Hold Your Breathe
If you don’t like the price of gold, wait 5 seconds, and it could be + or - $5 from where it was. This kind of action is what you get with price suppression; when it’s over the demand shows up and BOOM!
I came into the day looking for a top in Asia due to the fact that we are in day 5 of the up cycle. The algorithm nailed it; I blew it with too tight a stop. I got short later and covered when the market hit the lower aqua line. So, all told, made a few pennies but should have done better. The good news, though, is that the algorithm performed very well.
HotForex has instituted commissions on there CFD’s; $2 per round turn per 1 CFD. What this does, in effect, is dramatically raise the cost [spread] of doing business in the stock index and oil CFD’s. So, for example, the SP500 now has an effective spread of 2.50 index points, the Dow30 6 points, and crude oil $0.07. These are terrible spreads, wholly uncompetitive in the marketplace that is out there, but for now they won’t change their policy. As I told them, no way am I trading the oil and stock indices markets with these spreads.
So, along with gold, time to take another look at AUDUSD and possibly EURJPY as well. Tight spreads on both so they look attractive with the kind of ranges they can put in. I'll be commenting on them when appropriate
Have a good day everyone.
-vegas
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