What if it falls to 200? When would I exit in profit? SSDD. I gave you my thought on where I would short. If it blows through 1450 after I short it, well, I guess that would depend on what happens in the world.
i don't like this behavior in GC! I should have never swing traded this! Today I'm up nicely on my intraday trades. But I'm down on my swing trade. Hmm.. wtf is going on with gold? USD rallied again?! geez.
Oh gosh! I really hate swing trading GC. The daily , weekly, and monthly looks so nice. The pullback is so nasty. From now on, just intraday. Tight stops. That's what works and what generated consistent returns for me.
I was watching the overnight session. GC was going down 12 points! Then went back up another 14 points in the morning. There's so much volatility and range during the intraday or intra-session that there's really no need for holding long-term swing trades. Even with IB ridiculous overnight margins requirements for GC and all other futures contracts, that's still plenty of dough with just a few GC lots! Incredible. But now I'm stuck. Hate being stuck with swing trades.
This experience made me realized that things can change so fast in markets. One day gold is breaking new highs and was going into uncharted territories. The next day it's a nasty pullback. I'll stick with my intraday signals. Lowered risk. Or at least well defined risk
I had put a limit order to get out last night. This morning it zoomed up and was just 90 cents shy of my target! On my! Then it reversed. Still holding bag of sh*t. 90 cents. I looked at the chart and it looked like a good place to get out but maybe I should have lowered my estimate target..
I got out at a loss. Of course if I had waited a few more days it would have hit my original profit target! I hate GC! But I'm glad I got out. I can't take the rollercoaster ride up and down. It would go as lows at 1411s then back up to 1420s. But each rally up was smaller and smaller. So I got out. Of course it finally rallied today. I felt with the Fed rate cut enthusiasm it would have it it. But I just can sit through that. I can't swing trade through the noise. If it was trending then I don't mind sitting through it as it goes up everyday. But this crazy up and down of 10-20 points intraday is just plain too much. Lesson learned.
Gold does not trend, it burps (and belches, and shits Tiffany cufflinks.) Watch for a short signal at 2:30 PM ET tomorrow.