Today's trade

I have not updated my blog with any of my recent trades, so I will be posting on a couple of days
each week to show my entry technique.  Hopefully this will help with my discipline and patience issues.

I took 2 trades on gold today after seeing a good set up. My first entry was premature and was stopped out to the tick for a 12 tick loss, but I re-entered soon after and took a 30 ticks winner.  However, on my initial trade, I was looking to exit at a demand level, about 90 ticks away, and the second trade would have worked out well if I had not exited early. 

Oh well.  My usual two mistakes - premature entry and exit (I was going to make a crude sexual innuendo, but I decided not to). I made the entry based solely on the 10 min chart. I should have used one of the faster charts for an entry signal and I have attached a 400 volume screenshot showing the optimum entry where I should have entered the first time and would have taken very little heat. I need to practice more patience rather than jumping in too early.

On another note, we had a strange day on ES today.  There was a very good shorting opportunity on the 15 min chart with a CCH breakout and this could have given up to 6 points. Price then consolidated before breaking to the upside. I presume traders had knowledge of the Alcoa result in advance.  However, the up move was on low volume today.  I am not sure what this means, but could be the Market Makers running stops of early sellers from last week. Or I could be totally wrong about the shakeout of the indices markets and price will carry on this improbable grind up to 1600.

There are more results coming out this week, so the market can move in both directions with impulse. we will see.