Thursday 17 May 2012

No trades today

I fully focused on Gold today but missed out on a short that would have got around 100 ticks.  This drove price down to a very good demand zone, but this was too close to the 15:00 news event so, I declined the long, and then watched price rallied over $30.  As I am not a breakout trader, there was no entry for me in the rally and I would not consider shorting in this type of move as it is like catching a falling knife.  There was one long opportunity later at a minor demand zone, but price had gone up too much for me to consider a long.  A damn foolish mindset, as price rallied another $15 from the demand zone.

I have looked on a larger volume chart and located a good supply zone between 1580 - 1583.  It is too late for me to take any trades today, so maybe there will be some price action around that level, with some climax volume on the 5 min chart tomorrow.





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