Also bottom line is gringo this doesn't look like a bottoming pattern anymore to me which justifies taking profits and sitting back here. We really need an explosion of prices higher and today's action didn't back that up.
Gold, Silver, and Indexes Using Price Action
- Thread starter Gringo
- Start date
Also bottom line is gringo this doesn't look like a bottoming pattern anymore to me which justifies taking profits and sitting back here. We really need an explosion of prices higher and today's action didn't back that up.
This may still be the bottom, but may need some more consolidation before attempting a move upwards. For me as you have stated the lack of serious move to crush supply hasn't shown up, which is making the situation iffy.
Now, what I have noticed is that there movements are wide, so someone with a smaller intervals such as hourly, or shorter might be able to use these more appropriately. We noticed today in Nasdaq/NQ the price reversal. One day was brutal to the downside and the next day totally negating that weakness.
Yes, the thought that tomorrow could be an up day for gold did come into my mind, but I decided that price wasn't behaving well and that is something happening in the present, the rest was just hope. I am sure there will be more opportunities in the future so it's not like it's game over.
It could also be one of the bigger chances to make tonnes that was blown away today. The name of the game is fear management and I for one wasn't ready to let it take hold for long. When it doesn't look why bother staying in. As, is clear from this example, I am full of flaws despite my otherwise being awesome and might have chickened out at the wrong time.
Gringo
Now, what I have noticed is that there movements are wide, so someone with a smaller intervals such as hourly, or shorter might be able to use these more appropriately. We noticed today in Nasdaq/NQ the price reversal. One day was brutal to the downside and the next day totally negating that weakness.
Yes, the thought that tomorrow could be an up day for gold did come into my mind, but I decided that price wasn't behaving well and that is something happening in the present, the rest was just hope. I am sure there will be more opportunities in the future so it's not like it's game over.
It could also be one of the bigger chances to make tonnes that was blown away today. The name of the game is fear management and I for one wasn't ready to let it take hold for long. When it doesn't look why bother staying in. As, is clear from this example, I am full of flaws despite my otherwise being awesome and might have chickened out at the wrong time.
Gringo
http://www.elitetrader.com/vb/showthread.php?s=&postid=3910369#post3910369
I have an avg that is lower 26.49; my close will be 27 or what I posted earlier. A hit of 43-45 area for 1/2 and let the rest ride to 740 on the arca. I have quite a nice position so I try to set it and forget it. Then again I am not a trader but more of a slugger..
I enjoy your commentary very much.
Cubano
I have an avg that is lower 26.49; my close will be 27 or what I posted earlier. A hit of 43-45 area for 1/2 and let the rest ride to 740 on the arca. I have quite a nice position so I try to set it and forget it. Then again I am not a trader but more of a slugger..
I enjoy your commentary very much.
Cubano
Quote from ElCubano:
http://www.elitetrader.com/vb/showthread.php?s=&postid=3910369#post3910369
I have an avg that is lower 26.49; my close will be 27 or what I posted earlier. A hit of 43-45 area for 1/2 and let the rest ride to 740 on the arca. I have quite a nice position so I try to set it and forget it. Then again I am not a trader but more of a slugger..
I enjoy your commentary very much.
Cubano
Your entry is better, and gives you more space to breathe. My funds were being moved around so could not take advantage of earlier opportunities. There isn't a restriction on a reentry and I am watching how things evolve.
Gringo
Got in at 30.24 on that GDX retest of 22. Just sold now at 35.95 and will wait for a pullback to re enter. Thank you so much Gringo for bringing this to my attention. My best trade of the year so far.
I am glad you benefited. I had chickened out of NUGT so didn't get the real benefit of all the brilliant work done to analyse it. Then again, market doesn't owe me anything. I am working on bettering my entry and will be ready next time. The behaviour is strong now and if one's in at a good location it probably is wiser to give it some space to move, as there's a chance it might go higher. It just might be the beginning.
This shows despite my stoic disposition and handsome physique there are some flaws that need attention. Sticking with the plan is one and entering at a better location is another. And strange as it may sound I am not too disappointed by my actions. There's always another opportunity around the corner.
Although, finding reasons to stay in instead of getting out needs to be kept in mind at all times. I partially failed in that respect. Partially because there were reasons to question the strength demand was showing making bringing the decision to entry. The backward incursions and at a large scale are not a sign of strength but NUGT has reversed in most cases so far towards the upside, showing resilience.
Gringo
There is a fog or potential resistance above this level for GLD. What we are waiting to see is whether price has the energy to push higher. In the absence of that push we might have to look to the short side for a potential play.
GDX is showing strength and hasn't budged. No point in messing with that one on the short side. There hasn't been a sign of weakness so far.
Gringo
GDX is showing strength and hasn't budged. No point in messing with that one on the short side. There hasn't been a sign of weakness so far.
Gringo
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I bought NUGT at the close yesterday again and had a very nice surprise this morning. I would have had a nice five figure day again if it wasn't for the facebook I also overnighted. Faceplant 