If Gold Were A Person
It isn’t that you can’t make money; the problem is that you can’t define risk.
What sense does it make to expect a $3 loss on a sell stop order and get filled anywhere from $5 - $20 per Oz. lower [or worse]?
There is no way I’m going to contribute to the college education of a bunch of whiny dealer brats. Trading has gotten to the point that Asia, along with most of the European Session, is a shadow of its former self; and really, who can blame them. If you are an Asian or European account, why do anything until the manipulators show up @ 8 AM Eastern Time to slam the NY open or jack it $8 higher?
Risk? You simply can’t define it to any reasonable level that makes any sense. And believe me, $20 + per ounce risk on a trade is just stupid. Thanks, I’ll keep my money.
I’m not saying I have absolutely given up on gold, just that right now you can’t trade it. The last couple of weeks have proven that. The long term algorithm is not designed for 1 bar wonders that are manipulated by the BIS & The Fed. I’ll keep my eye on it, but from week to week, I’m not going to just sit here and watch profitable currency opportunities go by the wayside while my attention is riveted on the gold market.
I’ll have more on the FX pair that has my attention probably tomorrow or Friday. Until then everyone, leave gold alone.
Have a great day everyone.