GLD added a whopping 18 tons yesterday as the gold price got sold down. As more weakness continues today, if there is yet another big purchase by the fund, then it will become obvious that a major player is very interested in gold at the 790-800 range...
GLD looks like an uptrend! Entry at 75 - 76 area might be profitable, but dollar index chart doesn't look quite right... yet. Where is the high probability exit, long GLD 75-76? I imagine stop will be couple ticks below the low candlestick tail.
I would say that Gold WAS in an uptrend. But I see a downtrend currently on the daily chart. I was long YG from $776 to $800 and got out of the position too early. But when it failed to make a higher high I started shorting on the way down. Friday had support from the 50day and may give gold a bounce, but if that fails to hold this week I think gold could trade down to the $750-$755 area. Even if the 50 day holds it doesn't confirm an uptrend yet, more like a sideways range until the last high gets taken out. Just my humble opinion.
No doubt, I fucked up on this one. I rarely mention my exit points, and ever since this thread, I NEVER mention them, since it's a no-win situation for me. In the above mentioned thread, I bought oil on a Tuesday, clearly stating that I intend to exit on the open the next day- at least partially. Oil gapped up and stayed up all day on Wednesday, and I unloaded my full position on the open for a profit. Not being in the habit of calling out exit points, I didn't bother mentioning this in the thread. On Thursday oil traded down sharply. I didn't care, since I was already out. However, ET's envious loser brigade surfaced en masse that day to stupidly assume I was caught long oil, stroking each other's cocks with glee at the prospect of RM finally making a bad call and taking a big loss. (I had a string of about 6-8 correct ET market calls in a row before this *also correct* oil trade.) Ever since then, I've become far less likely to share my market calls here, and there's <b>no way</b> I'm going to mention exit points.
Your follow-up post is appreciated and, maybe ironically, creates more credibility than a correct call would have.
Lol, bashing isnt my game, just wondered how you managed it-i know you dump losers like a bag of skunks, but it would have to be tempting to cover it and stay long. Just wondering