I took this trade with a stop at 49.0 planning to scalp the small break to trend line support. I was filled at 48.8 unfortunately, and will probably employ a stop limit order next time. A bullish counter-impulse took price back to the previous support level after bouncing off the next support level. This is something I failed to foresee, because I failed to project the next support level when I took the trade.
*I assumed the gold futures were like bitcoin futures and that they
closed at 3-3:15 PM Chicago time. This, however is not the case apparently. Therefore, as the market was oscillating in a narrow range between my entry level and the previous support level, and I did not want to be in the trade while the market was closed, I exited at a 48.7 limit. Gold futures only have the hour break at 4-5pm CT I discovered upon reading the specifications. I would still be in the trade now with a modified objective of 48.1 had I known this. However, this is an example of a trade that just didn't have any juice, I think it turned into a 50:50 probability of hitting either my stop or price target, I lost the momentum edge. So it was good to get out in any case. I originally had stop at 51.4...because I expected one or the other to get hit and get me in the trade in either direction. Price was ready to break down through the level though. Which it did and I subsequently moved stop to 49.4 then 1349.3
This is what the chart looked like just a few minutes after getting filled to close:
Price continued to oscillate for at least 25 minutes after I exited. I do not know what the eventual result was
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