Private Trader, Retired top performing hedge fund manager, in New Market Wizards, 2024 IFTA Lifetime Achievement Award. Street Smarts & Trading Sardines author.
5 minute GC chart at end off swing...I am a big believer in the time frame justification system. Time frames are, after all, totally arbitrary. (imho), For me, its about how does the market act at certain levels. Is it making its high or low first...tell me further refinements on my colors if you are a GUY and COLOR blind. My tradesheet plan for Gold coming in this morning was to Exit longs on further rally (Friday was a big range expansion bar up, but look for a post to buy back at least partial. If I do not Write DOWN Exit, the problem is, it feels so good being long, I drop the ball and don't exit. Nothing lovelier than seing bog old open profits. You want to have that screen shot in your head forever. But as the old saying goes, Joseph Penso de la Vega wrote "profits are like eels, how easily they slip away" in his 1688 book Confusion de Confusiones.(from my Trading Sardines book)