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No trades as of now...I put an order to cover short at 1941 in the morning, it reached 1945 and reversed....My mind is struggling like crazy, deep down I want to hold it for NEW LOWS i.e below 1800 (am I crazy?) but this option expiration combined with these big moves I am struggling...oh shoot just got breakeven
Can you help answer these questions from other members on NexusFi?
One correlation I am noticing is GOLD is getting bid with this drop, may be that safe heaven asset thinking is back and the drop/correction will be deeper than expected...
My initial thought was even after the big crash gold couldn't move higher hence I posponed my idea of swinging gold till it reaches 950 are but after yesterday's FOMC meeting it seems gold is getting a bid...
Fundamental reasons to enter
1. Gold might be moving up because of safe heaven mentality will be back
2. Gold consumption might be going up due to demand in India because of upcoming festival season
Technical charts to follow...any comments/critique are appreciated
1. Missed entry at daily VWAP cross of weekly VWAP (I have to do some research on this, I just noticed and trying to fit this VWAP cross into my process)
2. Missed entry at weekly VWAP cross of Monthly VWAP
3. Idea is to wait for pullback to 1120 area (highly doubt if we reach there or not) else at 1130 area last weeks LVN area...
Exit
Stop would be daily VWAP < weekly VWAP or 1110 area
That being said since I have small account, I have to look at YG (mini Gold) either December or Next years because it is a long term swing and I hate to do contract roll-overs.
Execution is key...any help will be appreciated...
Still have the same positions, hindsight I am so pissed of for not taking 1940 profits, reason would be I am waiting for atleast 1925 as you can see my canceled order at 1925, instead I shorted pre-market at 1962.50 and covered at 1957...I have to re-think of bearishness because market doesn't want to go down or it want me to get out before going down...
I have an open order for Gold at 1122.
MAIN STRUGGLE IS CHANGING SWING BIAS BASED ON INTRADAY MOVEMENTS....I exactly know why this struggle i.e due to futures so I might want to re-think the strategy here...
Now, I am confused even more...these wild swings and daily chart, weekly chart telling us bearishness but intraday swings telling us bullishness...I know it's just another day but maybe another range bound is developing here..let's see
Still have same positions...
Edit: I am kind of tired of waiting for my long term price of 1800's
Closed my short position at 1934...didn't wait for 1925 and did mistake of going long at 1933 with 2 contracts and stopped out at 1930 then panicked and shorted at 1928.25 (Lowes tick) then saw reversal and panicked again and bought front month contract...the more trades I do more mistakes I am doing...damn
Idea is to wait for reversal and sell the long and add on to short...let's see how it goes...
Edit: So original short was from 1966 so 1966-1934 = 32 handles
