Gold

Quote from volatilitypimp:

What equity product could I trade that follows spot gold the closest? $XAU didn't do it for me. GLD doesn't have options listed on them. This product needs to have liquid options on them also. Thanks in advance.
More...

Here's a list of Gold stocks. http://www.gold-stocks.com/

Updated as of yesterday. I have been daytrading Gold only for about 2 months now and making a small fortune. :D

I personally trade with the highest Volume/Liquidity possible.

GLD averages 7.1 Million a day. Very faaaaaaaaast fills.

GG 6.8 M (I make the most money of this low priced $28.17 every day. This stock has Intraday swings of .50 - 1.00+ every friggin day.)

ABX 5.3 M

PD 6.6 M

NEM 8.1 M

Use the GOX(symbol) CBOE to track index, works well for me.
 
BTW, GLD tracks the cash market currently August /GC6Q COMEX almost tick for tick. The GLD (Streettracks) is very good for tracking the price trend for Gold.

GLD as usual has been sweeeeeeeeeeeeeeeet today.:cool:

Check out a 2 min bar (which I trade off), I use the 1 min to Exit. Today I have had 6 trades which have netted me .46, .6, .20, B/E, B/E, and .31.

Total profit so far of $1,000.

I'm looking to enter again off this 2 min 12:30 bar at approx $58.02 with a stop @ $57.91.

Good Luck

Mac

P.S. PD would have netted me over $3.20 today had I traded it using a .20 stop. Ticks me off.
 
My average stop is 4 - 6 cents. :eek:

A .12 stop is considered HUGE to me.

I normally get 3-5x risk to reward ratio.

I usually will have 6-12 trades a day on GLD or GG, netting over $150+ per trade.

I usually trade 1,000 share lots with GLD (GG will trade up to 2k), so when I take a larger risk spread I decrease my size. On a .20 stop I will reduce size to 600 shares.

My first trade today ( I only traded GLD) was @ 9:46 and my risk was .6. I made 7x or over .40 cents.

My worst trades today I was UP .08 and got out with a .2 gain to cover cost.

My average trade is 4-6 cent risk and a gain of 15 - 20. Once I am up approx 8 cents I will not let it become a LOSER, I'm gone. Once I am up 10-12 cents I will cover when it drops to 5 cents.

I'm pulling anywhere from $600 - $2,000 plus per day out of this market. I expect it to continue for quite some time. Today PD-Phelps Dodge bought out 2 large metals companies at a large Premium. They obviously expect the metals markets to go a lot higher.

I hope this last for quite some time. :p
 
Quote from F-Trader:

My average stop is 4 - 6 cents. :eek:

A .12 stop is considered HUGE to me.

I normally get 3-5x risk to reward ratio.

I usually will have 6-12 trades a day on GLD or GG, netting over $150+ per trade.

I usually trade 1,000 share lots with GLD (GG will trade up to 2k), so when I take a larger risk spread I decrease my size. On a .20 stop I will reduce size to 600 shares.

My first trade today ( I only traded GLD) was @ 9:46 and my risk was .6. I made 7x or over .40 cents.

My worst trades today I was UP .08 and got out with a .2 gain to cover cost.

My average trade is 4-6 cent risk and a gain of 15 - 20. Once I am up approx 8 cents I will not let it become a LOSER, I'm gone. Once I am up 10-12 cents I will cover when it drops to 5 cents.

I'm pulling anywhere from $600 - $2,000 plus per day out of this market. I expect it to continue for quite some time. Today PD-Phelps Dodge bought out 2 large metals companies at a large Premium. They obviously expect the metals markets to go a lot higher.

I hope this last for quite some time. :p
More...

Sounds like you have a good system. I'm just wondering how you set your stops. If you look at a 15 minute chart for GG, the average true range is somewhere around 15 cents. If you look at a 5 minute chart, it's around 9 cents. Yesterday's biggest drop was 46 cents. Are stops the only way you exit or do you also look at a moving average or some other indicator?
 
Quote from bluedemon77:

Sounds like you have a good system. I'm just wondering how you set your stops. If you look at a 15 minute chart for GG, the average true range is somewhere around 15 cents. If you look at a 5 minute chart, it's around 9 cents. Yesterday's biggest drop was 46 cents. Are stops the only way you exit or do you also look at a moving average or some other indicator?
More...

I use the 2 min charts to enter a trade and 1 & 2 min charts to exit. I also have a system that I use that is based upon price levels.

I believe yesterdays biggest drop was around .60, it occured around 9:46 I believe (2 min chart). I exited around .41.

My stop is set a 1-2 cents from the bar that I entered my trade, I use mental stops only.

Yesterday was not a very good day for trading Gold as the norm, check the previous week.

I also use Moving averages but they lag too far behind for what I am doing. Generally speaking, once I am over a .12- 15 profit I cover if it falls to .10 or below. If I clear .30 then I cover around .18, the same with .40, .50, etc... Sometimes it causes me to miss the Homeruns but I am looking for singles and doubles. The Home runs happen once a day whereas singles and doubles happen about 8x day. Like I said before, I am looking for .15 - .20 per trade. That gives me $150 - $300 profit per trade depending upon wheter I am trading 1,000 or 2,000 shares. The norm is 1,000. I normally don't enter a trade with more than a 6 cent risk, this way if the market moves against me rather quickly I can enter with a 10 - 12 cent loss.

I ONLY trade 1 and 2 min charts. If I traded GLD or GG off a 5 or 15 min chart I would lose my a$$.
 
Look at GLD today 6/27/06, I entered off the 10:28 2 min bar, I always wait until the price is 2 cents higher than the previous bar, too many headfakes otherwise. I entered @ $58.69 on the 10:10 bar with a stop 1 cent below the previous bar, so my risk was initially 7 cents. I covered @ 10:20 for a 36 cent gain or a 5/1 risk reward. The stock continued to rally another 23 cents, oh well, I'm happy with 5/1.

Look at what also happened to GG which I missed. Same exact time frame as the previous trade, this time you only had a 4 cent risk. The stock went from 28.53 to 28.83 @ 10:38 for a 30 cent gain or approx 8/1 risk reward. I was watching GLD and missed this trade. BTW, GG is HALF the price of GLD so you have better Buying Power if needed.:cool:

GG is the BEST GOLD stock to trade, PERIOD.

I will NOT tell you how I know to ENTER my trades, figure out the rest yourself. I've given you a massive heads up. Check out a 2 min chart on GLD and GG and go back 30 trading days and look what happens every time these charts trade LESS than a 6 cent spread on a 2 min bar and start to Break out, BINGO.:cool:

Check out GG again @ 11:10. Stock had a 6 cent spread on that 2 min bar and headed South for a 30 cent gain for a 5/1 risk reward.

Are ya making any $$$ yet, LOL.
 
Other trades today 2 Min bar (candlestick).

NEM Short off 10:48 @ 50.94 with a Stop of 9 cents at 51.03, current gain $1.00+ or 11/1. :D

FCX Short off 10:54 @ 51.60 with a Stop at 51.68. Currently up almost $2.00+ or a ratio of 26/1 :D :cool: :p

ABX Long off 10:06 bar at 28.48 with a Stop at 28.42, a whopping 15 cent gain or 2/1. :(

ABX again, Short off 11:08 at 28.42 with a Stop above 28.42. Stopped out with a 38 cent gain or 6/1. :)


Over $4,000+ profit today. :D :D :D

I took a pass on GG Short @ 28.49 off the 11:44 bar, so far UP 86 cents. I didn't want to Risk 9 cents.

Start looking for these stocks to Reverse 12:42, should pick up another nice gain.
 
Long GLD off 12:44 bar @ 58.17, stop at 58.10

Exited @ 58.11 with a 6 cent loss. Short term correction had NO staying power, possibly a head fake. Looking to Short again, Cash market on COMEX keeps dropping.

Gold is down $7.40 for the day, so far.
 
You must log in or register to reply here.
Back
Top