Adding to GLD short
Started by
TheArchitect
, Jan 08 2009 11:26 AM
7 replies to this topic
#1
TheArchitect
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Posted 08 January 2009 - 11:26 AM
on to what looks like a failed channel breakout. 60 min chart below.
#2
TMN
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Posted 08 January 2009 - 12:30 PM
being long gold or/and silver appears almost as difficult as staying short spx during aug-sep 08.
the intraday vol can be demoralising at times...
maybe we get back to 800 in gold and 10.50 in silver again before we take off but we will take off, i regard that as a given...
there are better trades out there than trying to short gold btw..
good luck!
Edited by maxter267, 08 January 2009 - 12:30 PM.
#3
TheArchitect
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Posted 08 January 2009 - 12:39 PM
being long gold or/and silver appears almost as difficult as staying short spx during aug-sep 08.
the intraday vol can be demoralising at times...
maybe we get back to 800 in gold and 10.50 in silver again before we take off but we will take off, i regard that as a given...
there are better trades out there than trying to short gold btw..
good luck!
there's always a better trade out there somewhere... LT, i like the PM's... i've been long platinum through PGM since mid december... you've seen the breakout? and what looks like a rounding bottom formation? it's slowly grinding up, while gold and silver chop away... i posted this chart about 3 wks ago... something like "Platty breaking out"...
#5
inamosa
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Posted 08 January 2009 - 07:18 PM
IMO, we will see gold under $700 soon enough
I've been shorting since late last week and will add on any big price increases
"Our job is not to predict where the market will go, but to interpret daily price and volume action to ascertain the facts of the current environment and make decisions based on that interpretation."
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months
#6
TheArchitect
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Posted 08 January 2009 - 08:16 PM
IMO, we will see gold under $700 soon enough
I've been shorting since late last week and will add on any big price increases
i've been short since 12/30 and added 3 times since... my take after 9 days; i wouldn't be surprised if it breaks up out of the channel on the 60 min chart below... but i won't cover the position until i see how it reacts to the triangle area formed by the intersections of the uptrend line, downtrend line and horizontal line on the daily chart below... not the easiest trade to hold on to here... we'll see alysomji...
#7
TheArchitect
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Posted 08 January 2009 - 09:19 PM
i'll say though... i've just set some orders up to buy the feb contract on a move up to hedge this GLD position... we'll see what happens tonight.
#8
inamosa
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Posted 08 January 2009 - 09:53 PM
GLD Daily:
Starting to see negative divergence
Starting to see negative divergence
"Our job is not to predict where the market will go, but to interpret daily price and volume action to ascertain the facts of the current environment and make decisions based on that interpretation."
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months
