November 5th, 2020

“Remember, Remember the 5th of November, the Gun Powder treason and plot.

I can think of no reason that the Gun Powder treason should ever be forgot”.

Me either, considering the calibre of government most countries enjoy these days.

I mentioned that this week is a stand down week as far as trading is concerned. I find that trading in a week when volatility can raise its ugly head at any time is more folly than anything else.

And you know how serious I am when I use the word, “folly”.

I wanted to show you an old chart that I use to demonstrate a couple of points in my genius book available on Amazon. If you buy it, drop me a line and I will send you a copy where the formatting does not get messed up by Kindle.

To the chart, Robin…

This chart of Gold demonstrates how once support has been broken that it reverses polarity and becomes resistance. The market will often come back and test the newly minted change.

The price broke through support and then returned to sniff the new resistance level. This is the set up for a lovely short sell. I was indeed short as the market fell away.

You can see a giant candle wick that stopped me out in the overnight. and then continued down. That was the night Trump was elected in 2016 (makes sign of the cross).

I simply went back to my short position. Some would say that if I didn’t have a stop, I would have made a bit more.

I may indeed, but stops have saved my bacon more than once.

If you place a trade, place a stop at the same time!

Any questions, please drop me a line: charlesgoddard2020@gmail.com

TTFN,

Charles

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