'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Saturday, January 25, 2014

Overnight Gold 'Digging'

Gold was on the upswing the past few days and was able to make a decent trade Friday in the overnight (early) session. Entered at the 1260 area (lower arrow) and exited at the upper arrow because of that 'dangerous' bar (is that a gravestone? or what?, whatever, but that's not a good sign bar). Also was closely paying attention with the levels (S/R), and the way it pulls back (rectangular area), and the % retracement, the ema/ma's formation, in that way I can have an idea how to formed my 'triangle' trade, that's my 'patented' trade idea. My 'patented' triangle trade idea just came through my years of observation in trading the market (or through 'losing' in the market, if I may say, because in trading you learned by losing, isn't it?), so through my engineering ingenuity, and through my own experimentation, I find my 'patented' triangle trade works...below is just one of the example...