Short term momentum trader.
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Bear trap it was. Gold ETFs could possibly fall to fresh lows in coming days now.
In @14 and out @14.50...quick scalp for $500 in literally 2 minutes.
Wow...I just threw this out there thinking it can't go this low today
but it did... LOL
Folks, definitely something is up.
Don't get greedy and take some profits off the table when you can.
This is not moving in one direction only.
There will many ups and downs like this.
Only a quarter away from JDST hitting $14...
Looks like I may get filled...
I like JNUG to hit 6.20 and JDST to hit 14 by close.
Dollar moving higher, gold moving sideways to lower...but Gold ETFs are also going up higher???
You know there is a lot of manipulation going on here. LOL.
Few more days like this will definitely flush out earlier shorts,
but likely it will bring it new fresh shorts.
In any case, what a volatile market this is without any significant events... LOL
Got buy order of JDST @14 for today, and if I don't get a hit,
I'll reassess the entry tomorrow.
Junior gold ETFs are spiking though gold is going sideways.
Unless gold pops to support the correlation,
I don't see this rally having legs to hold for many days.
Yup, very very speculative buying on upcoming events.
Also, FOMC minutes should jolt the market up/down tomorrow.
I want to see the gold ETFs to pop even higher from here,
perhaps JNUG to 6.20 and JDST to 14 level, at which point,
I would like to try the reversal play.
Uncorrelated gold ETF moves. Smelling bear trap.
For gold ETFs to sustain the run, key underlying conditions need to
clearly support it, but the huge spike in the last 2 days were done
without clear gold/USD and without any major geopolitical crisis.
Gold market is highly manipulated (perhaps only second to the foreign
currency market), and I speculated all along that there will be a solid
convincing bear trap move that will knockout the shorts and pile in new
longs...before reversing it to eventual fresh lows.
Perhaps then we may see a capitulation like move, which I expect it to
occur in first 1/2 of 2015.
Besides, these ETFs are designed to erode in value and are designed for
short term trades and NOT long term holding as it systematically
erodes the value each day.
This is quite illogical to me.
I don't have confidence that gold ETFs can sustain this gain
without dollar tanking or spot gold price rising.
If dollar and gold doesn't change, then I expect gold ETFs to pullback by close.
Strange day. Dollar is up and gold is flat, but gold ETFs are rising.
Can't figure out why...but if dollar stays high and gold is not rising,
gold ETFs have to come back down.
Just my 2 cents. LOL
TSLA 250 Put, In @1.80, out @3.20.
If it bounces back up, I'll play put option again.
Japan goes into recession with shocking GDP drop.
US market should tank by close and TSLA could retest $250 break today or this week.
Agree with most of the contents.
In @3.20, Out @3.50. Back in @4.00, Out @4.30.
Rarely do I buy a position at a 15% higher price only couple of hours later. Left .50 cent move on the table...for being quick to take the profit. But I'm still happy with .60 (per share) gain on JNUG today. LOL
Sold JDST @29, rode up and sold JNUG, and then switched to JDST @21.20.
We will see if this was a bear trap come Monday.
TSLA failed to stay above $260 at least a dozen times on a daily chart,
so this is the key level.
I suspect shorts will move in around $260 level..
I'm sure we have lots of bull and bear traps to come.
I will believe the direction gold is headed, when it can sustain and repeat big moves over consecutive days...like when gold was falling earlier.
Now we have this flippy up and down, and I'm going to read them as
bull and bear traps, and continue to play the reversals until the trend
changes to one direction over multiple days.
While getting over 1180 mark was really huge for gold, 1200 is the real
benchmark. If gold can get over it and stay there for at least 1 week,
then I can feel more confident that we may have seen the bottom.
If it doesn't break above 1200, then I still remain biased towards bearish side.
But even then, if gold capitulates to the down side, you know it's going to
have a massive spike and it won't linger at the bottom.
All in all, gold is giving me lots of good trades right now.
Managed little over 2Gs on JNUG trades today.
Dumped the remaining JDST @29 (from last week's entry in IRA account) for few more Gs.
Got back into JDST @21.20, which I'll hold for next week's reversal (LOL) play.
GLTA and have a great weekend.
Warren Buffett says "buy into the fear and sell into the greed" ...
I tend to scale out especially if I'm in profit.
Even if NUGT is going to $20, it's not a straight line, and it'll
have many up/down bounces.
Some of that could be ETF funds doing rebalancing...sometimes I even see 0 share trade going through.
Get your stop losses in. Gold funds can retract some gains towards closing.
That said, if gold closes above 1180, and maintain that level as support,
I think many will start to switch to the long side.
Today is a huge day for gold.
LOL. Yup, I'm definitely not a timid but rather methodical trader.
Most traders only think of "ideal" scenario and dream about perfect
entry and wishful exit point...and 90% of these traders fail because
at least 50% of the time, the trade will go against the best idea.
I carefully study chart trends and pre-determine my entry/exit points,
and once I'm read for a trade, I determine what I'll do if trade
goes against me. I.e., use stop limit, average down, small size initial
entry and increase, etc.
By managing and knowing my loss limit, I'm not too fearful to make any
trade that I select.
GLTY
$1194.50 ... WOW ... Just incredible ...
Glad I caught most of the upside move today!
Now playing a little pull back with JDST.
Out JNUG @4.30, In JDST @21.20...
Just trying to scalp a little here...
Breaking 1190 was psychologically huge!!!
Though I think gold will still be pressured in the short term
and we will see more up/down volatility, last 2 monsters upside moves
on consecutive Fridays after making big drops will make shorts much more tentative now.
I really like to see gold get over $1200 and stay above it!
Go Gold!!!
Sold remaining 1/2 IRA holdings JDST @29 from few days ago.
Now trying to catch some JNUG in cash account.
I think gold is in 1140 to 1180 sideways range,
and if that continues, we should eventually see JNUG/NUGT bounce.
I'm day trading with cash account and swing trading with IRA account.
But dollar is very strong, so be careful folks!
Have JNUG buy order @3.20 with .05 cents stop limit.
Again @3.01 with .05 cents stop limit.
And again @2.80 with .05 cents stop limit.
+.30 cents sell order will be automatically set if entry is triggered.
So if all 3 JNUG orders get triggered and tanks,
I will risk about .15 cents.
I will be on and off away from computer this morning,
so let's see how this trading plan plays out this morning.
Dollar is very strong this morning (again!),
which is tanking gold.
They saw my iHub stop limit post!!! LOL...
F$#%@#s ... they dropped it just low enough to take me out!
Arggg ... LOL
In JNUG @3.67. Stop limit @3.59.
Looking for a quick bounce at close like yesterday.
JDST continues to be 2 to 3 times higher % than JNUG.
On the other hand, DUST and NUGT always remain at similar % apart.
Strange: JNUG -.08%, JDST 3.4%
Often they are same percentage apart in opposite direction,
but once in a while I see this difference.
Given that GDXJ is down 1.1%, it looks like JNUG should fall little more.
As gold volatility fades, ETFs are trending sideways,
and though in general gold vs dollar move in opposite directions,
hyper-sensitive correlation has soften a bit and the two can diverge at times.
Market still finds ways to hit new highs nearly everyday,
but dollar seems to be pausing a bit here.
Gold is not going to sit at 1160 too long.
It will try to break above 1200 or crack under 1100 this year.
Get your bets in to the correct (?) side! LOL
Market wobbles back and forth but finds high closing.
This has been the pattern for SPY in the last 5 weeks
and last 4 months for the dollar.
This is what's been pressuring the gold at the moment.
Playing SPY call options on market dips have been quite reliable...
just don't know how long this pattern will continue.
Market and dollar seems to be overbought, but with US doing better
than rest of the world, US market and dollar is where smart money
is being poured in.
Market closing on high side AGAIN and dollar is still strong.
Market is just not giving much room for gold to run and
volatility seems to have settled here for now near 1160 range.
This is light economic news week, but next week should bring
more volatility to dollar and gold.
NUGT & JNUG hitting LOD as dollar heats up after yesterday's low near closing.
Gold stuck in 1145 to 1175 range at the moment.
In general...
since economic conditions/news moves market,
market moves dollar,
and dollar moves gold...
Given that this is light economic news week in US,
it makes sense that gold is trending sideways in 1145 to 1175 range.
Until this pattern is broken, I think it's reasonably reliable
to play the short side when gold is over 1170 and play the long side
when gold is below 1150 in the next few days.
Dollar buckling hard, Gold sharply up $21.
3 days of complete reversal trades...wow!!!
Trying to pick up JDST below $20 if it gets there.
Dollar is sliding fast after lunch!!!
Dollar is definitely showing weakness today..for whatever (???) the reason.
If this is just a normal up/down fluctuation, then we may have seen the bottom for the day, but if there is some other (???) catalyst, then
it could tank more, and gold could pop to 1180 level.
I was totally in groove yesterday with the movements and made over $5K
but today, I feel out of rhythm as unexpected movements are happening,
so I'm being very careful to enter right now.
In the meanwhile, I have buy order out there for JDST at $21 just in case
it makes a nose dive today as I run around for errands middle of the day.
Definitely gold scare is softening after last Friday,
and we know dollar feels toppy right now,
but with Japan and Europe trying to devalue their currency
and US economy being strongest in the globe,
the condition suggests more upside room for dollar.
We could see some rebound in gold, but there must be solid catalyst
for sustained strong growth, and global economy doesn't support it
right now. Gold is a safe haven investment, and good and stable
economy drives gold down.
At best I see gold getting above 1200 but not making over 1300.
It would take a major scare like economic meltdown, war, terror attack, ebola like outbreak, etc.
That said, silver took a much bigger beating than gold and as economy
improves in Europe and Asia, we should see huge pop...much more than gold, and that's because more than 50% of the silver is used in
manufacturing vs. fine jewelry.
So anyone looking for long term (2 to 4 years out) investment in precious metals, silver is the way to go vs. gold.