10.20pm... was not able to do any entry earlier as system keeps showing error each time I tried to update my blogspot. Must have been reflective of my mood ?!
I was right. I said gold and AJ will fall. In fact, I was able to nicely bring up my account to a level of 413$ thereabout by shorting both gold and AJ..and cut short it's fall qtr way. I took my profit much too early. I closed all my outstanding and not left any to orders to bring in fatter bacon.
My analysis of the market was wonderfully correct... my entry timing was bad,..and my exit was much much worst.
And given that I am such a contraian player, I reckon that with my exit in the short position, the trade is bounce to move up north..and as you hv guessed it,.. I went long into gold..thinking that it has fallen enough. My love for gold has blinded the fact that on a daily chart, it has formed a head/shoulder formation. It has broken the right shoulder and gravity has started to do it's work , pulling it all the way down today.
At time point of typing now, gold price is now1666.92. Who would hv imagine that gold price would get this low this fast ?
My current account fell from Friday 400 to 311 today,.. no thanks to the plunge in gold price. I had set a buy limit at 1667.87 : 3 lots earlier this morning. This is the low of the previous low. System went down and by the time I reboot , the order was triggered. 3 lots. I have decided not to set stop loss for it as I do not wished to be taken off by false breakdown. Today 's price has plunged way above daily average, and I was hoping that the only other option for gold is no up. No TP, no SL set. I am probably comfortable to buy gold at this price and if a margin call is triggered becoz it fell thru' the floor, so be it. I am okay with buying gold at this level and wait for it to move higher.
I will try not to think how much I would hv profitted if I were to hang on to my belief and not take profit off the table so soon - I hope to instill this in my mind.. lesson learnt
Current cash balance 312, net 315, outstanding 3 long gold at 1667.87.
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