How Bad Is It Gonna Be?
A lot of gold traders witnessed “The Valkyrie” [11/10/2011: “Meet the Trading Valkyrie”] this morning. Can you say “gaps”?
First the longs; about 12 hours of mind-numbing boredom literally followed by 2 gap downs of $12 within a minute or two of each other. New lows, expand the range, fill your stop at the lows, etc.
Then the shorts turn; rocket off the lows and never look back. You choose the rally you get to cover your shorts. Pay up baby!!
Have I not warned all of you the pattern of gold of late? Have I not warned you to be careful until patterns change and return to normal?
I leave trading today asking the following multiple choice question: What am I happy about?
A) I stayed out of trouble,
B) I kept my sanity,
C) I made some money [not much but some],
D) I stayed disciplined and didn’t let the ‘action” affect me,
E) All of the above.
Clearly, E wins hands down.
Have a good day everyone.