We committed to longer term holds in Gold on recent bottoms. We also opened shorter term trades in Gold to reduce risk by "working" larger time frame positions. Once a very low risk entry point has been established, looking at a possible move from various time frames can be beneficial. It is important that money management is sensibly adjusted.
As much as our view on Gold is long term bullish
the recent overhead of a price resistance zone warrants for these smaller time frames to take partial profits.This monthly chart illustrates this resistance zone.
Gold in US Dollar, monthly chart as of January 7th 2019.
The daily time frame of Gold shows the short term extended move and the Quad exit strategy with aggressive profit taking in each of the thrusts.The entries and exits are posted in real time in our Telegram channel.Taking these relative short trades in addition to weekly and monthly trades, provides a possible income stream in addition to the investment approach.
Time frame selection is also very important to align the individual market participants psychology to his or her needs. It is advised to experiment there (paper trading or very small capital exposed to the market) to find a harmonious balance for ones individuals needs.
Gold in US Dollar, daily chart as of January 7th 2019.
The four hour chart of Gold in US Dollar illustrates through the market profile the overhead supply demand zone resistance. This was one of various factor for exiting our Quad strategy runner portion of this reload trade on Gold.
We plan to reenter on a daily time frame for another long position in the direction of the trend. This once we have seen a retracement of price to lower levels. Ideally near the 1250 price zone.
Gold in US Dollar, 4 hour chart as of January 7th 2019.
Market inter relationship, here represented by the NASDAQ 100 E- mini futures on a daily chart, is confirming our short term view of the overhead. Like in Gold itself there is still a bit of room to the upside. Trying to pick tops and bottoms with utmost precision, we found less profitable than rather to take aggressive more conservative targets. This also frees the mind for sensible reentry points.
NASDAQ E mini futures, daily chart as of January 7th 2019.
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