in the xau as well as the metals we are reaching a place for a possible high off of a number or technicals. timing came into play right at the highs in multiple ways, not to say that it cant blow through it, if anything can gold can in our current economical state. but a place to tighten up stops and not give too much back if we roll over, we'v had a nice rally in the metals
Gold's WolfeWave Pattern
- Thread starter suriNotes
- Start date
hello elo,
i'm not suri but targets and stops are something very personal. they depend on your moneymanagement and your trading plan.
i like to take partial profits at target points when i have also a higher target.
in this case when you have a measured move with big swings, i take the swing and take 8-10% less and that is where i take profits. seldom the market reaches the exact pont and with this i am on the safer side.
i would never consider a target als an entry for the opposite side.
in case price meets a target you can assume you have a trend so why trying to jump before the gun?
if you have reached a target, look for an entry trigger for confirmation, like a new 2day high or low or something like this. a target is not a trigger.
hope this helps
karla
i'm not suri but targets and stops are something very personal. they depend on your moneymanagement and your trading plan.
i like to take partial profits at target points when i have also a higher target.
in this case when you have a measured move with big swings, i take the swing and take 8-10% less and that is where i take profits. seldom the market reaches the exact pont and with this i am on the safer side.
i would never consider a target als an entry for the opposite side.
in case price meets a target you can assume you have a trend so why trying to jump before the gun?
if you have reached a target, look for an entry trigger for confirmation, like a new 2day high or low or something like this. a target is not a trigger.
hope this helps
karla
Hi Elo,
Thanks for your post...
One of the trading rule that I follow (my own) is: Never enter a new-trade due to some price-levels (Fib. levels, MAs, Hand-drawn Supp/Resistances etc..) just because of the price-levels only. But always Exit or reduce positions at key targeted price levels.
In this case, to enter into a new reversal trade at the target, price must exhibit some behavior (trend-shift, reversal pattern ...) for short.
Hope I answered your question.
Regards,
Suri
Thanks for your post...
One of the trading rule that I follow (my own) is: Never enter a new-trade due to some price-levels (Fib. levels, MAs, Hand-drawn Supp/Resistances etc..) just because of the price-levels only. But always Exit or reduce positions at key targeted price levels.
In this case, to enter into a new reversal trade at the target, price must exhibit some behavior (trend-shift, reversal pattern ...) for short.
Hope I answered your question.
Regards,
Suri