At the end of the day Thursday, Gold, Silver, and most of the miners were overbought to moderately overbought. Some of the miners were stupid overbought. Is it possible that the entire metals and mining complex gets stupid overbought? Sure it is, but its not probable. In this market of extremes almost anything is possible. I'm really curious to see if there will be a sell the news event at or post the next fed meeting that will take gold back to the $1350ish level.
Gold
- Thread starter ssternlight
- Start date
Disagree. Work with the MGC. It has been there for a long long time. Folks who are loving the equity micros right now don't realize that there has been a non-equity micro available to them, with great liquidity and fills, all this time. Use it to your advantage!
And I ain't talking the micro currencies, those are crap. In relation.
are you long MGC? I feel if war breaks out with Iran it might go up a lot. All seems to indicate up. But yesterday's violent pullback shook me. I thought it would be a little pullback then bounce up hard at the close. Let's see.
It looks like a lot of political chaos is about to hit. SHTF scenario coming...
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No, I am not in anything gold at the moment. Was just trying to provide an alternative to being in the thing on the mini, when it is becoming so volatile. But the relation between GC and MGC is exactly the relation between ES and MES. Edumacation and shit.
I knew about MGC. I traded MGC back in 2011 when I had a super small account. My small trading account went up like 3x in the infamous gold bull run. I pyramid(used my excess gain to buy more MGC on the way up) in on the way up. I didn't get out of it then I gave back all of it in the bear market. haha. That's when I realized the power of a big run.
Nowadays, I tried to have tigheter risk control. But these violent moves in gold is never easy.
I now feel like with GC you gotta trade each day and close it out. Holding is scary.
To be honest, holding an equity now is more scary, due to their overnight requirement on margin. I dunno, will have to review it some more.
Watching overnight and painfully holding. It is sh*t like this that makes me want to not hold GC for more than an intraday trade from now on. Just when you think it will have a clean breakout it reverses. But the longer term trends are all still very positive. Daily. Weekly. Monthly.
I'm forced to hold.
What are holding now? MNQ shorts or longs?
I'm flat at the moment. Flat is a position.
If you want you can hop on GC for the ride back up. It's moving back up now. hehe.
I don't like the levels at the moment. It seems too damned high for a further ride north.
We need more people to support the market! lol