Marc Walton on July 21, 2014
Hey Gold Traders!!!Heckofa’ slowwwwwww week last week!!! Wowzers!!! Didn’t catch a single entry with the Goldrush System at all!! There will be weeks like that. Of course, that doesn’t mean gold itself didn’t move. We saw some wild swings actually including an over 200 pip single hourly candle!! A plane was shot down and gold shot up. This is always a worry when you trade an instrument as geo-politically sensitive as gold. There is ALWAYS the spectre of a big move out of nowhere. This is why I never suggest a big stop loss. You can never really protect yourself against these things so it’s just better to trade with a smaller stop loss and understand that occasionally, even though you got the trade right, you are going to be knocked out with an “out of the blue” news move based on some “emergency” somewhere. But, with the small stop loss, it’s relatively easy to recover something like 45 pips than it is to recover 150 pips from a subsequent win.
Looking forward to the week ahead, we are still in the weekly wedge we have focused on. Recent price volatility has created a new 4-hour triangle we will now wait for to break before taking any trade. I outline all this in the video below. Keep an eye on a break of 1305 to the downside and 1320 to the upside. As the week progresses, new information may come into light that will change our outlook so it is always a good idea to stay in tune with the forum for the most up-to-the-day information. There is also the possibility that price continues to be volatile without giving us a solid entry and move. This won’t last forever, and gold does not usually act this way for too long. Stay patient and you will stay profitable. Enjoy this week of trading!!!