Hey here is your list of Gold stocks and the non-numeric correlation to GLD.....It starts on page 2 $COSTAverageMAN
Here's a list of Gold stocks. http://www.gold-stocks.com/ Updated as of yesterday. I have been daytrading Gold only for about 2 months now and making a small fortune. I personally trade with the highest Volume/Liquidity possible. GLD averages 7.1 Million a day. Very faaaaaaaaast fills. GG 6.8 M (I make the most money of this low priced $28.17 every day. This stock has Intraday swings of .50 - 1.00+ every friggin day.) ABX 5.3 M PD 6.6 M NEM 8.1 M Use the GOX(symbol) CBOE to track index, works well for me.
BTW, GLD tracks the cash market currently August /GC6Q COMEX almost tick for tick. The GLD (Streettracks) is very good for tracking the price trend for Gold. GLD as usual has been sweeeeeeeeeeeeeeeet today. Check out a 2 min bar (which I trade off), I use the 1 min to Exit. Today I have had 6 trades which have netted me .46, .6, .20, B/E, B/E, and .31. Total profit so far of $1,000. I'm looking to enter again off this 2 min 12:30 bar at approx $58.02 with a stop @ $57.91. Good Luck Mac P.S. PD would have netted me over $3.20 today had I traded it using a .20 stop. Ticks me off.
My average stop is 4 - 6 cents. :eek: A .12 stop is considered HUGE to me. I normally get 3-5x risk to reward ratio. I usually will have 6-12 trades a day on GLD or GG, netting over $150+ per trade. I usually trade 1,000 share lots with GLD (GG will trade up to 2k), so when I take a larger risk spread I decrease my size. On a .20 stop I will reduce size to 600 shares. My first trade today ( I only traded GLD) was @ 9:46 and my risk was .6. I made 7x or over .40 cents. My worst trades today I was UP .08 and got out with a .2 gain to cover cost. My average trade is 4-6 cent risk and a gain of 15 - 20. Once I am up approx 8 cents I will not let it become a LOSER, I'm gone. Once I am up 10-12 cents I will cover when it drops to 5 cents. I'm pulling anywhere from $600 - $2,000 plus per day out of this market. I expect it to continue for quite some time. Today PD-Phelps Dodge bought out 2 large metals companies at a large Premium. They obviously expect the metals markets to go a lot higher. I hope this last for quite some time.
Sounds like you have a good system. I'm just wondering how you set your stops. If you look at a 15 minute chart for GG, the average true range is somewhere around 15 cents. If you look at a 5 minute chart, it's around 9 cents. Yesterday's biggest drop was 46 cents. Are stops the only way you exit or do you also look at a moving average or some other indicator?
I use the 2 min charts to enter a trade and 1 & 2 min charts to exit. I also have a system that I use that is based upon price levels. I believe yesterdays biggest drop was around .60, it occured around 9:46 I believe (2 min chart). I exited around .41. My stop is set a 1-2 cents from the bar that I entered my trade, I use mental stops only. Yesterday was not a very good day for trading Gold as the norm, check the previous week. I also use Moving averages but they lag too far behind for what I am doing. Generally speaking, once I am over a .12- 15 profit I cover if it falls to .10 or below. If I clear .30 then I cover around .18, the same with .40, .50, etc... Sometimes it causes me to miss the Homeruns but I am looking for singles and doubles. The Home runs happen once a day whereas singles and doubles happen about 8x day. Like I said before, I am looking for .15 - .20 per trade. That gives me $150 - $300 profit per trade depending upon wheter I am trading 1,000 or 2,000 shares. The norm is 1,000. I normally don't enter a trade with more than a 6 cent risk, this way if the market moves against me rather quickly I can enter with a 10 - 12 cent loss. I ONLY trade 1 and 2 min charts. If I traded GLD or GG off a 5 or 15 min chart I would lose my a$$.
Look at GLD today 6/27/06, I entered off the 10:28 2 min bar, I always wait until the price is 2 cents higher than the previous bar, too many headfakes otherwise. I entered @ $58.69 on the 10:10 bar with a stop 1 cent below the previous bar, so my risk was initially 7 cents. I covered @ 10:20 for a 36 cent gain or a 5/1 risk reward. The stock continued to rally another 23 cents, oh well, I'm happy with 5/1. Look at what also happened to GG which I missed. Same exact time frame as the previous trade, this time you only had a 4 cent risk. The stock went from 28.53 to 28.83 @ 10:38 for a 30 cent gain or approx 8/1 risk reward. I was watching GLD and missed this trade. BTW, GG is HALF the price of GLD so you have better Buying Power if needed. GG is the BEST GOLD stock to trade, PERIOD. I will NOT tell you how I know to ENTER my trades, figure out the rest yourself. I've given you a massive heads up. Check out a 2 min chart on GLD and GG and go back 30 trading days and look what happens every time these charts trade LESS than a 6 cent spread on a 2 min bar and start to Break out, BINGO. Check out GG again @ 11:10. Stock had a 6 cent spread on that 2 min bar and headed South for a 30 cent gain for a 5/1 risk reward. Are ya making any $$$ yet, LOL.
Other trades today 2 Min bar (candlestick). NEM Short off 10:48 @ 50.94 with a Stop of 9 cents at 51.03, current gain $1.00+ or 11/1. FCX Short off 10:54 @ 51.60 with a Stop at 51.68. Currently up almost $2.00+ or a ratio of 26/1 ABX Long off 10:06 bar at 28.48 with a Stop at 28.42, a whopping 15 cent gain or 2/1. ABX again, Short off 11:08 at 28.42 with a Stop above 28.42. Stopped out with a 38 cent gain or 6/1. Over $4,000+ profit today. I took a pass on GG Short @ 28.49 off the 11:44 bar, so far UP 86 cents. I didn't want to Risk 9 cents. Start looking for these stocks to Reverse 12:42, should pick up another nice gain.
Long GLD off 12:44 bar @ 58.17, stop at 58.10 Exited @ 58.11 with a 6 cent loss. Short term correction had NO staying power, possibly a head fake. Looking to Short again, Cash market on COMEX keeps dropping. Gold is down $7.40 for the day, so far.