Gold, Silver and Miners journal

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actionzip54

Hey guys. I've been bored sitting and staring at the wall lately waiting for set-ups so I decided why not start a journal. I primarily trade precious metals but also dabble in the S&P, treasuries, and currencies. I use a mix of futures and options and most of my trading is based on lots of experience, TA, and sentiment indicators. I'm not sure if this will get much interest but whatever it will give me something fun to do and maybe I'll get some people to talk metals futures with me.

I'm going to be trading a smaller account just because I think that will resonate more with most of the posters on here. Account balance is at like 18.4k right now and I'm currently long 2 lots of MGC. I'm long the two lot from like 1285 and it was part of a bigger position that I was working but have taken profits as I think the market is ripe for a pullback even with all the talk of war.

Positions:
2 MGC entry 1285.

Interested in possibly getting long ZB in the next couple days or short the ES. I don't think today is the day I will do it but I will keep the thread updated.

Edit: If I wasn't bullish on the long/ intermediate term on gold I would think this is a decent spot to start a short position. I may buy like 3 30 delta gld puts to further hedge my mgc position.
 
Thanks.

Probably going to be boring to start here because I'm basically starting at a point where you should be taking profits or getting short so the journal maybe slow for a week or two.
 
Long an OCT. 133 ZB call for 44/64th's.

Looking for a quick move up over the next few days on market weakness/ Syria. Will add with futures or more options if it starts moving my way.

I still think that gold/ silver will be weak and I expect the miners to probably underperform the physical. Contrary to CNBC and every other commentator on the planet, I think that Syria is priced into gold and it will be buy the rumor sell the fact etc. for a little while. I could be wrong which is why I'm still holding a small position in gold.
 
Quote from actionzip54:

Long an OCT. 133 ZB call for 44/64th's.

Looking for a quick move up over the next few days on market weakness/ Syria. Will add with futures or more options if it starts moving my way.

I still think that gold/ silver will be weak and I expect the miners to probably underperform the physical. Contrary to CNBC and every other commentator on the planet, I think that Syria is priced into gold and it will be buy the rumor sell the fact etc. for a little while. I could be wrong which is why I'm still holding a small position in gold.
More...

Out at 34/64 for a $160 dollar loss.

Will probably be looking to get long some -30 delta puts here to cover my remaining gold long.
 
Starting to pick up some gdx as well

Long 3 Sept. $29 calls for 1.18
Long 2 Oct. $29 calls for 1.80
Short 2 Oct. $28 puts for 1.59

Looks like gdx has found support at 28. Staying somewhat small at first here though it is possible for a bounce off this level into the 34 level over the next month. Bounce may be due to overall market strength. Did not think we would see this strength today.

Edit: volume is also quite large as it was the last few days. I may pick up more gdx as the day goes on but only if I have decent unrealized profits in these initial positions.
 
Today was a cluster fuck and probably my least disciplined day in over 6 months. I have had a bomber last few months and I think it made me a little overconfident and it definitely showed up today.

The gdx trade was entered on totally poor discipline and was born out of impatience. I ended up buying the puts back for 1.86 and hedging out my gdx calls by shorting 120 shares of gdx. That makes me long like 100ish delta of gdx.

If I had stuck to my plan of the last few days I would have fared much better. The plan was for continued gold weakness and to be looking to get long bonds and short the stock indices. The plan was right but execution was horrible and undisciplined. I was able to realize my gdx mistake quickly and contain it right away. It also allowed me to get into a short appl position, which I'm using as a proxy to be short the stock indices, via 5 mini Oct. $490 puts for 18.75. The $500 dollar level is my stop price on AAPL and I am looking for at least $460 on the downside.


Positions overall:

Long 5 Oct. $105 TLT calls at 2.25
Long 5 mini Oct. 490 AAPL puts at 18.75
Long 2 Oct. $29 gdx calls at 1.80
Long 3 Sept. $29 calls at 1.18
Short 120 shares of gdx at 28.25 (HEDGE)
 
Added one lot to my mgc at 1395.

I think the reaction to the Syria postponement is overdone and overall things are still rocky for the world for the next month. I still think it's possible that gold trades 1350 but I think we have a decent chance for a reversal here. I really like the fact that silver is outperforming here as it should lead gold higher if we start a new upleg. Will add more if the miners are outperforming tomorrow as well.

Also will be looking forward to the jobs number on Friday.
 
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