We lingered on gold’s one-minute chart, and although there were some microscopic camouflage opportunities to consider, none measured up to our expectations. Even so, this gave us a chance to delve into the psychology of gold’s price action that morning, and to ponder the factors that might cause us to either accept or reject a potential trade. Bottom line, our expectations for small abcd patterns must be aligned with the bigger picture to bring us to a trade. On days when the action is mostly sideways, there is not necessarily a reason to trade, even if it is possible to book tiny profits again and again.
