Gold

Have a buy stop @ 1674.00.  Blue line buy stop, red initial stop loss, and green lines target 1 and 2.

August 2 Trade

Euro coiled in a symmetrical triangle at the bottom of a big drop, then false broke the low.  I then went long  when it broke to the upside.

Euro Spot bigger picture 1 minute chart:

Trade 1 min: (blue line entry, red initial stop, yellow exit).

 

Quote of the Day

Why seek for revenge.  Because you know that Karma will get the bastards anyway.

Ajahn Brahm (jokingly)

August 1

Ended day in the green but I traded poorly.  Long Aussie in the middle of a 5 minute bull flag at resistance......range was BARELY broken on 3 hour chart over last few hours....but not last couple days.  Trying to front run this break that already broke but didn't break again was a bad idea.  The 3 hour chart tells the story.

Third trade was a pure momo continuation play on the Euro using 1 minute chart.  Blue line entry, red line initial stop and green circle exit.

3 hour chart:

1 minute chart:

Quote of the Day

A man begins cutting his wisdom teeth the first time he bites off more than he can chew.
Herb Caen

Quote of the Day

The only true wisdom is in knowing you know nothing.
Socrates

Stock Market Parable

I was browzing  the MTM site in old archives to laugh at myself.  I found this article....that I found years ago.

Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers seeing that there were many monkeys around, went out to the forest, and started catching them.
The man bought thousands at $10 and as the supply started to diminish, the villagers stopped their effort.

He then announced that he would now buy at $20.
This renewed the efforts of the villagers and they started catching monkeys again.
Soon the supply diminished even further and people started going back to their farms.
The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it! The man then announced that he had to go to the city on business and when he returned, he would buy monkeys for $50 each. 

He left his assistant in charge and departed for the city. In the absence of the man, the assistant told the villagers:
‘Look at all these monkeys the man has collected and put in the big cage. I will sell them to you at $35 each and when the man returns from the city, you can sell them to him for $50 each. 

The villagers rounded up all their savings and bought all the monkeys.
They never saw the man or his assistant again, only monkeys everywhere!
Now you have a better understanding of how the stock market works.