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Gold

Charts: Futures recap 07-August-2006

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As mentioned in my previous posting, if I were to point out the mistake of the day, the it was the miss of entry for Mini Crude. .  Instead, I was looking at Gold, which bulls were too weak to go further.

Let's back to business. Looking back at the 30-min charts, I guess I made a right decision by leaving out Index futures yesterday. The monkey was really jumping around, hurting visitors in the zoo. No good set up for both Mini Dow and Mini Nasdaq for me. 

Mini Crude 30-min chart 

[photopress:Mini_Crude_30_min_full_day.JPG,full,pp_image]

Mini Gold 30-mini chart 

[photopress:mini_gold_30_min_full_day.JPG,full,pp_image]

Mini Dow 30-min chart 

[photopress:Mini_dow_30_min_full_day_1_2.JPG,full,pp_image]

Mini Nasdaq 30-min chart 

[photopress:Mini_Nasdaq_30_min_full_day_1.JPG,full,pp_image]

Dummy day trading #6 07-August-2006: Mini Gold: Long trade closed.

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I decided to look at commodities today, since most likely, stocks market will be waiting for tomorrow's Fed decision with some monkey moves.

I do not know if I am making a mistake on this trade. Long position of Mini Gold was established at 661.7 , which was above 9am inside bar. Stop was moved to break even point after 1-R gain at 663.4. And, it was triggered. Looking at the long tails of candles, it makes me thinking if moving stop after 1-R gain if appropriate for commodities trading. No concrete plan yet, I will still stick to this rule for the time being.

If I were to point out mistake of the day, that should be missing out entry opportunity of Mini Crude oil at 10am.

Here is the 30-min chart of Mini Gold. One trade closed, with no gain.

[photopress:Mini_Gold_30_min_trade_close.JPG,full,pp_image]