Positions for Today....
Well I showed you the area that I was thinking of buying gold. I did. I also took some positions int he futures markets with Oil and with S&P. Both Gold and the S&P at at major points of no return. Either they are going to continue with their respective squeezes or they are going to reverse. It is always something that I cannot fathom, why traders chase price all over. It makes no sense. Find the major areas of contention and I assure you that you will find a trade. Try and match the AI algos and I assure you that you will decimate your account. They simply know more than you. It is that simple. Gone are the days when you were outsmarting traders. Now your competition is machines. Pure and simple. It is machines fighting it out with machines.
That does not mean that you can't make money.
You can. However try and do it traditionally and you are going to get killed.
My initial positions and targets were hit today. You can see by the posts below how it took place. Not rocket science. Just good ol' fashion research. Price could fall very heavily from here. Just something to think about.
I am long gold too. I will hold it for as long as I can. Make no mistake it is in a down trend. A big one. However that can change very quickly as the stops have now been run and COT positions state that something is going to happen to the precious metal. That could be up or down as there are big positions both ways.
Could it be central banks?
Yes it could. In which case it is not likely to go much of any place. However this may be where they want to turn the dollar and other markets will follow. Time will tell. Measured in months likely.
I love it when a plan comes together. Doesn't always happen but when it does it can make for a nice day. You can see by the second chart that my primary targets were hit today. I liquidated at that point although I could have let some run. I did not have huge positions and so the small drawdown was worth the risk. Obviously never average down unless you build it in to your risk. If you have a small account just don't do it. Period!
The reason being is it is only a matter of time before you start risking it all. So just don't practice it.
So that is the update today. Hope you use the information to your benefit. Cheers!
That does not mean that you can't make money.
You can. However try and do it traditionally and you are going to get killed.
My initial positions and targets were hit today. You can see by the posts below how it took place. Not rocket science. Just good ol' fashion research. Price could fall very heavily from here. Just something to think about.
I am long gold too. I will hold it for as long as I can. Make no mistake it is in a down trend. A big one. However that can change very quickly as the stops have now been run and COT positions state that something is going to happen to the precious metal. That could be up or down as there are big positions both ways.
Could it be central banks?
Yes it could. In which case it is not likely to go much of any place. However this may be where they want to turn the dollar and other markets will follow. Time will tell. Measured in months likely.
I love it when a plan comes together. Doesn't always happen but when it does it can make for a nice day. You can see by the second chart that my primary targets were hit today. I liquidated at that point although I could have let some run. I did not have huge positions and so the small drawdown was worth the risk. Obviously never average down unless you build it in to your risk. If you have a small account just don't do it. Period!
The reason being is it is only a matter of time before you start risking it all. So just don't practice it.
So that is the update today. Hope you use the information to your benefit. Cheers!
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