March 5th

No trading day today. I decided to watch the London effect up to 1100h. Their market was declining and the Global Gold jumped off the start then chopped about right up to 1100h. I was going to just place a trade at an opportune technical entry where indicated on the chart but I was not in a situation to monitor a trade properly so I let it slide, I jotted down the price and set three exit plans up to see what would happen.

The red lines and notes are the normal exits that I might take given a jumpy morning market expectation, out at the first sign of weakness to capture my profits.

Green lines are a more moderate method using pivot points and/or moving average crossovers at the 50sma.

Blue is the long haul trade of the day of just entering and setting my stop just above my entry to capture a minimum of profit, then resetting the stop as each of my targets are passed. convincingly. That would basically follow the 200sma with perhaps a little jump to the 1/2 R2 once it was crossed then just exiting at the end of the day.

Needles to say the long haul was the most profitable today. I intend to go back and review the last 20 days of intraday trading to see the real effect of the London market then to see how a long haul approach may work for more relaxed trading. As long as I see a small profit in a day I feel, without checking yet, that I may capture more of the larger moves. Starting later in the day appeals to me, fits my schedule better and just going in to check stops a few times sounds interesting. I likely will not trade tomorrow.

Jeff.