Golden Ratio: TRADE UPDATE: All that shines is not Gold

2008-12-06

TRADE UPDATE: All that shines is not Gold

My Development as a Commodities Trader: TRADE UPDATE: All that shines is not Gold

I am out of this trade again at 760 (+24 points) though I was hoping to ride is much longer. The range action is frustrating me in most markets and I thank all my guardian angles whenever I can come out profitably on any trade in these markets. I am by nature a trend following trader and therefore the range kills me many times.

The price action on S&P during Friday session rang some alarm bells for me and I was in no mood to leave positions over weekend. In addition Gold did touch my first anticipated breach level (743) but bounced off strongly.

If I see weakness next week I might go in again as I am still not a bull of Gold but for the time being, remaining out of this market seems like a reasonable position to be in.

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-VS

Disclosure and Risk Warning

Some disclosures and warning about potential risk.

a) I will/may not be able to put all my trades as I have lot of things to do and maintaining this blog is more like a hobby/pass-time/to keep my thoughts in one place. In any case I build my key ideas mainly during weekends. This blog is not a proxy for my trading activities/records.

b) These are not meant to be investment advice and I strongly recommend that you do not follow them to initiate any positions or take any trades with real money. Trading commodities and futures is a high risk business and you can lose more than your investment. You are welcome to use them for educational purposes to understand the intricacies of our financial markets.

c) All risk, profits and losses arising from your investment actions are entirely your own and I have nothing to do with your success or failure.

d) Futures Trading is risky and carry substantial financial losses. You may not get your money invested and your losses are not limited to your initial capital. Do not trade commodities futures unless you understand what you are doing and prepared for financial loss.