Waiting for today's D1 candle to close, i have some thoughts to share about the gold price movements. To have known for more than a month about the gold price movement to 1170 and not make money on that knowledge and face the risk of losing the account is very typical in forex trading. Just to lecture on the potential support and resistance levels or high and low would be only theory and does not have any practical value in terms of trading. Only to prove that knowing is not good as executing profitably, i started posting with a demo account and shared my trades publicly.
Have been expecting a retracement to 1101 or 1097, and entered a SELL order close to Wednesday's high before the close of a H4 candle. Made the mistake twice on that day, and entered orders before the close of a candle. So, account is on the verge of getting washed out. It could be a new account from Monday. Hope you understand that trading with margin levels of more than 3000% or 10000% will never threaten the account's integrity when you BUY low and SELL high. Since this being a demo account, i can play with margin levels of 300% and multiple accounts.
BUT, ever seen an arrow being shot without being pulled back, it would be powerless. Similarly, the gold price having reached around 1170 without any retracements, indicates the possibility of the gold price not going towards 1500 but could be going towards 500. From Monday, the title of my posts could be "Gold going to 500". The retracement was an important factor for the necessary force to reach the 1500 level. So, waiting for the close of today's D1 candle for more clarity.
Only if the price retraces to the levels of 1118 or 1125 by today, do i see a possibility of gold price continuing to go up to 1500. If the gold price ranges at the current price level not going below 1137 for today, then i see that as an indication of a SELL trend and my posts would bear the title "Gold going to 500".
