I don't know why folks here thinks I deliberately insult others with my post. I only try to be objective and I am a very big fan of trading psychology. Something I have not conquered well when holding positions in my trading especially when price does not give me that explosive momentum move once I enter. When price starts to meander and going no where, the uncertainties tends to make me micro manage the position and that is when I either take too early profits or worse letting the loss runs!
I try to avoid confirmation bias which can so easily infect mindset. Just last year I fell into this trap in the IO sector and specifically FMG. I had a few chances picking its low when the whole media/guru wrote FMG off with all sorts of reasons under the sun and chiefly Vale's new 80MT production! The gut wanted to enter but the info pounding sucked me into the herd mentality and I sat on the sidelines. I briefly considered BHP but that toxic info pounding took care of BHP opportunity as well. The rest as they say is history and one tries to learn from their mistake. Hence when I read all sorts of FA kitchen sink style justifications, I just had to either skip or try to correct mind set because these analysis promotes the ideas that it allows one to know where price is going. A few will not appreciate what I am trying to say but it is what it is.
Back to RMS, breakout level 52C so that is my new support. I don't expect a perfect bounce but anywhere above this level that is close to it is where I'll just pull the buy trigger. Just remember I'm not trading this if I enter so a few cents early will not be much in the scheme of things. My system is probably the basic technique of price action using the classic S/R in this case with stocks. Key resistance once broken becomes new support and vice versa.
My only fear is that I don't see chart evidence that a bottom has been set. Just because we have a bull swing does not make a reversal because price do not move in a straight line in either direction. Also the low set on current gold is in between key S/R levels making it not ideal for any confidence of a support bounce IMO. Of course price will do what it does regardless of my views but I look for certain key S/R to provide confidence and then the reversal setup. If not then I miss the run like the current one.
I cannot win them all or else I'll be chasing every technique/strategy/setup that exists for FOMO. Good luck. Next few days will determine how strong the RMS rally is because price is rapidly approaching the swing high resistance..
