Ichimoku Gold Exit trade: 5-17-10

Yesterday our Mini-Gold Future trade got stopped out on the 120 minute timeframe.   If you were using the Kijun Sen with a buffer off a 30 minute chart, you were stopped out earlier.
Here is the chart:

 
The mini-Gold future trade is looking really good.   Everyone is probably hearing the huge news on and the new target price of 1500.   Do not let anything influence your trade at all.   Let price action on the Ichimoku charts determine what you should do.     In the last blog, we talked about going into PRESERVE mode.   We do not want to give back our profits.  Therefore, we were going to tighten our stop.  Various methods were provided in the last blog.   Below the 120 minute Ichimoku chart which shows the stop for this timeframe.   If you want, you can use a 30 minute Kijun Sen – buffer as a stop.   There is no right or wrong answer.  It is what you are comfortable with.  Remember, you can always re-enter later at a high price.

About the Author Manesh Patel