Revisting Gold

Last Tuesday I got out of my Gold position (@963) because we were getting close to the top of the wedge and I wanted to take profits and then see if I can get in cheaper. Below is a closeup of what has happened since then:

We are exactly at 38% retracement (profit taking?) It will be interesting to see if we break this level. If so, 948 is the next price to look for. I may try to use Bob Iaccino's technique of looking for a 4 hour close below or above to help determine the next move.

Before the end of Sunday, I will check the MACD and Bollinger Bands.

USD/YEN action today?...Equities are going higher

We'll see...take a look at this daily chart of the Greenback/Yen and judge for yourself (clicking on the chart gives you a clearer view):











We're most probably going to test the trendline again, but I think this is a significant breakout dating back to April. Assuming we don't all of a sudden get some sort of decoupling, this is bullish for equities.

Clarifying something I said

"...but the absurdity doesn't end there. The government is not creating GDP; it is only pulling future demand forward to today."

In the last post I mentioned that investors did not want to be left behind "despite the fundamentals," and that's why I wanted to cover my short. If risk trades are still the in thing, it doesn't matter if I feel that things are not as rosy as the power brokers would like to have us believe...

In the quote above, Larry Levin is referring to the Cash for Clunkers program...and what he thinks this program is doing...and I agree. The "buying" is not coming from the consumer (which we will need if we are to get out of this,) but the government instead.

Out of trade

Even though equities were lower today, the Nikkei is so far not following suit. That combined with the fact that nobody seems to want to be left behind, regardless of the fundamentals, I covered my short of the GBP/USD for a small $314 profit.

Since this was not an "official" recommendation from Trader Outlook, I decided not to hold it. (It was suggested as a scalp.)

Glutton for punishment!

I did the Pound/Greeny trade again (as per Trader Outlook)...this time placing my stop @ 1.7063, which is 20 pips higher then the recent high two 4 hour bars ago. Entry this time at 1.7025 and the same profit target.

I think it's important to understand that losses happen. There can be a little whining in his chat room and that's because many new traders have no plan. Trying Bob Iaccino's service for $7 will help the new trader to understand Risk vs. Reward, stop losses, and the boxing ring mentality. If you don't understand these things, I guarantee you YOU WILL LOSE MONEY.

Stop was too liberal

Seems that the stop that Bob gave us on yesterday's GBP/USD scalp should have been wider...as the predicted rotation has begun.

I did short the AUD/USD this morning on a quick scalp (+ $200) because at the same time Bob gave us the above trade (yesterday,) he also said to watch for a breakdown of a trendline for this pair dating back to July 29th. The trade was a short.

New statement here.

out of trade

Out of trade with a $1000 loss. Losses in this business are inevitable, unfortunately!

New trade (scalp)

Shorted the GBP/USD @ 1.6923 strictly as a pullback or a rotation play using Fibonacci retracement. This trade was recommended by Bob Iaccino as a scalp (not official)...but ultimately he is looking at the profit target (1.6743) for the scalp as a entry point for a long official recommendation. (Stop 1.7027 because pair is very volatile.)

The lower red dotted line is the profit target for the scalp AND the entry point for a long intermediate position later in the week. 38% retracement corresponds with the profit point as we are looking for a rotation.

Out of Gold

Out of Gold...

The "Bob Iaccino" account is at an all time high!

Remember when I told everybody that, despite the mini losing streak that Trader Outlook was having when I started with them, the system they employ would make it hard for the account to stay negative? Well...maybe you'll try it for $7 now...

My Gold position

If you've been following all my statements, you'll know I have been in and out of Gold (and its options) a lot. I have been down big, and up big...but I have always been profitable in it.

I am long as we speak. Here is an interesting chart on Gold that I have been watching for a while...(clicking on the chart gives you a clearer view):

See the wedge? I think I am going to take profits soon and look for a pullback. Remember the post June 29 by Market Club and Adam where he said Gold was definitely on the rise? Well, he was right...but there is nothing wrong with taking profits.

Backup plan? If I see a 4 hour or daily close above the wedge, I may re-enter.

Quickest Trade Ever!

Out of trade with over a $330 profit. You guys should try Trader Outlook (Bob Iaccino.) I use a lot of indicators (e.g. MarketClub) but Bob really knows how to trade and how to deal with inevitable losses.

Updated statement for this account here.

New Trade

Went long US/Yen with a profit target of 95.35 as per Trader Outlook. They want us to have 2 targets (i.e. sell half, move b/e up on half) but I am not going to be able to watch it today as I have a real job! So I have set profit target for whole trade. (Stop 94.25.)

Gold is rocking...but good sense prevented me from buying more above 910 an ounce...so I just have my original position.

Trades today?

Looks like I am going to be placing some trades today. News out of Merry Olde England is quite good...let's see what are ISM is...stay tuned.