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UGAZ and GLD
- Thread starter trader99
- Start date
50% drop just as I predicted....
Waiting for $6+ on DGAZ to sell!!!
what's your average cost?
Usually gold is bullish at Christmas period, I believe India & China are usually heavy buyers during this festive season period.
My suggestion, keep the faith & hold, gold is bottoming.
well, i'm glad i held on. Now GC is 1224. From the lows 1196. One scary ride. This has become a position trade of sorts.
i thought about going long NG last night but I was managing too many positions. Look at it run today..
I am looking for it to test 5.
$4.60
Probably will break $5 mid week but and warmer temps forcasted and NG plummets right back below$4.00
My BIG mistake was putting the limit order for UGAZ at $122. This limit price was NOT based on market price structure but rather on me getting out at a small profit because I was a bagholder since 2017 in UGAZ. LOL. It was based on fear instead of knowledge.
Looking at the charta I realized it was an emerging trend. I even actually bought NG as a daytrade when it broke out from the basically. Ironically I lost money(small potatoes <$100) because it was based on a pure daytrade. But based on a swing trade had I held on I would have been able to participate in the monster rally only a few days later!
Or better yet buy some OTM calls on NG and make 66x as the OP said here: https://www.elitetrader.com/et/thre...to-blow-up-his-fund-and-clients.327102/page-2
Even if it's not 66x I could have easily make 2-3x with only slightly OTM calls instead of deep OTM calls.
The lesson of riding powerful trends...
I still need to learn and master that lesson..
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