Gold Rush

I closed out my gold positions last Thursday, just before the Easter long weekend. I would rather not have them open for four days where we would experience a lack of trading activity.
After securing a nice profit, I looked to re-enter into gold the following week. Unfortunately, I dare say I was quick to jump in. My entries were less than optimal. Before we go into the explanation, I'll list out the trade details.

Gold 15-Minute

I know this chart doesn't show much right now, but I'll be sure to follow up with all the key levels.

Trade Details #1:
  • Buy @ 1734.25
  • Stop Loss @ 1710.20
  • Close @ Stop Loss (1710.20)

Trade Details #2:
  • Buy @ 1731.74
  • Stop Loss @ 1710.20
  • Close @ Stop Loss (1710.20)

Trade Details #3:
  • Buy @ 1724.05
  • Stop Loss @ 1695

Trade Analysis:
  1. Largely attempting to ride last week's uptrend, I to re-enter at the first intraday level that was relevant to me. Specifically, I was eyeing to see if gold would cross the $1700 mark (whole number) last week. Since I got out before this level hit, I was looking to re-enter after this level crossed on the open.

    This led me to my first trade at the $1734.25 mark. Similar to my strategy last week, I attempted to scale in with a follow-up trade. This decision to make these entries were largely technical. With the expectation that gold would continue to rally, I scaled in since gold held above the 1,700 level.
  2. My second scale-in might've been a bit excessive. Seeing that price bottomed out on an intraday level, I entered for a third time. There's really not much additional analysis that went into it other than the fact that I attempted to average down my cost.

    To use a more realistic level, I placed my stop loss below the low 

Trade Review:
  1. In hindsight, these three trades were entered largely on the fear of missing out. The fundamentals are factors are still present. The demand for gold is still present. However, I re-entered into gold on these notions rather than taking more time to observe the price behavior.
  2. There's no doubt that these entires were suboptimal. I adapted to the current situation and set my stop loss to the $1,695 level later on after realizing that $1,700 was the major level that I was eyeing.

I realize that the trade review in this post lacked the specificities found in some of my other trade review posts. I acknowledge that I haven't vetted into these trades as thoroughly. As a result, I was stopped out on two of my positions and now am stuck with a sub-optimal entry on the third.

More trade reviews to come as I focus on reflecting on my performance more instead of pointless rants.