Tuesday 15 May 2012

Today's Gold Action

There were 2 very good intraday swing on Gold today, which were accompanied by climax churn action on the 5 min chart.  The first one occurred while I was asleep.  That was the best volume signal as we had very large volume with a wide spread bar and RPM signals on the tick charts.  That lead to a 170 tick reverse.

The second swing was a good set up, but I chickened out of the short because it occurred at a supply zone that had been visited twice before.  But price action today had formed it's own supply zone, so I really should have taken it.  I am totall miffed at missing out on a 140 tick swing.

I think I am still afraid of being wrong.  This stems from my time of removing my stop loss and incurring large losses.  I know that I will have losers and as long as my stop loss is in place, then, I am protected from having big losses.  So I should really stop worrying about being wrong and trade what I see.





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