I'm out of GLD here...even with my runners.
Doesn't make sense to short though...
Shorting a false USD breakout on Yen weakness becomes cool here at a certain level but who knows given
the yellow metal fan boys...
Putting on metal longs here is newb...SLV pullback is what the retail, not dumbass traders should be sniping...
If I had such exact levels I would be trying to sell you a "newsletter"...
It is a risky short trade. My first lot was opened at 1423 when gold came down from 1440 but after I took the short position, the price went back up to approx 1434 where I added to my short position. And then gold was down below 1400 briefly a couple of days ago.
My reason for the short trade was indicated in previous post - gold have a seasonal behavior like most commodities. Thus I believe we have a strong basis for the the short if you have your targets right. Gold is not doubt on a bull run and I see that it is on the way to breaking new highs again and again but it will not go straight up.
I still have not gotten out of all my longs - I have both shorts and longs now
It is a good and profitable trade nonetheless, I took profits off bulk of my shorts even earlier than you at the 1420s. I would be quite surprise though if we see gold getting close to 1350 again. But you never know.
I do believe Japan situation is positive for gold on a long run provided the situation does not escalate to bring down the world economy - they are printing more money to stabilize the economy and I do not see any monetary tightening soon in view of the situation.
However I do not like profiting from disasters, money is worthless if the world is on the brink of collapse. I have made very good money over these years from trading precious metals - especially silver and one thing which I found distasteful about the hyper gold and silver bugs are that they are always and persistently crying about a total collapse of the world order/economy in the name of having a fairer and sound monetary system and government when in actual fact their real desire is to profit from the collapse. They rejoice when they hear about wars and fightings because their gold and silver will be rising.
Ok, I think I got out of topic :P
Last edited by jonc; March 19th, 2011 at 01:44 AM.
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I agree with you about the distastefulness of silver & gold bugs requiring pain to be caused to a lot of the world's population in order to profit from their bull positions. Trading is about extracting money from the market (i.e. other people's pockets) and that is fine with me because other participants have chosen to play the market game. However I feel bad when economic weakness/disorder causes pain to the general population and I think this is perhaps why politicians fight against the complete debt deflation which the Austrian school of economics calls for. It will just cause too much pain to too many people and politicians (aided by central bankers) will try to avoid a debt deflation in any way they can. That is why they choose ZIRP, QE1, QE2, etc. rather than an economic depression together with 25% unemployment.
How had your GC tradings been doing this week? I was away for almost 2 weeks except weekend and could not do any intra-day trading. I need to get in tune with the market before I starts intra day trade again.
My shorts that were left running are red but they are hedged by the longs. Looking at the charts, it seem good to add to the short at these levels for a quick profit but this will be totally against fundamentals. Very risky again.
I too have not traded GC at all during the last two weeks. This is due to the clocks moving forward in the States two weeks before they move forward here in England. This always messes with my daily routine and it just does not feel right when the GC pit session opens an hour earlier than I am used to. So I will get back in the saddle on Monday when times are back in sync. I don't have this problem when the clocks go back at the end of October because Europe and the States all move at the same time. I guess our American friends just can't wait for summer to arrive so they jump the gun with Summer Time!
I have no really strong view on GC at the moment but I note that it is struggling to get thru the highs of late Dec/early March although the Dollar remains weak and DX is hovering just above its Nov 2010 low. I wouldn't be surprised if GC breaks higher at the same time as DX breaks lower (I am referring to the daily & weekly timeframes here).
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looks like my levels are very good and but somehow i couldn't gather courage to short and hold this time.
Sell 1438, Buy 1410/1415
I feel that something is badly wrong in gold market and there might be a huge correction to the downside. Dunno why, just have a bad feeling since every investor, hedger, trader and the person walking on mud streets is heavily relying on the strength of gold and buying it as a good investment.
I watched a video at talking numbers from 6 days ago Talking Numbers ? Yahoo! Finance
Gold may find its legs for another push higher IF it can hold its trendline
(currently about 1406) and bounce upward.
Buy off of trendline bounce with minus $6 stop or
Buy after close above 1430 with a $12 stop.
Gold makes humans not rational..i stick by being flat here after catching the move if you look back...At some point you have to leverage out...
Only a complete bullshitter pretends they have a crystal ball here...
As flat as possible besides for Buffet moves.
Most brutal and picky regime we have had since the bottom the crisis.....
Only move is slightly dollar cost avg the S and P....Even telecom has moved nice..fuck that.
If you disagree, I will get back to you on a flag...