Position trading calls and ideas

[bbpp]

Yes, have stop for every trade.
Gold stop at 1520.
GBP stop at 1.25100, I mean when I opened GBP trade, the stop was set at1.25100. Now I have it moved to 1.23900.

 

[vincentnyc]

Yes, have stop for every trade.
Gold stop at 1520.
GBP stop at 1.25100.

So gold right now is 1496 as of 3:39 pm est. So what did you learn from this trade?

 

[bbpp]

Gold is not at 1496, it is at 1503. I shorted Dec contract.
I think my entry was good, and exit was good too.
I have projected gold should be down big today. If not, then there is something uneasy to me. The strength came from today's news.
The winning probability of gold trade has been reduced and gold is no longer a good trade candidate for me. I would rather short euro instead.But the GBP short is the best of the three candidates.
I mean if I want to pick the next trade I would rather add position on GBP short.

 

[bbpp]

1496 is for Oct contract. The liquidity is not good for Oct contract now.

 

[vincentnyc]

Gold is not at 1496, it is at 1503. I shorted Dec contract.
I think my entry was good, and exit was good too.
I have projected gold should be down big today. If not, then there is something uneasy to me. The strength came from today's news.
The winning probability of gold trade has been reduced and gold is no longer a good trade candidate for me. I would rather short euro instead.But the GBP short is the best of the three candidates.
I mean if I want to pick the next trade I would rather add position on GBP short.

don't know what you are looking at, but it is 1496 at 4 pm est for me.

 

[bbpp]

don't know what you are looking at, but it is 1496 at 4 pm est for me.

You trade CFD, I trade futures. That's why we got different prices.

 

[vincentnyc]

1496 is for Oct contract. The liquidity is not good for Oct contract now.

oh, you trade option/contract. i know very little about option. so i'm going to stay out of this conversation.

 

[bbpp]

No, I don't trade option. I trade futures.

See current gold futures price.
https://www.investing.com/commodities/gold

 

[vincentnyc]

No, I don't trade option. I trade futures.

See current gold futures price.
https://www.investing.com/commodities/gold

i know nothing about future. so i'm definitely staying out of this conversation.

 

[vincentnyc]

anyway, my point was if i were trade gold like a stock. i set my stop loss and if it hits my stop loss, that mean i'm wrong. and move on to my next trade. i don't let news or anything affect my trading plan.