Gold Trade Review: October 5, 2022
What a wild ride today. Price broke the low of resistance which would be my sell entry, right as i finished doing my morning analysis. This threw me off because I wanted to enter but I knew I missed the chance and had to wait. But I unfortunately did not wait enough, I sold at support and price retraced, hitting my SL. Keeping the same bias, I waited for a new resistance on 30m to form which occurred at 9:30am est. I then used the LTF to enter a sell once price gave me further bearish confirmation, and set 1:3 RR. News was good for USD which caused price to drop on Gold and hit my TP quite fast. LESSON FOR THE DAY: Do not fall into the temptations of FOMO; you will pay the price. Instead just wait. Be patient. Once the pattern forms that I want, then I can enter the trade. I am not missing out if I enter based on FOMO and emotions. The goal is to follow the trading plan, not to make X amount of money in any given trade.
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