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GLD P again: $183 6/2 @ $1.00
Out GLD $183.50 6/2 C @ .96 from .86
In GLD $183.50 6/2 C @ .86
Cut GLD $182 6/2 P @ .62 from $1.02. Salvage trade so they don't expire worthless.
Out QQQ $345 6/2 P $1.35 from $1.12
I'm very impressed by the depth of your knowledge of the macro relationships between key commodities and assets in the overall economy. I know the relationships, and the key factors that determine the relationships b/w all of them can turn your head into a pretzel if you let it.
At the most basic level the relationship b/w gold & risk assets is inverse. I'm curious of how powerful a force, you think that is in the overall relationship between, let's say NASDAQ futures & gold.
Do you think it's on par with the strength of the inverse relationship of Gold with the dollar for example?
Thanks in advance. I've learned a lot from you and highly value your take.
Great post! Awesome!
QQQ 3K Tick:
Some key ingredients for a rollover are present but whether it's enough for the rollover to come to fruition in the near term or not is TBD.
This next part is simple, maybe too simple, we'll see but the last time the pros were this active was 5/24 under $335. After a move to $350 in less than a week then it's a safe bet a lot of today's pro activity was profit-taking and most likely some shorting as well.
Yellow dot is bearish divergence.
In QQQ $345 6/2 P @ $1.12
Power hour beckons!
NG 15 Minute:
Here we go. My attempt to clean up mess. Again I apologize for my previous post. I'm trying my best with the goal of betterment always in mind in all aspects of life, not just the robot imitations we attempt every time we trade.
Pros were active BEFORE the twin bullish RAMBOs in BOIL on the chart below. I am almost poslitive they were active as they were printing as well. I just need to find the right TF :)
I've been waiting for those. Pros were active on the 15 minute before the twin bullish RAMBOs and are active again. Apologies for the mix up. They were active before & after, not during on the TFs I posted. I got ahead of myself and apologize but I wouldn't be surprised if they were active, it's just a matter of finding the one they were on. Trading & posting charts isn't always easy but it's fun. Again apologies for the misclassification of the timing.
Trying GLD $182 6/2 P @ $1.02
Out NVDA $405 P @ $10.00 from $8.75
In NVDA $405 6/2 P @ $8.75
In YEXT $10 6/16 C @ .25
In AXSM $70 6/16 C @ $3.20
In JFIN $7.50 7/21 C @ .15
Cut BOIL starter $2.66 from $3.08 avg. I should have cut it when I cut my NG position earlier this morning. NG just too weak & not ready for prime time quite yet. I also should have been more patient with my entry. Patience is just so important and something I obviously need to work on. The clear long opportunity is a matter of when, not if. I have to wait for it to materialize in the form of large blocks of blue bars on MTF instead of forcing it as I did. Thankfully my position was a tiny starter so minimal damage. Next!
Yup. Cut GLD $181 6/2 P @ .73 from .87
In GLD $181 6/2 P @ .87
8:53 Cut NG $2.32 from $2.34
8:39 Sold NQ $14,540 from $14,370
Gold 500 Tick:
Gold short is a high conviction future trade so I'll be scaling in GLD puts tomorrow.
Just now, twin exhaustion price patterns printed (red dots) printed, which normally should be good for at least several points long but gold barely bounced a couple points before quickly threatening to print new lows.
Gold 9K Tick:
The last notable tranche of pro (institutions & algos noted by blue bars) activity was 5/25. Key levels above & below pro activity are determinative pivots. In this case $1972.90 above & $1957.70 below.
Gold's breaking down: bearish divergence (yellow dot) recently printed right before gold broke the aforementioned $1957.70 pivot.
This is why dumped my GLD puts:
Bearish RAMBO triplets 5/26. After the twin bearish RAMBOs 5/18, it took the dollar almost a week to print new highs. This time around new highs following the 5/26 most recent bearish RAMBO triplets, will very likely print this week, maybe even in today's session.
The dollar is already close to breaking the 5/26 high of $104.34.
Correction. While I'm annoyed, I shouldn't regret dumping my GLD puts Friday b/c either I respect the proven power of my indis or I don't. I do.
Dollar 500 Tick:
So far so good :)