I Wonder If This Guy Ever Trades Gold?
First Crude.
Sure, crude put in its 200 tick range today [215 to be exact], but it was also disappointing when you consider what gold did. It had a reversal day also, but after hitting a new high, it stalled at the 108 / bbl area before breaking. Looks like this market is firmly stuck between 104 and 108.
OK, now gold.
Like I said on my other post, the algorithm did pretty well. I simply can’t make the signals faster without raising significantly the number of false positives that it would generate; and that would be a big problem going forward.
I bought [very light volume] a retracement and made incremental gains; not what I wanted, but what I had to accept considering the circumstances of the day. I’m not going to buy a market that is screaming up; I’ll wait and buy the retracement. Like the 2 previous days, at the end of the day, gold spikes to the high before backing off a little to the 1711 area.
Now that NFP Friday is over, we can get back to normal trading starting Sunday night. The real question on Monday is whether the market can stay above 1700, or if it gives up something more significant. How much will the “Lemmings in Asia” [LIA] juice this stuff Sunday night, or do they take profits first? With the market now firmly in “buy mode”, an early break of $4 - $7 would be most welcome. We’ll see.
With the ranges we are seeing, I’m looking forward to next week.
Have a good weekend everyone.
-vegas
No comments:
Post a Comment