To The Moon

Trade Journal:

Using the 10-Minute Chart to Day Trade IAU and Extract Consistent Profits

Overview of the Trade Window

This trade journal documents how I traded IAU (iShares Gold Trust) from Friday through today, using the 10-minute chart as my primary execution timeframe. Over this short window, I extracted slightly over USD 200 in profits, not by predicting gold’s next big move, but by repeatedly trading structure, range, and momentum exhaustion.

This was not a single lucky trade.

It was a series of small, intentional decisions built on preparation, patience, and execution.

I treated this capital as a dedicated gold trading portfolio — spare cash I could afford to risk — which allowed me to stay calm, flexible, and disciplined throughout the session.

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Context: Why IAU and Why the 10-Minute Chart

IAU is an ideal instrument for intraday trading:

• High liquidity

• Tight spreads

• Smooth price movement

• Strong correlation with spot gold

• Less noise than individual equities

Gold ETFs like IAU tend to respect technical levels, especially on intraday timeframes. They don’t move erratically without reason. Instead, they oscillate within ranges, making them well-suited for mean reversion and momentum continuation trades.

I chose the 10-minute chart because:

• It filters out 1–3 minute noise

• It reacts faster than 30–60 minute charts

• It clearly shows trend, pullbacks, and failed breakouts

• It aligns well with ETF liquidity cycles

This timeframe lets me see intent, not just ticks.

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Friday: Laying the Foundation Through Options and Structure

Before today’s active day trading, the foundation was laid on Friday when I was assigned IAU shares at $93.50 via a previously sold cash-secured put.

Because I collected $0.58 in premium, my true cost basis was:

$92.92

This detail is critical.

It meant:

• I could trade more aggressively

• I had downside buffer

• I wasn’t emotionally attached to each tick

From the start, I was already trading from a position of strength.

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Market Behavior Observed on the 10-Minute Chart

Looking at the 10-minute chart, several things stood out clearly:

1. Strong impulsive move up

• Gold pushed higher with momentum

• Volume expanded on green candles

• Price respected short-term moving averages

2. Transition into a range

• After the push, price stalled between ~94.30–94.90

• Wicks appeared on both sides

• Momentum flattened

3. Repeated mean reversion

• Price returned to the mid-range repeatedly

• Failed to sustain breakouts above highs

• Buyers and sellers balanced

This is where intraday opportunity lives.

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First Sell: Selling Into Strength at 94.87

Early in the session, IAU pushed up strongly and printed 94.87, a clear intraday extension above the recent range.

On the 10-minute chart:

• Price was extended from the short-term average

• Upper wicks began to form

• Momentum slowed despite higher price

This wasn’t a place to chase.

I sold 100 shares at 94.87, not because I believed gold was topping, but because the probability favored a pullback.

This is a key distinction:

I trade probability, not conviction.

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First Buyback: Letting Price Come to Me

After selling, I didn’t immediately look to re-enter.

Instead, I waited for:

• Price to retrace toward the mean

• Momentum to cool

• Sellers to exhaust

IAU pulled back into the 94.40 zone, where:

• Prior support existed

• Volume stabilized

• Selling pressure eased

I bought back 100 shares at 94.40.

This completed my first intraday cycle:

• $0.47 per share

• $47 realised

Small win. Clean execution.

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Repeating the Process: Trading the Range, Not the News

From there, the day evolved into a range-bound environment.

This is where many traders overtrade or lose discipline.

I did the opposite.

Using the 10-minute chart, I identified:

• Repeated resistance near 94.55–94.60

• Repeated support near 94.30–94.35

Instead of forcing trades, I only acted near the edges of the range.

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Second Cycle: 94.55 Sell → 94.35 Buy

As price approached 94.55, the same pattern appeared:

• Momentum slowed

• Upper wicks formed

• No volume expansion

I sold 100 shares at 94.55.

Price drifted lower again toward support.

I bought back at 94.35.

Another:

• $0.20 per share

• $20 realised

Not exciting — but repeatable.

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Third Cycle: Staying Patient When Others Get Impatient

Later in the session, IAU again tested 94.54–94.60.

The 10-minute chart showed:

• No follow-through

• Sideways candles

• Decreasing momentum

I sold at 94.60.

Price pulled back once more to 94.35, where I covered.

Another:

• $0.25 per share

• $25 realised

At this point, many traders would get sloppy.

I didn’t size up.

I didn’t chase.

I didn’t force trades.

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Final Cycle: End-of-Day Discipline

Near the later part of the session, price attempted another push but stalled again.

I sold at 94.54.

The pullback was shallower this time, and I bought back at 94.32.

That added roughly:

• $22 per 100 shares

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Adding It All Up: Where the $200+ Came From

Let’s summarise the components:

1. Put premium from Friday

• $58

2. Intraday trades across Friday → today

• Multiple cycles totaling roughly $140–150

Total:

👉 Just over $200 USD

No leverage.

No panic.

No prediction.

Just structure.

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Why the 10-Minute Chart Was the Key

The 10-minute chart helped me:

• Avoid noise

• Stay patient

• See when momentum actually changed

• Avoid reacting emotionally to every tick

Lower timeframes would have tempted overtrading.

Higher timeframes would have delayed execution.

This timeframe was the sweet spot.

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Risk Management: Why This Didn’t Feel Stressful

Several factors reduced stress:

• Low cost basis from options

• Defined position size

• No leverage

• Clear invalidation levels

• Spare cash allocation

I never felt trapped in a trade.

That freedom is priceless.

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Psychological Notes From This Session

The biggest lesson wasn’t technical.

It was psychological:

• I didn’t need gold to trend

• I didn’t need a big move

• I didn’t need to be right

I only needed price to oscillate, which gold naturally does.

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What I Did Not Do (And Why That Matters)

I did not:

• Chase breakouts

• Average down recklessly

• Hold through hope

• Increase size emotionally

Most losses come from what traders do after the plan breaks.

My plan never broke.

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Lessons to Carry Forward

1. Options create flexibility

2. Ranges are opportunities

3. Timeframe selection matters

4. Small wins compound

5. Discipline beats prediction

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Final Reflection

This session reinforced why I enjoy trading gold through IAU.

It rewards:

• Patience

• Structure

• Calm execution

Using the 10-minute chart, I turned a boring, sideways market into a consistent profit stream, extracting over $200 USD across two sessions without stress.

This is not about brilliance.

It’s about process.

And process is repeatable

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