When your position management is "GOLD"!
Ok, so we took our chances, and now it seems things are working out for us! As I said in my previous analysis, I thought it would be a nice idea to keep our position, despite of yesterday’s candle. If you missed my previous GOLD analysis, the link to it is below, and I invite you to follow me to keep updated about our trades and analyses.
Yesterday’s candle is pretty scary, right? I mean, a Shooting Star that closed under a natural resistance, which is the previous top in this case. Yes, but I guided myself though the hourly chart to manage my position, because sometimes a Shooting Star is just a pullback at shorter timeframes. Let’s take a look:
I said I would only book my profits if the price closes under the “support zone”. It’s still dangerously close to this zone, I confess, and this is annoying, but I should obey the chart, no matter what. Now the price is trading above the 21 ema and it seems it did a double bottom inside the support zone (an Eve & Adam type), which is good, all bullish signs. Let’s see if the bulls will manage to keep the prices up.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Yesterday’s candle is pretty scary, right? I mean, a Shooting Star that closed under a natural resistance, which is the previous top in this case. Yes, but I guided myself though the hourly chart to manage my position, because sometimes a Shooting Star is just a pullback at shorter timeframes. Let’s take a look:
I said I would only book my profits if the price closes under the “support zone”. It’s still dangerously close to this zone, I confess, and this is annoying, but I should obey the chart, no matter what. Now the price is trading above the 21 ema and it seems it did a double bottom inside the support zone (an Eve & Adam type), which is good, all bullish signs. Let’s see if the bulls will manage to keep the prices up.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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