Friday, August 14, 2009

Just shorted Gold

Gold was trading at the upper end of an obvious wedge that we discussed a few days ago, so I decided to take profits.

After that, the wedge was broken to the downside. So, based on that, I put a sell order in to go short @941. The position never hit...but then we broke again. So what I did today was short at the market a small 3 mini-lot position...and then I will add to it if we get a close on the 4H below 940...one of the fundamental techniques used by
Bob Iaccino.

However, he determines these prices differently (proprietary.) My analysis here is based on my charts and
Market Club...which just issued a new, red, DOWN triangle for Crude today, and I think Gold will follow based on the above trendline.

Both of the aforementioned have been very effective and crucial to my account's success...they are just very different.

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