Open sell position EUR JPY at 129.40 at 7.20 pm

I am currently opening a  SELL position at 129.40. SL 129.80 TP 128.80

About Gold

Gold

 

Chemical Element

Gold is a chemical element with the symbol Au and atomic number 79. It is a dense, soft, malleable, and ductile metal with a bright yellow color and luster that is considered attractive, which is maintained without tarnishing in air or water. Wikipedia

Symbol: Au

Melting point: 1,064 °C

Atomic number: 79

Electron configuration: [Xe] 4f14 5d10 6s1

Boiling point: 2,856 °C

Atomic mass: 196.96657 ± 0.00004 u

Essential News on Friday

	1:00am	JPY		Housing Starts y/y		14.5%	6.3%	5.8%
	2:00am	EUR		German Retail Sales m/m		0.8%	0.4%	-0.1%
		GBP		Nationwide HPI m/m		0.3%	0.4%	0.4%
	All Day	EUR		German Prelim CPI m/m			0.0%	0.4%
	2:45am	EUR		French Consumer Spending m/m		0.5%	0.0%	-0.5%
	3:00am	CHF		KOF Economic Barometer		1.16	1.21	1.09
	4:30am	GBP		Index of Services 3m/3m		0.8%	0.2%	0.5%
	5:00am	EUR		Italian Prelim CPI m/m		0.3%	0.1%	0.0%
	Day 2	EUR		EU Economic Summit
	8:00am	USD		FOMC Member Stein Speaks
	8:30am	CAD		GDP m/m			0.1%	0.2%
		CAD		RMPI m/m			0.5%	-2.2%
		CAD		IPPI m/m			0.7%	-0.8%
	9:45am	USD		Chicago PMI			55.5	58.7
	9:55am	USD		Revised UoM Consumer Sentiment			83.1	82.7
		USD		Revised UoM Inflation Expectations				3.2%

Open buy position GOLD at 1230 USD at 12.10am

I am currently opening a  BUY position at 1230 USD. SL 1220 TP 1235.

Has Gold (Finally) Bottomed?

Gold plummeted anew yesterday, diving $54 to a low that missed a bear market target of ours by less than $2. The intraday bottom at 1221.00 fell 1.80 shy of a 1219.20 target for the August Comex contract that had been disseminated to subscribers when the futures were trading $200 higher.

So now what? Because the target was an important one, a “Hidden Pivot” support that had been ten weeks in coming, we should expect a substantial bounce, even if it doesn’t last for long. By substantial, we mean $100 or more over a period of perhaps 5-7 days.

However, the more feeble the bounce, the more bearish the implications for the intermediate-term. To be more specific, if the futures were to take out the 1219.20 support within the next day or two, or exceed it after having bounced no higher than $20-$30, that would be a very bearish sign going forward.

 

So far, the rebound has amounted to $23, most of it achieved in after-hours trading.

This is a modest showing, to be sure, although hardly reason for despair. The good news is that it would take just a $10.20 thrust above the so-far recovery high at 1244.10 to turn the intraday charts robustly bullish. Specifically, a print exceeding the 1254.30 peak labeled in the chart above would create a bullish “impulse leg” on the hourly chart, raising the odds that any subsequent selloff would be a correction rather than a resumption of the bear market in bullion begun nearly two years ago.

Of crucial importance, however, is that the rally from here be uncorrected on the 60-minute chart once it is above the 1247.90 peak. To put it another way, once they’ve gotten past 1247.90, buyers must not pause for breath until they’ve exceeded 1254.30 by at least a single tick (i.e., 10 cents). Were that to occur, it would be the most encouraging sign we’ve seen in Gold in many months. Bulls should keep their fingers crossed as Thursday’s action unfolds.

 

taken from http://www.investing.com/analysis/has-gold-%28finally%29-bottomed%20-173073

Open buy position GOLD at 1227 USD at 6.40pm

I am currently opening a  BUY position at 1227 USD. SL 1220 TP 1230.

Recovering from the losses

Loss is something inevitable when you trade. The trick of trading is as simple as controlling the lost that you have gone through. Losses can make you crazy sometimes and you may do something stupid like trying to open as many positions as you can especially when the price goes down even more. If you do that, that means you are going to bust your trading account. Yes, most of the times, when trades just don't go the way you want them,  try to control your loss. When the time is right, then, try to recover the losses. For now, i have already recovered 60% of my total loss from trading gold yesterday, slow and steady. Lesson learnt.

Gold declines down to the lowest

26 June 2013 was the date that set gold to 3 years low, the price was 1221.67 USD per ounce. Till the time of writing, the price still does not make any significant bullish moves, the current price is 1228.34 USD per ounce and it definitely will test 1221.67 USD price again. I made a wrong move when I opened a position at 1270USD yesterday and just left it like that, thinking it would be bullish in the next few hours, as a result i just lost about 150USD just in 2 hours, that is what will happen to you if you do not put your stop loss.

The importance of stop loss in trading forex, commodities and stocks.

One of the most vital moves in trading is to set the stop loss. You should remember that the market will always do what it wants to do, and move the way it wants to move. Every day is a new challenge, and almost anything from global politics, major economic events, to central bank rumors can turn currency prices one way or another faster than you can snap your fingers.

This means that each and every one of us will eventually take a position on the wrong side of a market move.

Being in a losing position is inevitable, but we can control what we do when we're caught in that situation. You can either cut your loss quickly or you can ride it in hopes of the market moving back in your favor.

Of course, that one time it doesn't turn your way could blow out your account and end your budding trading career in a flash. The longer you can survive, the more you can learn, gain experience, and increase your chances of success. Even if you have traded for more than six years, if you do not set a stop loss, your trades will be toasted.

adapted from http://www.babypips.com/school/stop-loss-whats-that.html