News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
Gold Market Wire... Gold Market Wire... Gold Market Wire
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

Life inside A Contracting Triangle

May 13, 2020 - (Gold Market Wire) - Our symmetrical triangle was identified some six sessions ago, and while it has hardly been exciting, it has been profitable for those who know how to pull the trigger in a scalper's environment. We will keep going with the strategy, albeit in the knowledge that we are soon to run out of road.

Today's set up is here:

Today's Scalp is $1693-$1717

It looks like its treading water, and those who have sold volatility have done well for themselves. Yesterday's scalping session in review reveals a solid trade, as we advised, on 3x-5x leverage (no more!) and came out well.

a decent scalp yesterday, especially if you had the nerve to close and reverse

As ever, its all about understanding the tempo of the market. The fact that this market was so quiet meant that the scalp/job was the correct strategy. It didn't matter what your underlying view of Gold was. What mattered was that you adjusted the strategy to the market condition, i.e. - the tempo.

We're sticking with the strategy today, in full knowledge that all good things have to come to an end. Of course, a sudden piece of news could send us crashing out of the triangle, but that is what stops are for. We remain with the leverage program, which means the discipline of stops has to be maintained, no matter how "right" you think you are / will be. Leaving you're ego at the door before you hit the trading floor means money at the end of the day/week.

And that is the only reason we are trading.

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