@samewise, I’ll add this to my previous reply for anyone who’s interested.
This is a gold chart that I posted in the Spotting the next trend thread 1 month ago. You can see in the chart that plotted out the 2 most probable paths I foresaw gold taking.
I wrote extensively about the market conditions in that thread for those interested…
TLDR: Gold is in a secular bull market and at the beginning stages of the dynamic / parabolic phase.
Here is an update of the chart taken this morning:
I noted where the A+, B and C buying opportunities for me were 1 month ago. Now price followed the blue path more than the yellow path but didn’t get below blue support level where I think the optimum buying opportunity (for me) was.
The old struggling me would look at this chart and say “ok, so what?”, not think any more of it and move on to try and find the next “perfect” strategy. The current me looks at this chart and sees the psychological differences in my / the trader’s mindset.
The A+ opportunity is the optimum low risk / high reward opportunity where professional traders let the market come to them. The B and C opportunities are higher risk, lesser reward where I was chasing after the market as a struggling trader.
Just to note, the A+++ buying opportunities in my opinion was back in 2020, I got in to the space and built up positions in precious metals 2021 - 2022 in A++ opportunities when gold was trading $1750 - $1900 (I made some minor mistakes, still learning ) so I didn’t feel the need to add to the position.
Hope this was clear. Got to get to the spa now before the crowd shows up! .
Have a great Friday everyone!