I want to show You, how I traded gold after NFP data!
After I was made my previous analysis on gold and sow what could happen here today, I decided to trade my favorite precious metal, but after the NFP data. I waited for data to come out and let the market setlle down for a 15 minutes, when I decided to open my long position at 1149. I protect my long with SL bellow support and wait for the moment where I can move it to the break even. On my previous gold analysis you can see where I put the minor resistance levels and that was the lines I was focused on. After gold was brake the 1160 resistance easy, and manage to get 1165, USD/JPY was turn up strongly and based on the previous moves on that pair, I decided to close my position. You can see at my order, that my target TP was at 1173, and several hours latter gold manage to catch that point and stay there all the way till the end of the day, when 10 minutes before the end was broke even that point of resistance.
Today’s movement on gold was very hard to predict and I manage to do that, technicaly, fundamentaly and based on my experiance. Gold move up was strong with low/high difference of 45 usd/oz and I catch ‘only’ 15 usd/oz move. Could I catch more? No! Because, like I said on my previous gold analysis I didn’t know technicaly that the 1130 could be the bottom, I sow that after the bullish momentum later on when gold was already at 1144 level. Then, I didn’t want to trade before the NFP. Why? The numbers could be in favor of US dollar, and gold could test the 1130 again in that case. That was the risk I didn’t want to take, this is not the gambling. And then, after I sow everything I wanted to know, I traded this like I describe it here and I was happy about it, even more when I sow that the gold was catch my target point at 1173, when I was already out. This is why I worked so hard, analysing all day and following the market 24/7. Keep in touch at my blog and enjoy your weekend.