anybody else stuck in gold from $1115?

Discussion in 'Metal Futures' started by silk, Dec 23, 2009.

  1. silk


    Must be alot of other idiots like me that bought gold on the pull back around $1115-$1120 who never had bought it much before. Are we permanent bagholders? or we going to get a pop in next few weeks to get us out?

    My best guess is that there will be a decent rally from $1080 and people won't get a chance to buy the breakout range 1050-1060. But who knows.
  2. I nibbled a bit at that juncture. But I'm looking for a much deeper pull.
  3. Bootsie


    Long 1084.45
  4. sumfuka


    still waiting for 1040-50
  5. I also got in late, but I am still confident it will head much higher.
    The "correction" is how the big firms fleece the sheeple. When they see that the put/call ratios, etc. are out of whack, they tank the price. When ratios get back in territory that "approve of", they will send the price back up.
  6. Refer to Seykota's Whipsaw Song for guidance:

    What do we do when we catch a trend, honey …
    We ride that trend right to the end.

    What do we do when we show a loss, honey …
    We give that dag-gone loss a toss.

    How do we know when our risk is right, honey …
    We make a lot of money and we sleep at night.

    What do we do when the price breaks through, honey …
    Our stops are in so there’s nothing to do.

    What do we do when a draw down comes, honey
    What do we do when it gets real big, babe
    What do we do when it’s even bigger …
    We stick to the plan and pull the trigger.

    What do we do with a hot news flash, honey …
    We stash that flash right in the trash.
  7. I was tempted to get back in at that level due to the pullback on the daily chart. However, volume did not really increase as price started to rise and the commercial traders did not increase their buying according to the COT report. In retrospect, gold made a complex a-b-c retrace on the daily chart, which suckers a lot of people to go long and often is a higher probability pullback once completed.

    Gold is now oversold on the weekly chart as well as the daily chart and is nearing strong support levels as mentioned above. I am watching volume closely and the COT report for entry signals in gold, but even more important, in silver. I personally believe that, if the shtf, silver has has an even greater upside potential than gold.
  8. SteveH



    Always take a reasonable stop-loss or you'll never make it in this business.

    No exceptions.
  9. Bootsie


    Took some profits off 1095...
  10. sumfuka


    Nice one, bootsie.

    How deep do you think this correction would be? Back to the 1000's or a full 25% correction to the 900's?
    #10     Dec 23, 2009