Still sitting on my 2 lot of mgc. Not going to change anything today.
New Gold and Silver Journal
- Thread starter actionzip54
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Again not changing anything today still sitting on my 2 lot. I am nervously bullish still.
I think it's close to time be tepidly bullish on commodities as an asset class. We could have another leg lower but I don't think there is to much more downside overall. It will be interesting to see what happens with fed policy etc. if the SPX, NDX, and RUT continue their sell offs. This is a big if, and I would expect some kind of bullish relief move soon. It looked like we were going to get it today but the indices have stubbornly sold off again.
I think it's possible that QE and zero interest rate policies could last a very long time. Traditionally, bear markets have been bullish for the USD but it's possible that a bear or serious correction in the equity indices could lead to more loose money. If that's the case and the fed has to back off of it's "tapering" then there is explosive upside in the commodity sector. Frankly, the fed's position that simply monkeying with interest rates as a way to spur an economic recovery is close to moronic.
I think it's close to time be tepidly bullish on commodities as an asset class. We could have another leg lower but I don't think there is to much more downside overall. It will be interesting to see what happens with fed policy etc. if the SPX, NDX, and RUT continue their sell offs. This is a big if, and I would expect some kind of bullish relief move soon. It looked like we were going to get it today but the indices have stubbornly sold off again.
I think it's possible that QE and zero interest rate policies could last a very long time. Traditionally, bear markets have been bullish for the USD but it's possible that a bear or serious correction in the equity indices could lead to more loose money. If that's the case and the fed has to back off of it's "tapering" then there is explosive upside in the commodity sector. Frankly, the fed's position that simply monkeying with interest rates as a way to spur an economic recovery is close to moronic.
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Still holding my 2 lot here but thinking about taking a profit on half of it and adding more on a pull back. We also hit the 1247 level for another +$25 from my original entry which gives me the ability to add another contract to my position if I want.
Will wait to the end of day on my decision to take a profit or not because I think the SPX could continue to sell into the close which I think would give gold a boost. I am also thinking about buying 1 or 2 lots of GDX options but I'm still pretty tight on money with only 3100 ish in the account. I will probably stick to mgc but I am open to the idea of GDX options.
Will wait to the end of day on my decision to take a profit or not because I think the SPX could continue to sell into the close which I think would give gold a boost. I am also thinking about buying 1 or 2 lots of GDX options but I'm still pretty tight on money with only 3100 ish in the account. I will probably stick to mgc but I am open to the idea of GDX options.
Did nothing, staying long the 2 lot still.
Bot 2 Gdx Nov. 7 21.5 calls for 1.01.
If we don't break above 22 and stay above 22 I will most likely exit these on the close.
If we don't break above 22 and stay above 22 I will most likely exit these on the close.
I don't trade elliot wave so I'm not even sure what you are talking about. As far as price projection and targets are concerned, I wouldn't be surprised if we get some kind of consolidation in the metal. But, if this is a multi-year bottom I think its possible we trade considerably higher faster than most would think possible. At the lows in 1976, gold traded from 100 to 120 in about a month and within 6 months it was trading around 140. The equivalent of those moves would be $1500 ish and 1800 ish.
The key is patience and sound money management. I'm not sure that kind of move will happen but I think it's possible. As long as I lose small early I can miss time a few entries and still make quite a bit.
Also, in case anyone was wondering what I look for in an entry like my gdx trade. It's an explosion of price and volume, then a high consolidation with slowing volume and narrowing price ranges, once I see price ranges and volume contract enough I will put on a trade.
Entry on GDX not great and may let it roll into tomorrow. Really feel like there is strength there and my incredibly small size gives me breathing room.
Barf, should have sold the GDX. Going to wait and attempt a graceful exit. Lapse in discipline, should have stuck with the original plan which was to play the breakout but let my greed get in the way.
Oh well, now is not the time to panic. Lets see if I can get out at the best price.
Edit: Better yet I may go full retard and hold it a couple more days. Will post if I do anything.
Oh well, now is not the time to panic. Lets see if I can get out at the best price.
Edit: Better yet I may go full retard and hold it a couple more days. Will post if I do anything.
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