I did not make it in my last trades, I do not have any hurt feelings as the stop-loss catered for my account safety. The two trades were stopped at 25.025, and I suffered losses of $34.50 on each trade, making my aggregate loss to be $69. To be honest, I made the right decision, the market did the opposite due to the reversal that happened in favour of the USD. I am happy that I lost a few amounts concerning the account balance had, this is why the use of stop-loss in planning the proper money and risk management is good.
How i lost
All my view on silver was a bullish market after breaking the resistance at 26.12 and possessed a bullish price action on the daily chart. The silver made a reversal yesterday to break back below 26.12, which was why it confirmed a bearish bias when I was away from my computer. My stop-loss of 26.025 was triggered due to that, and I am sure that silver has taken a bearish bias since then.
I decided to place my bet on gold and EUR / USD today. I have analysed these trades to be sure of the selling direction on them, though I am sure on the selling of EUR / USD than that of gold, the two trades should be selling for the rest of today. My risk is low on the trades, gold was sold with a volume of 0.06 in aggregate, while EUR / USD was sold with 2 volumes in aggregate. The stop-loss and take profit on gold are 50 pips and 100 pips respectively, while the stop loss-loss and take profit on EUR / USD are 20 pips and 70 pips respectively. These make the trades have proper management as the risk to reward ratio with the trade of gold is 1:2, while that of EUR / USD is above 1:3.
How gold confirms sell
The bearish bias on gold is short-term towards 1762 unless the metal breaks below the support to confirm an everlasting bearish trend. Gold confirms a bearish bias with the bearish price action on the daily chart of the metal, it was not powerful to continue a bullish path it tried to create this week, that is why I voted for a selling direction. Gold should touch 1762 support any time soon, that is why I will closely watch this metal for any adverse movement around that support. It will take gold to break below 1762 and have a daily close below it before a long-term bearish will be activated.
How EUR / USD confirms sell
There is no doubt about the overbought condition of EUR / USD on many charts including the daily chart, this had caused some problems for the former bullish trend of the pair. A reversal is confirmed today with the bearish Doji pattern on the daily chart, which built the pressure on EUR / USD for the break of the daily chart support of 1.2115. The bearish reversal pattern will easily pressure the price of EUR / USD down to 1.1035 support, it is the break of that level that will lead the pair down to 1.1970. My target must have been reached before the second support.