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If we start to see some strength to the upside above the yellow boxes, I will flatten.
I will see if there is momentum after the first box, and flatten if so. But if there is no momentum, I will hold to the higher of the two boxes. Make sense?
So, I messed up pretty hard.. A multi-hundred dollar mistake. I had gotten up to refill my coffee with a full boat on. Needless to say, I did not put in a hard stop (which I do for when I am away).
Price fell through the OR-L.
So when I got back I was much more red than I wanted to be.
I have been fairly busy and did not have too much time. I still do not. I am going to my little sister's volleyball game and the out to lunch with the grandparents. I will hopefully have some time tonight!
Anyways, Friday was an ugly day for me. First off I forgot a stop loss when I went up for coffee. Second, I got hurt on a GC trade as well. Not only that, I flattened my ZB trade because I believe it will make a nice leg up now.
Recap:
ES: -$512.50
GC: -$380.00
ZB: +$2406.25
Net PnL: +$1513.75
Net PnL for trades place that day: -$892.50
I knew my hotstreak would come to an end sooner than later. I just wish it wasn't so ugly
Anyways, next week is a new start, hopefully I can recoup some losses.
This week has an overall green PnL, but I think that I should have been able to do better.
I tend to wonder...These "big wigs" at bank or hedge funds who have been saying that gold is overvalued. Who are they? Who are they to say what is and what is not? They cannot truly have a pulse on what the rest of the world thinks of gold, they are just making statements, which moves the price of the commodity. It's criminal.
Is gold truly over-valued, and will it hit less than $1K per ounce based on the supply and demand of the world markets in the next few months?
A maddening ideal. When large banks sneeze, everyone reacts? Lemmings off a cliff comes to mind.