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Catching Big Waves - a trader's journal of surfing the the markets
I moved my target down just so I can get proper geometry to the 8-range chart. The real target is still 1750, but not today. I may go flat at close and try for this same wave tomorrow.
Gary, thanks for the posts and trade update. Just curious--when this last spike came in, did you not see that as possibility of sellers coming in and jeopardizing the long? I do not watch gold, but in watching ES the order flow at that time was quite bullish, and I wouldn't have shorted, but just curious about your thought process.
Also from the chart it appears you have the arrow on the wrong bar -- isn't the spike in volume on the short price bar? That would concern me a bit.
Josh, I am venturing into unknown territory for myself. What I know I am succesful at is trading crude oil for 50-70 tick profits based on range charts and volume. But I have an obsession for becoming a longer timeframe trader and had enough sucess trading crude that I can finance my passion in this gold trade. I am using this not to make money, but to condition myself to relax more, have patience, assess the trade over a greater distance. I have followed so many waves that have worked exactly as expected, many of which have been mentioned on futures.io (formerly BMT), under separate threads. So I really can only tell you I am pursuing a wave 5 and that will have a lot of questionable moments along the way.
I am not really focusing on volume the same as if I was going for a smaller target. When gold just ran against me by 50 ticks, I added in at a possible support point, but I would have typically been out of that trade at around 20 ticks south.
The arrows I drew may have missed a bar, I just threw them up there to show what I was seeing.
Trying to read whether I am stubborn, in denial, scared, confused, etc. is very different in this trade than in a small move. I don't remember where I heard this, but some trader said "the market will give you every opportunity to doubt yourself". I am hoping to get past that as a hindrance and to reinforce believing in a direction. Whether it will be a profitable direction for me remains to be seen, but I still hope to eventually conquer that part of my trading. If this trade is not it, I may move back to what I did all year before this, and take my 50 ticks for a few months. But I want to ride the bigger set and may get hammered a few times trying to figure out how to hang on.
Nothing wrong with that Gary, -- twice yesterday I was stopped out to the tick because I got scared and moved the stop too closely. I have tried going for a walk just to get away from the screen when I put some trades on, it makes it so that I can't interfere. I'm sure you've done this before. May work well in a swing trade where fluctuations are greater.
No need to doubt yourself; you're a great trader and many thanks for giving us a glimpse into your trading mind.
