Disliked{quote} i don't think it's a problem since you've already posted beeb's chart here. entry was 1359 futures with an initial $2 stop that i moved to b/e and was stopped on overnight uk time. as i subscribe to his service i don't think it fair to add to this if that's ok.Ignored
I was just curious as to what your "entry RANGE" was, only in an effort to help you identify better support and resistance areas if you are going to leave a trade on overnight.
Now we are in a GREAT area for Low risk HIGH reward trades for longs. I tend to shoot for 30/50 to 100/150 USD moves depending on my desired "days in trade."
I would say to the upside there is over a 100 USD move to be taken just inside the channel alone. Which could easily be sustained with a low entry and a 25 USD stop ( only a 1/4 of a 100 USD target = thus 1:4 RR ---- appx if not less - you could go 7 bucks on a dip and get stopped out, then re-enter on the reaction low and likely kill it.
I would say for now, any trade besides a scalp or a "few hours" (which is basically a scalp in a sense,is safe if the stop is below 1350/45. Preferable to buy on dips, yet
on the below chart you will see that 1360 tapped twice and held,
with eyes on 1364 (I know these are small increments) we hit it twice and got rejected,
next 1363/4 area got tested again with a seal put on 1363 for the afternoon. Thus, already 3 USD higher.
Later, 1365 got tested rebounded only to 1363 interim daily support, next rose to close at a high of nearly 1366
with minor support re-established at 1365.
all and all a small day for movement, but it just shows how easy it can be to trade Gold / Silver profitably and well using simple support and resistance
areas no matter what lot size / TF / or length of trade.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News