Had a crazy week, my other half broke his ankle so have been flying about like a mad 1. Read a good book called trading in the zone over this last month and took a huge amount of encouragement from it, going to get market wizards also but have started reading the 4 hour work week already, all of these recommended by Vince Stanzione. Trades all look OK, but going to open some more over the week ahead/beginning of August.
My gold position is open, September contract Sell at 1185. I have a guaranteed stop loss at 1255.
My first trades seem to be going along nicely although I’m not really in profit it’s very stress free trading because the loss side is minimal and the profits side Is huge.
This is a chart of the gold position I am interested in taking, as you can see a sell signal was generated at the beginning of July. I’m just waiting to catch the price falling again before opening the trade although I’m not sure if this is necessary ?
I was stopped out on my Standard life trade which gave me a loss of 10 points . In the wonderful thing called hindsight I probably should have waited on this one anyway as a couple of strong days on the FTSE didn’t help the situation. I shall be keeping an eye on the gold chart as I think this will be my next trade.
My first trades are all sell September contracts.
Home Retail Group 223 Guaranteed stop loss 251
Standard life 181 Guaranteed stop loss 191
British Airways 202 Guaranteed stop loss 212
Once I work out how to take some pictures from Sharescope I shall upload them. Also another really good position to look at Is Gold as it has just given a sell signal.
Some pictures of the graphs I used to make my decisions, very early days yet but I am close to my stop on British Airways and standard life.