gold, page-35834

Still holding on to XAUUSD short entered this Monday after last Friday night's obvious fakeout at a key daily resistance level (another failed attempt, constituting a triple top for those who believe in such things - and I kind of do - i.e. in plain English it failed resistance), which sucked buyers into a bull trap thinking it was, finally, the longer for breakout , which it obviously wasn't, an immediately pulled back, in minutes The VBRN of $1,300 also has important psychological significance. For the haters out there (which is why I left HC) - of whom there are many - this doesn't mean I want gold to fall, or that I am forcing it to fall (don't have that power), and so push NCM, NST, EVN, RSG, ,RMS, whatever... etc into bankruptcy (I can't do that...am but a sardine)...HC people draw that bizarre conclusion....I'm just reading a price action (PA) Chart. Long, short in commodities and Forex are perfectly normal? There's not even a SELL SHORT button.What normal person would not have SOLD OIL in 2015/2016? Only an insane person would have BOUGHT (and now be in Bankruptcy Court).

XAUUSD moving at an utterly glacial pace all week, which may or may not be a "winding", a series of ever smaller Inside Bars (IB), heralding a potentially explosive move in the direction of the previous trend (70% probability) which was up . ...but they're also pretty big bars....so the picture, being discretionary ( and not mechanical analysis using price derivative lagging TA indicators as "signals" so one is freed from the heavy burden of thinking) is somewhat clouded.
Anyway it's a daily chart level play, it's been almost 5 days now, so I'll wait it out, I can wait longer. It's a good test of patience and discipline, hard things to learn, even at an old age.
That's what the market does - it tests you.
Most time in markets is spent waiting (typically, for a setup). Kind of like being in the army...not always shooting, fighting, throwing hand grenades, tank battles etc...indeed...rarely doing that....generally digging in, chain smoking, peeling potatoes etc...waiting...

First Post on HC Gold Forum in over 6 months (or more). Personally, I've migrated to Forex, and Commodities (XAUUSD trades as a commodity, even if considered a precious metal) but won't say more on Forex as this is a gold Forum (and Forex has its own HC Forum.... so people *shouldn't* Post Forex trades here, IMHO - that would be reportable under HC rules).

The trade (trade, however understood....all are trades, simply of different duration) will test my patience (it is already); I'll be stopped out, or it will go my way despite potential "trouble" areas ahead (supports, congestion etc.). See Chart image.
What else is there? Say, screw it, close it out, and move on? And then see it move as anticipated and kick myself? Not a good attitude. I've specified my tolerable dollar risk, and sized the position according to that risk. I don't know what's going to happen next....no-one does, tho many (here) think they do (warning: they don't).
Separately, a very wise man asked a class I attended in Scottsdale AZ, USA in 2001, "what's the main reason for people failing in markets". The answer was....
"They think they know what's going to happen next". Apart from the fact that you obviously can't know (else we'd all be rich), the more important thing, is....it doesn't matter....since some trades will be losers...they have to be .....even the "ideal" setups - there will always be loser.... that's the issue of Money Management (pre-defined risk based on stop size, appropriate exposure based on that and tolerable money loss, etc. above). Anyway, I presume most know all this.
What have I to lose ? My defined dollar risk...no more, no less.
The best I can do is call my old contacts now in Jackson Hole, WY, USA. They might pick up the phone. And even if they did, I doubt it'd do me much good.
So, I wait.
Probably back in another 6 months.
Chart #1 - XAUUSD DAILY...yellow is closest S/R, pink and purple , trouble areas on the way down (pink far too close for my liking to get a decent reward for the risk - a blunder)
XAUUSD - DAILY
Chart #2 - HOURLY - note last Friday 18 AUG, 2015
XAUUSD - HOURLY 22 AUG


Been so long since been on HC, I have forgotten how to post images. Perhaps clicking on the links will take you to the Chart images. Hope so