downside for the very first hours of monday ... i expect still and accelerated movement to the downside ...

huge correction i might say.

will leave shorts opened during the weekend.

cya all on monday.

one of my shorts tp target will be moved from 1015 to 1026 @ first opportunity.

fasten seat-belts ... we going for a ride to the south pole ...

well ... there was no breakout to the downside ... but the sl was not flushed either... i am closing this trade with a loss ...

yesterday's price action's confirming bearish momentum possibilities exhaustion.

probable bullish activity expected aiming 1100 before this week's closing.

accordingly, gold spot made new highs today confirming even more the price target 1100 before this week's close.

cya all @ 1100

changed tp to 1085.