Gold

Overnight said:
GC has been in beast mode. Dabble with it in MGC if you wish to keep dipping your toes in King Midas's piss pond, otherwise treat it like room 237. There are so many other instruments out there to try.

ZB has been on a hell of a tear to the north ever since Powell signaled a rate cut was most likely at end of June. Of COURSE I made a load on it in SIM on a long. Could not attempt it in real because I do not have live experience with it.

And I am long on LE this afternoon (SIM) due to the EU deal that was impending. On a pure fundamental analysis, this should prop up LE on Monday. Maybe even lock limit it up 3 points, which would be very nice indeed for bulls.
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I'm so pissed with GC. I've been in and out of that thing and been through hell! And look at it now. Finally broke out and I'm no longer in it since I can't sit through days with 20-30 points swing! I even took a loss on the Aug contract. WTF?!

To trade gold you gotta get in at the panic and just hold. Don't look at it for a few weeks then you'll make a lot. If you look at it everyday it's freakin rollercoaster ride. Luckily, I have gold exposure indirectly via mining stocks. It's being doing well. I guess futures are hard to trade period. Especially gold futures.
 
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Overnight said:
Nothing brief about it. It is still there and climbing higher. Thanks Trump!
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It's just dropped 6 points in less than 5mins. That's $600. I was tempted to buy at 1498.20 then it zoomed as high as 1502.20 in a few minutes. now It's back down to 1496. The futures is crazy volatile. I think I just play gold via gold related stocks.
 
trader99 said:
It's just dropped 6 points in less than 5mins. That's $600. I was tempted to buy at 1498.20 then it zoomed as high as 1502.20 in a few minutes. now It's back down to 1496. The futures is crazy volatile. I think I just play gold via gold related stocks.
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I know the pain. China did some more Yuan manipulation tonight, and I'm down over 50 points in the MNQ, was trying an average down thing. It is the only instrument I could try it on, and it is proving to me that it just doesn't work, ever, period. Gotta' love futures.
 
Overnight said:
I know the pain. China did some more Yuan manipulation tonight, and I'm down over 50 points in the MNQ, was trying an average down thing. It is the only instrument I could try it on, and it is proving to me that it just doesn't work, ever, period. Gotta' love futures.
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So far, the only futures that I'm net positive in 2019 is NG. It can be super volatile too. It's the summers so it's slower and easier to trade.

Also, it moves in ways that I can capture. NQ is ridiculous. So is GC.
 
Overnight said:
Well, stay out of equities, they are fuXXor3D.
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I've made money trading equities. I bought GOOG at the lows yesterday. Then I put in a limit order to sell today and it was filled pre-market. At 1am PST? This means pre-market trading starts at 4am EST??? I didn't know that.
 
Honestly I am getting killed in GC these past two months. I caught some good moves but also was a bag holder a few times. Its very risky right now.
 
_eug_ said:
Honestly I am getting killed in GC these past two months. I caught some good moves but also was a bag holder a few times. Its very risky right now.
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I've found gold very erratic, make money but a constant battle of the wits.
I think maybe because it's mostly a speculative commodity.
I'm just holding 2 positions now and which some weeks ago had been sold off heavily, hence I bought in, so these are tracking up steadily.
I exited all my other gold positions yesterday, had been holding them several weeks.
 
themickey said:
I've found gold very erratic, make money but a constant battle of the wits.
I think maybe because it's mostly a speculative commodity.
I'm just holding 2 positions now and which some weeks ago had been sold off heavily, hence I bought in, so these are tracking up steadily.
I exited all my other gold positions yesterday, had been holding them several weeks.
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Erratic it surely is!!! Last night I stayed til 1am trading GC! In hindsight, I should have just went to sleep and wake up this morning to HUGE profits. So I got in at 1498 average price. Then it pulled back to 1493s on 4 lot that's a big swing. haha. But I held on thinking it looks like such a good chart pattern. When it pulled back I was saying to myself NOT AGAIN! Everytime I bought when it looks like a nice breakout pattern it would pull back 15-20 points! wtf!

Then it came back up to 1502s. I was thinking this is it. It will break to 1510s and might even get as high as 1520s! Yay! I'm willing to sacrifice my sleep and stayed up late.

Of course, then it pull back to 1497s. By then it was close to midnight. When it got to 1502 again I got out 2 lots. Then it pull back to 1500 then I got out the rest. I was proud of making $1K in overnight trading. But I was tired by then and went to sleep. Also sick of the volatility.

Of course, this morning it went to 1520! Looking at the charts, I was thinking was there a way I could have sit through that. Not really. During the night it went as high as 1510 then pull back to 1503 then zoomed to 1520.

I mean how do you even set a trailing stop? A 10 point trailing stop?! that's a joke! With something as volatile as GC, you just have to have the cajones to hold. That's it.

This morning it went as high as 1522.70 and now it's 1510. A 2 points swing in a matter of minutes. On one lot that's $1200. 4 lots that's $4800. Nah. I didn't buy the morning highs like I mistakenly did in the past. Just waiting for the next nice entry.

The one solace I have is I've been holding this gold stock for weeks. Still holding it. That's my indirect gold exposure.
 
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