W Bottom in da XAU

Here’s a pretty chart. My aggressive buys in gold stocks were rewarded today. The XAU formed a W bottom, which provided a few more entries for online stock traders to take down shares. Lessons learned:  I had no problem pulling the trigger after the last losing gold trades. No emotion. I bought into strength last time, and this time, with stops in place. I recognized mid-day antics during yesterday’s trade. I held the stocks all day, and kept them overnight as my plan dictated.

A question to my trading buddies about if the retest of a W bottom is better with a higher low, brought mixed responses. Generally a higher low is better, but it was pointed out that the ability to pull back higher, shows bullish control. Food for thought.