Technically overbought today, but not by much. Healthy profit taking at the end of the day. Looking for some back filling here. Although judging by how neurotic the market is acting, not sure if we'll get much of a pullback.
Gold
- Thread starter ssternlight
- Start date
I do not think the terms "overbought" or "oversold" apply to the Midas shiny. It's a place where investors flee to or fly out from based on their need for a stable "safe haven"-type deal.
Looks you got a typo there. You meant 12 points.
Yep. I meant 12 points! Even in the afternoon, it went to 1521 then down to 1506 for a 15 points intraday swing for the last hour of trading. Just because. LOL. Gotta have a steel pair to trade GC.
Have you not taken my advice, and gone to MGC? Bad trader99! Bad juju!
I've actually made money trading GC last night. It was scary as hell but ended up being up. Also surprisingly made money in NQ as well today! I used to consistently lose money on NQ no matter what long or short. Now only if IB quotes don't die on me in the overnight session. Just rebooted.
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Well, if you will not take my advice on GC, please consider it. MGC is your friend compared to the biggie. We still have some crazy volatility in store for gold. Do you realize where GC is right now? It is at levels not seen for 6 years? That could be bad.
You know, BAD.
Thanks for your advice and admonitions. I've learned my lessons with GC. No holding overnights no matter how juicy it looks. That's why I stayed up so late last night because I want to get out. I know this time it would have been better if I didn't get out and went to bed and wake up 20 pts higher. But it could have been 20 points lower! I have had that experience one too many time with the Aug contract.
With intraday range of 10-20 points it's perfect for scalping. I'm trying to learn to hold longer and longer but still intraday. If one can capture part of that range with 5 lots then it's a nice sum of change.
For now, I'm trading smaller before I scale up. But the opportunities are boundless if you are quick and have tight risk control
My lesson for Gold is do not fade the moves unless there is a legit level to trade against and even then have conservative profit targets if playing to short side.
So far its been up up up with no support levels lost on HTF. Everytime we trade down to a leg start buyers swoop in.
We are now at levels were serious seller liquidity can be present but dont think it will reverse the trend. Will just be short term liquidity drops then higher and higher until ultimately ATH.
So far its been up up up with no support levels lost on HTF. Everytime we trade down to a leg start buyers swoop in.
We are now at levels were serious seller liquidity can be present but dont think it will reverse the trend. Will just be short term liquidity drops then higher and higher until ultimately ATH.
I HATE GC!!! I was doing so well in NG. Printing money every day. Today I got up late and saw gold. Got in and got whipped!! The moves in GC are so FAST and VIOLENT! not smooth and steady like NG.
That kind of moves seem to be machine driven. Panic sell! 30pts swing in a few minutes. Actually, from pre-market(i wasn't up) that's a 50pts swing. LOL.
I waited for the bounce and got out. Took a loss. Had I sold at the bottom then it would have been catastrophic.
That kind of moves seem to be machine driven. Panic sell! 30pts swing in a few minutes. Actually, from pre-market(i wasn't up) that's a 50pts swing. LOL.
I waited for the bounce and got out. Took a loss. Had I sold at the bottom then it would have been catastrophic.