Hubert Senters here.
Let’s take a look at Gold so last night we were able to get long some gold. We used a stop-loss that we were cool with and we were looking for $20 $40 or $60 points. So in this case we’re up $26 points. That’s pretty good. At one point earlier today. Let me look up here. We’re up $31. Yeah. So up in here. So it was $3190 so $3190 points enough points could profit.
Now, when you’re looking at this one the question I got on the webinar was like hey, how do you know when to take profit? So this on a three minute is a decent profit taking opportunity but really what you’re looking for is you’re looking at the average true range. So the average true range on a daily chart of gold on a 14 period average true range just means it’s looking at the past two weeks range on gold has been $23 points.
Right now, gold is up $32 points. So I’m $10 points over the average. So it’s a really good portion for me or a really good point for me to take the profit at that point so that’s what I’m going to do so I’m going to come in here and I’m going to go over here to my matrix and then if I can get a little bit more pop.
Now here’s what it you gets the part art and part science, the science says take it you’re up $10 points from that average and that’s just a good percentage player. The greedy person in years like well, I want to take it at the exact high at $3190. So if you look at $3100 minus $2600. Yeah. You’re given a little bit of money back but you’re still making a pretty good profit so it’s not the end of the world.
So like I said gold is an acquired taste as you can see how much it jumps around and stuff. It’s a nice contract if you know how to trade it, you just got to know how to trade it. So what I’m to do is I’m going to come in here. I could potentially do a trailing stop-loss but I’m going to check one last thing and see if we can see on the spike.
If we’ve got some good spike in here and as you can see up in this area we’re getting all kinds of spikes so that’s a good – I’m going to pull this down so you can see it. See all these spikes down here $1500 contracts per one minute chart so those are spikes of $1500 contracts or more. That line is $1500 here so there’s a bunch of volume coming in there. So it’s a really good chance for me to take the profit and lock in the profits. That’s what I want to do.
I’m going to close this trade out and then you can see order field and there you can see it wasn’t a perfect trade but heck what is so we made $2420 in the overnight good not gold trade which was successful. They’re not always successful. I had one earlier this week that was unsuccessful and I got stopped out so you know it’s the law of averages and percentages and stuff like that. That’s what it looks like.
I’m going to blow this screen up just slightly so you can see the entry when it was made that is on live webinar last night. You can see there was the entry and then I wrote it all the way up there. I didn’t get the exact dead high because I never do. And I didn’t get the exact dead low.
I’m going to mark these up for you. There’s the dead low for last night and here’s the dead high so far for this morning. So you know I didn’t get the dead low. I didn’t get the dead high but I got most of the meat in the middle which is what I’m looking for.
I’m going to be doing another live Gold Trading 101 tomorrow at noon. So if you missed it last night you missed the opportunity to potentially do this trade with us you’ll be able to follow along tomorrow at noon and I’ll be doing another Gold Trading 101. I’ll HYPERLINK you to that registration page.
Good luck. Hope it helps. See you on the next video.
Hubert.
