Always Remember
What looked so good Tuesday that you wanted to mortgage the house to be long, suddenly doesn’t look very good after today. Welcome to trading.
Trading is about momentum and probabilities and staying out of trouble; it isn’t about brokerage house recommendations and personal opinions. And that is what makes it so hard for the average person to make money.
Today’s gold trade got ugly in the U.S. session, with sell stops getting hit and taking the market on a $20 downdraft. Two trades today, with small profits, as it was hard to generate any buying momentum for more than a couple of minutes. As I stated in my other post, if you aren’t early to the trade you’re going to lose.
Crude oil finally put in a range [225 ticks as I write this], and with all the news today on crude [all negative] it was mildly surprising the range wasn’t bigger. Still caught in the 104 – 108 range it has been in for a month.
Have a good day everyone.
-vegas
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