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Last three trades were roller coasters amidst volatility - the first one was an impulse trade and it had a cost associated (naturally, most emotional ones do! and the ones that pay richly twist you up for a later debt)
Overall it seems the market is headed down and gold is headed up.
The catch: Or vice versa. (dodging hurling brickbats....)
Reason for going long: Trendline break, fast up move, test of the downtrend extreme as a HIGHER LOW - such higher low tests lead to a protracted up move.
My final entry looks a substandard piece of work (early entry but analysis right). My exit looks super perfect.
(Refer chart below.)
So here we have the conclusions though the session has not ended yet:
1. Why do I go long with such precision and get the almost complete upride?
A: Because I am slowly getting good at price action.However....
2. Why don't I go along with the smart money - e.g. why am I not short from the open?
A: The short answer is PSYCHOLOGY.
However that needs a bit of explanation:
Refer chart:
It was apparent that at so many points the highest probability direction was down. Then why this reluctance to short?
So light bulb moments I had while meditating:
a. Bias. When start with a bias I do not see the gorilla dancing in front of the screen i.e. I see but I do not observe the actual thing that is happening in the market. I start saying 'Now, the reversal will come. Here are the fools getting in, they will be soon squished and the market will start moving upwards.
b. Short term players (and they are called that not perhaps because they scalp but because they last for a shorter term in the playing field LOL) get to enjoy the most thrilling rides. Perhaps it is thrill I am secretly longing for. My mind feels slightly numb when the best decision pops up in my head (and that opportunity will take planning, measuring, waiting it out - qualities not exactly 'thrilling') and feels a rush when a short term advantage / opportunity window is seen.