Back in town and back to trade

I was traveling to Pittsburgh for the weekend and Monday, and now I am back in Houston. I went to school there, and I know too much that May is the only gorgeous time in Pittsburgh.

Now back to the chart.

In the previous post,  I shared the idea of taking a mid-term position to complement my short-term trading especially in case I keep missing the entry point on blood-letting descent as happened in Euro. For now, I will separate the risk exposure and track record of the mid term trading from the short term, but I will mention how they are going in my future blog posts together with my mid term outlook.

I indeed bought GLD ETF for my mid term gold position yesterday. The basic idea of defining loss cut line is the same except that I refer a long term chart. Today’s decline of the gold price was so much that I had to tweak my Elliott wave count by a little bit. As in I showed in the chart, $1169 is the price I would stop being bullish gold. If this line breaks, no further tweak of the wave count is possible as far as I think now, and I will consider taking loss for my mid term position.

As for the short term, I will wait a few more days and confirm the emergence of an impulse wave originating from blue underlined 4.

Euro saw quite a bounce today. The rally from 1.2140 seems to be an impulse wave. I marked it as purple .1 (or .A in alternative count), and I will wait for purple .2 or .B then black 1 and 2 of the lesser degree. If all this happens, I will attempt to long EURUSD for a very short term trade.

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Current risk exposure:

Rational Move always use stop loss orders, and this is the worse case potential loss over the capital for the currently open positions. This is unrealized loss is less or equal to the risk exposure.

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Total returns

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