Gold may be on the verge of a major price collapse
- Thread starter Cutten
- Start date
GLD looks like an uptrend! Entry at 75 - 76 area might be profitable, but dollar index chart doesn't look quite right... yet.
Where is the high probability exit, long GLD 75-76?
I imagine stop will be couple ticks below the low candlestick tail.
Where is the high probability exit, long GLD 75-76?
I imagine stop will be couple ticks below the low candlestick tail.
I would say that Gold WAS in an uptrend. But I see a downtrend currently on the daily chart. I was long YG from $776 to $800 and got out of the position too early. But when it failed to make a higher high I started shorting on the way down. Friday had support from the 50day and may give gold a bounce, but if that fails to hold this week I think gold could trade down to the $750-$755 area.
Even if the 50 day holds it doesn't confirm an uptrend yet, more like a sideways range until the last high gets taken out.
Just my humble opinion.
No doubt, I fucked up on this one.
I rarely mention my exit points, and ever since this thread, I NEVER mention them, since it's a no-win situation for me.
In the above mentioned thread, I bought oil on a Tuesday, clearly stating that I intend to exit on the open the next day- at least partially. Oil gapped up and stayed up all day on Wednesday, and I unloaded my full position on the open for a profit. Not being in the habit of calling out exit points, I didn't bother mentioning this in the thread.
On Thursday oil traded down sharply. I didn't care, since I was already out. However, ET's envious loser brigade surfaced en masse that day to stupidly assume I was caught long oil, stroking each other's cocks with glee at the prospect of RM finally making a bad call and taking a big loss. (I had a string of about 6-8 correct ET market calls in a row before this *also correct* oil trade.)
Ever since then, I've become far less likely to share my market calls here, and there's <b>no way</b> I'm going to mention exit points.
