The past few days have been a bit of a roller-coaster ride for my systems to say the least as market volatility has increased, Gold being a case in point.
My multiday (MD) system went long on Monday around $1172.00 just in time to catch the explosive run higher to the so called ‘psychological’ $1200.00 level, locking in some profits along the way. Happy days for the state of my psychology at the time….
Then on Tuesday came the inevitable ‘chop’ as the ‘healthy’ (as many market commentators would put it) retracement of recent gains got underway. I wouldn’t necessarily agree with the term ‘healthy’ on this one as in my book an evaporation of some $15.00 in open profits on a Gold position isn’t particularly great for one’s psychology at all! The pullback took out the trailing stop on the long position around $1185.50 and that was that for the trade.
Then later in the session Gold based out around $1181.00, rebounded back to $1192.00 triggering a new long position, fell back to within a whisker of the stop (not for the first time of late) before rebounding sharply to make new highs for the move. European based traders woke up this morning to the sight of $1200.00 plus Gold as the thin Asian session saw another one of those vertical moves, Gold hitting the first profit take level at $1206.70 while I was sleeping.
Net/net it has been a very good time for this system despite the gyrations in open equity as the equity curve has climbed steadily to new multi-year highs. Golden Years indeed…….
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