- October 7, 2022
- Posted by: Daniele Prandelli
- Categories: Accounting, Gann, Gold
One week ago, I told you that I was starting a new potentially important trade, and it was not about the S&P500. Well, from the Post title, you have already understood what I am talking about: that’s Gold!
Oh my… Gold!
After Gold broke under 1700 USD, in mid-September, I said to my Subscribers to wait for the Key Date around October 1, which could be a new important Buying Opportunity. I knew it thanks to my 2022 Gold PFS Forecast Model, which was suggesting a Low at the end of September; plus, another different timing study told me to expect a change in trend between September 28 and October 4. Here is the 15-minute bar chart of Gold, since September 26:
Also, the price met perfectly the time, and this is the chart provided to my Subscribers right one week ago, suggesting the potential support from an important Planetary Line:
Guess what? Gold bounced at the right time, at the right price:
Trades Record of the week: September 26-30, 2022
Time to see the facts! How did I handle the position with Gold? Here are all the trades placed during the week of September 26-30, 2022:
We see that we have just worked with Gold; I did not trade the E-mini S&P500 because that market was too wild, and I wisely avoided trading it. We must be aware of our limits, and trading a market with high volatility and large overnight movements is very difficult to handle. I know it very well from my experience, and I decided to stand by.
With Gold, I opened a LONG position with 1 contract, and then I used the Micro Contracts to “lock in” some profits. How? Once the LONG position was in profit, I did open micro contracts against the main contract. If I was about to be wrong and the market pulled back to my entry price, the LONG position would have turned with zero profit, but the SHORT mini Contracts would have brought a profit, with the possibility to close the trade in gain even if I was wrong. That’s management!
We ended up the week with an unrealized profit of 1769.54 Euro (positions still open).
Next week, we see how this trade is doing (I share the Trades one week late in respect of those who pay for my Services). However, you can already see where Gold went…
Have a great weekend!