Gold Trader’s Niche: Summary #3 Week Ending June 15th

 


Illustration: Typical "Candlestick" Forex trading chart
Public Domain
 
Well, this was very much a: “Do as I say, not as I do” kind of week.
 
In my videos I correctly predicted how the market would move 4 out of 5 days, but I myself did not follow my own advice.

https://www.youtube.com/watch?v=bkJ80CFcr7Q&t=225s
So here in this video, as predicted, the market did rise.....all the way to
1280
then after the Federal Reserve announcement, it then dropped....also as predicted, to new pivot point lows
Probably I would have been much better off, if I had heeded my own words and just sat out the entire day and waited for the dust to settle....
 
First off, I was heavily over leveraged on my trades.
 
Second, I did not close out trades that clearly were not going as planned.
 
Finally, the Fibonacci Retracement lines I placed on the charts were wrong, because I misjudged the depth of the retracement.
I originally had placed the Fibonacci lines correctly, but with the market at 1295, it seemed to me: “much too far” that it would retrace all the way back to 1250 or so….
 
Live and learn….
 
Thus, instead of placing the starting point of the Fibonacci at 2016 where the market turned about a month ago, I placed it at 1246 where the market leveled out for a few days.
Everything seemed to be okay, until Janet Yellen announced a, more aggressive than expected, interest rate hike and it became very obvious that the 1246 base line was incorrect.
 
So, all in all, it was a bad week for me….
 
A total of 8 trades……6 good and 2 very bad
 
6 good trades with a total of 560 pips
Versus
2 bad trades with a loss of 1540 pips
 
Week’s total: minus 980 pips
 
Conclusion:
 
Emotional intelligence is more important than technical know how…..