Gold – Grow the Pot with Good Management

03 Sep - Gold Daily

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Hi Traders,

As mentioned on 27th Aug (see article), I was looking for price to turn around 1422 for a resumption of the longer term bear trend. You should know that I don’t always get what I look for but, this time, price does look like it’s following my blueprint. Nonetheless, it is a little pre-mature to tell where price is going – especially with the low test pin bar yesterday.

For those who took the short trade, don’t celebrate just yet as price action seems somewhat shaky. Also, don’t start panicking and start closing your trades. Instead, go review your rules and make sure to follow them diligently.

Will this go lower or higher? Who knows. Remember that we’re not here to predict the future, so make a journal of this trade and  think about risk and money management because having good trade management will ensure trading success in the longer term.

Thank you for reading and feel free to make any comments/queries at the bottom.

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