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So after all my GOLD bullish is not crazy....too bad I got stopped out twice on that trade...Anyway still plenty of juice is left (I think) so the plan is to wait for a pull back to 200 DMA and enter with lot of support underneath I can take that chance.
After fiddling with few day trades today, I am flat for the day on day trading...still have NOV SPY puts and it seems like market will NEVER EVER come down. I will go long if at all we get any dip. Tomorrow is option expiration day so maybe after that we will get a pullback....now everyone and their dog is bullish and sees 2040 - 2060 area so let's see if we go there or not...
Few changes I have noticed in my trading is getting better at reading internals and not adding to the core loosing position...I have been in this freaking position just keeping contracts to my loosing positions...I am still learning to flip quickly.
Gold is bouncing between VPOC of ten years and 200 DMA. Not sure what to make of this it's impressive every dip to 200 DMA is getting bought. As much as I want to go long on this gold, I am shaken due to my ES trading so not getting confidence.
Not sure what to make of this monthly chart maybe I need to look at some other charts (Russell, NQ etc.) to get clear picture
It's amazing the every dip is getting bought...
Weekly PPO oscillator not out of woods but that's a lagging indicator
Daily chart gives little picture, we can see small divergence but still can go and touch 100 DSMA, 200 DSMA and even VPOC of last two years.
I am totally confused of this action. Leaning towards the touch of 200 DSMA on SPX...Fundamentals/earnings are bad still this is going higher and higher...as clearly predicted in my previous post's if everyone wants something to happen market will not make your wish come true...market is here to take your money....now after yesterday's ramp everyone wants it go higher and higher so that makes it tough but also at the same time they want to run the stops and I assume lot of stops out there above 200 DSMA.
