Posted by dallassteve on 18th of Nov 2010 at 02:33 pm
yes, it is still short. Matt gives us an update when he
sees it is going to cross.
I like this mechanical system, because it keeps me disciplined.
I trade it in one of my accounts, and leave the other for
discretionary trades. So I entered short EOD when I got the
signal, and my tdAmeritrade account says I am down 2%.
Initial stop loss is set at 8%, so I am not fretting over
this small loss at all. That is what is so great about a
system. I don't second-guess it.
I think gold is going to hit its 100 day before it goes on to
make new highs. Whether gold has had five waves up and is now
in correction mode, or if this is wave 4 and wave 5 is yet to come,
we still need a good correction (IMHO). So I am expecting
more correction, and will stay short according to the system.
Sure would like to hear other's big picture thoughts.
Posted by curranjohn46 on 18th of Nov 2010 at 03:03 pm
I prefer adding every time the 60 minute chart triggers
long. And if it fails I sell what I added. I added
today and if the 60 period stochs say sell, I will sell for a small
loss.
I won't short a bull market. If GDX and gold gets below it
150 or 200 day MA I will start reconsidering if the bull market is
over.
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Also GDX system still seems
GDX has retraced 38% from 57 bottom. Is this a good place to short?
Posted by harshblue on 18th of Nov 2010 at 02:04 pm
Also GDX system still seems short, right?
GDX system
Posted by dallassteve on 18th of Nov 2010 at 02:33 pm
yes, it is still short. Matt gives us an update when he sees it is going to cross.
I like this mechanical system, because it keeps me disciplined. I trade it in one of my accounts, and leave the other for discretionary trades. So I entered short EOD when I got the signal, and my tdAmeritrade account says I am down 2%. Initial stop loss is set at 8%, so I am not fretting over this small loss at all. That is what is so great about a system. I don't second-guess it.
I think gold is going to hit its 100 day before it goes on to make new highs. Whether gold has had five waves up and is now in correction mode, or if this is wave 4 and wave 5 is yet to come, we still need a good correction (IMHO). So I am expecting more correction, and will stay short according to the system.
Sure would like to hear other's big picture thoughts.
Same here - Learning to
Posted by dpack on 18th of Nov 2010 at 02:41 pm
Same here - Learning to respect mechanical systems.
I prefer adding every time
Posted by curranjohn46 on 18th of Nov 2010 at 03:03 pm
I prefer adding every time the 60 minute chart triggers long. And if it fails I sell what I added. I added today and if the 60 period stochs say sell, I will sell for a small loss.
I won't short a bull market. If GDX and gold gets below it 150 or 200 day MA I will start reconsidering if the bull market is over.