Quote from: SteveH silk, Always take a reasonable stop-loss or you'll never make it in this business. No exceptions. ______________________________ I agree, either a trader is supremely confident, incredibly ignorant or he has deep pockets when he allows a loser to run, take your pick, an error in judgment is kept small otherwise it could turn into one huge blaze if not contained, why not conserve capital is my thinking instead of hoping that the market will turn.
thx sumfuka, I had 1084.50 as a target for a while. They ran the stops overnight and then it came back up and they held 1085... they tried them again but with no takers... so I added there. That action tells me we are more likely near the bottom. Not to mention that the USD rolled over the trendline today, so, was today's bounce due to DX weakness? I'm not sure, but I'm not crazy about 1066. If the action is good and supportive I'll buy there. We could be at a short term bottom... I'm long still in here and will add 1073, 1066 and a large order at 1036
I guess I will throw my two pennies in. As I posted on an earlier thread with a chart I made up gold looks like it was a weekly short term top indeed. On the daily chart it broke through the 50 ma faster than I thought it would and a few weeks ago I had a theoretic price target around 800-900 range. This is going by historical information when gold took its last nosedive using a 5 year LR model. As to the other poster inquiring about when he/she should get out etc. - you should already have that in place brother, no one can help you with that one. Without that, as some others have said, you will not last long and at that point you might as well hit the BJ tables up. Prob. would be more fun losing that way - if that is possible. I think around these levels right now it shouldn't easily fall much further that quickly. But IMO it will take a few more months to reach there (800-900+ target). I was originally thinking about 25-35% from the top. But who knows - my opinion really doesn't matter.
learn to trade "relative" O R C A M and of course learn to fade the crowd and control risk http://3.bp.blogspot.com/_Uhe_RBFXhT4/R444Mam9RsI/AAAAAAAAAHE/6ddVfyByMto/s400/cibeles.jpg
I think right now its going to play the game of "back and forth" with the 50 EMA Daily. IMO it will not come back one time from the 50 and swing down towards the 200 EMA Daily. Although I could be wrong and it swings back right up again.. Could def. go both ways, although I really think this is too much of a "public trade" my friend - and the public should and most likely will get hurt IMO.
If you are in gold now, then might as well sell. Gold is right now a downtrending equity and no one knows when the bottom might be. Could it be 1000? 900? 800? 700? Your guess is as good as mine. Havent the last ten years taught you not to play with downtrending equities?