Thursday, January 10, 2008

XAU in retreat

Spot took a dive into the US open today breaking the early range I traded. Now the mode is short.

System has been firing very consistently now. 1hr kalmans scaled on to a 5 minute heiken ashi and keltner bands setup.

The next step is to raise my money management to determine maximum stop loss and profit target levels. For example last week the ideal exit was about 5 points in profit and the ideal stop loss was about 3 points. I will keep a log and attempt to trade these figures sometime in the near future. For now I still just follow the keltners for the primary exit and the peak of the reversal bars used for entry.

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