Nothing Goes Down Faster & Better Than Gold
Unbelievable.
We are at the point in gold where, unless you are willing to
commit account destruction to be right, every trade has no risk management.
Needless to say, you can count me out when conditions get like this.
We made a few dollars today, trading both EURUSD and AUDUSD.
The algorithm did very well in the currency pairs; gold was a complete mess.
As I stated earlier, because of the way gold is trading, the
currency pairs are doing better with the algorithm and are producing more
stable profits. Expect more trading in AUD and EUR.
News flow out of Europe continues to dominate, and it’s only
a matter of time until Greece
leaves the Euro and markets get really roiled. The EURUSD has broken down too
fast to allow the big money to exit gracefully. Expect every short covering
rally to be sold aggressively. Ultimately, I’m thinking with a Greece
exit we could see EURUSD sub 1.10. We’ll see, but I’m pretty sure it would
happen over a weekend; this would give some time to banks.
If you haven’t started the paperwork for the new PAMM, send
me an email and I will send details of our transition to our new brokerage
house. Some of you should be in the process of getting monies into the new
brokerage house. If anyone has any questions or problems please let me know via
email at vegasxau@ymail.com.
Have a good day everyone.
-vegas
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