|
Gold Trade 2012-04-08I have entered a gold trade in June gold futures. I have bought the June contract gold futures at a price of 1638.7 at 20:01 hours (my time). My reasoning is explained in the previous blog entry, so I will not bother to reiterate. Click here to read the blog entry. This chart shows the MACD divergence that led me to buy. Ideally, I should have bought last week, but with Easter long weekend I simply didn't have the opportunity. I still believe in the trade, so I am now entering. This will leave me exposed to more risk, because my stop will have to be further away from my entry point. The green arrow indicates the entry point. My target for this trade is somewhere around 1750 to 1800. As usual, I will use a safety stop loss order to minimize my risk exposure. As most of us are aware, there is a lot of hype behind gold right now. By "right now", I meam over the past 10 or so years. I want to make it clear that with this trade, and the my last futures blog entry, I am not saying that this is when the price of gold will explode again. My goal with this trade is short term. I am only looking for 100-150 points from this trade, and I don't expect that the trade will last any longer than "a few weeks". That is, if I don't get stopped out first. I will definitely not "hold for the long run". I will definitely not hold gold if it dips past my predefined stop loss risk level. I will not be doing any "buying and holding". Normally, I wouldn't bother making a statement like this. However, the gold market is an exception and I don't want anyone getting the wrong idea about what I'm doing here. Go to Futures Blog
|
Market Commentary:
Due to site updates, all RECENT POSTS CAN BE VIEWED HERE
2012-06-22 TRADE US Dollar
2012-06-21 TRADE Gold, Sugar
2012-06-18 More on Gold
2012-06-12 Gold Update
2012-06-12 TRADE Dollar Index
2012-06-11 TRADE US Dollar
2012-06-07 TRADE Gold
2012-06-06 TRADE Sugar
2012-06-05 TRADE US Dollar Index
2012-06-02 Sugar Update, USDX, Gold
2012-05-30 Sugar Update, TRADES
2012-05-26 Sugar, USDX
2012-05-24 TRADE USDX
2012-05-18 Sugar
2012-05-15 TRADE Sugar
2012-05-14 TRADE US Dollar Index
2012-05-14 Copper & Gold
2012-05-13 Trading Corn
2012-05-07 TRADE Corn
2012-05-02 TRADE Sugar
2012-04-30 TRADE Dollar Index
2012-04-26 TRADE July Oats
2012-04-21 GBP Short, Gold, AUD
2012-04-14 Sugar Gold AUD/USD
2012-04-10 TRADE Australian Dollar
2012-08-09 TRADE Gold
2012-04-08 Trading Gold Futures
May Sugar Futures: 2012-03-19
2012-03-18 Japanese Yen
2012-03-11 T-Bonds, DX Long, AUD/USD Short
2012-02-26 GBP/USD and USDX Reversals
2012-02-21 Index Reversal?
2012-02-17 GBP & CAD Reversal?
2012-02-16 Gold Prices
2012-02-14 US Dollar Index
2012-02-10 Market Reversal?
New! Comments