On Gold: in one session gold went from its 200DMA up to its 100DMA. This morning it sits more or less in the middle of this range. Yesterday was boosted by falling dollar and oil spiking to a new record just shy of $140. Still needs to break through $900 to call a new rally.
On FTSE: yesterday was a poor trading day. Was probably just my not reading the script, but was very choppy and ended just below 5800. After a relentless fall from 6400 to 5700 the FTSE is taking a breather. The daily chart is still giving mixed messages, with a possible upswing but also just as likely to be a pause before 5500. The same thing happened in April when the SAR signalled a sell but the MACD remained weakly positive. Under those conditions it is a wait-and-see signal! Indeed, in April was wise to do nothing as the market turned upwards again within a few days.
17 Jun 2008
Trading Day
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TRADE
ReplyDeleteGold
BUY @ 885
3-min chart spikes up in agreement with 30-min chart. Little bit of a weak signal, but let's see. Looks like a reaction to dollar fall again.
Sadly, have to go out. Inconvenient but gotta be done. If this was in more profit I'd probably leave a tight trailing stop, but as it is, probably wiser to close it.
ReplyDeleteTRADE
Gold
Sell @ 885.5
Profit = 0.5 = +5 pts
Well... a 100 pt rally and I missed it! Glad I took my gold position as has gone down.
ReplyDeleteNote the FTSE 30DMA is at 5960, so that's the first target. Doesn't qualify as a rally, just testing that first resistance level.
So at the moment there's nothing to do!
TRADE
ReplyDeleteGold
sell @ 882.5
Gold stop down to 880.
ReplyDeleteTRADE
ReplyDeleteGOLD
BUY @ 877.5
Profit = 882.5 - 877.5 = 5.0 = +50 pts
Lucky to have such a quick gold trade.
Nobody will deny the FTSE a positive day, but the Dow is certainly trying to take the shine off it.
ReplyDeleteBeen toying with this for a while
TRADE
FTSE up>50
sell @ 96.8
cost = 3.2 pts
TRADE
ReplyDeleteGold
Buy @ 883.6
TRADE
ReplyDeleteFTSE
SELL @ 5895
short 12 pt stop
Great when two trades work at the same time.
ReplyDeleteSadly too late to affect my down>50 bet so that goes down as
LOSS = -3.2 pts
another 15 mins and it might have been in profit as the Dow sinks.
Am keeping the two trades going for now...
OK, before I get the back-draught from the Dow bouncing off 12200 I'm going to close...
ReplyDeleteTRADE
FTSE
BUY @ 5853 to close
profit = +42 pts
TRADE
Gold
SELL @ 885.3 to close
Profit = 885.3 - 883.6 = 1.7 = +17 pts
A very good day, paying attention in just short bursts.
Missed the FTSE rally but sometimes there are other things to do.
Looking at the FTSE now, is going further down. On the 1-hour chart we can clearly see that it touched the low of 5930 from last week and bounced off it. Hasn't reached the 30DMA. Will see tomorrow if the Dow leans heavily enough on 12200 to crack it.