Monday, November 21, 2011

Chasing The Wind

                               You’re Gonna Need A Bigger Net

Did you catch it? The wind I mean. It’s right there in front of you, how can you continually miss it? Feel it? There it is!!

                             Indiana Jones Nabs The Holy Grail

Imagine the possibilities. What would it mean to have the “grail’ in your possession?

                                           You Said What?

 I’m giving a seminar in Cleveland, Ohio, when at the lunch break I am approached by a well dressed gentleman. He introduces himself, looks around sheepishly, and whispers in my ear, “How much to let me know where you’re taking the market for the day?”

Thinking to myself that I really didn’t hear the question correctly, I said, “I’m sorry, could you repeat your question?”

“You know, when you and the others decide to take the market up or down, can I get this information? I mean, can you call me or something after your morning meeting?”

My first thought is that somebody traveling with me is trying to have some fun. But no, upon further talking with him, this guy is serious. He thinks me and a few others in Chicago decide where the market goes!!

AND, he wants me to call him in the early hours and let him know which direction we are taking the market today.

          Can I Call Collect With That Info?

The idea continues to persist among the trading public that there exists a “Holy Grail” of trading. This “system” never loses and makes money 100% of the time. Do yourself a favor and try and catch the wind instead.

Today’s Action & Wrap

Can you say waterfall?

We got an early signal at 2:00 AM [Chicago time] to sell at 1719. This was a little early for me, and the next sell signal came at 8:55 AM [Chicago time] at 1707. Later, we got the first confirmation of a bottom at 1702.50.

Now, this is one of these gray areas that always crop up around signals in a fast market. As soon as we got the signal, the market started dropping rather sharply through the support area at 1700. If you took the liquidation [I did] then the gain was $ 4.50 / oz. If you blinked, gold started dropping quickly, and there were a number of areas on the way down that you could have gotten out with a bigger profit.

For my purposes, I’m just looking at the signals and making the trades. There isn’t any subjective analysis while the market trades. So, while our gains could have been bigger, so what? We made $ 4.50 /oz.

Have a good day everyone.


1 comment:

  1. a half a loaf of bread, is better than no bread at all