News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire....News Analysis and Commentary for Gold Traders and Investors...Gold Market Wire
Gold Market Wire....News Analysis and Commentary for Gold Traders and Investors...Gold Market Wire
***
US Month on Month Job Cuts by Employers Soar 54% in July
US Month on Month Job Cuts by Employers Soar 54% in July
***
CME Raises Silver Margins by 12.5%
CME Raises Silver Margins by 12.5%
***
United States Imported a Record 126.6 tonnes of Gold from Switzerland in May
United States Imported a Record 126.6 tonnes of Gold from Switzerland in May
***
First Half 2020 Gold ETF Inflows Hit Record of $40 Billion
First Half 2020 Gold ETF Inflows Hit Record of $40 Billion
***
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
***
Bank of Japan to Loan $1 Trillion into Economy
Bank of Japan to Loan $1 Trillion into Economy
***
*** GOLD MARKET WIRE ***
*** GOLD MARKET WIRE ***
***
Subscribe to receive our monthly report
Market Info
Feature coming soon.
Thank you for your patience

Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

Reviewing Yesterday's Scalping Session

May 12, 2020 - (Gold Market Wire) - The parameters we set out at the beginning of yesterday's session worked out well, giving us a few scalps during the day for some money in the bank. The experienced trader can use margin in these situations, but discipline has to be very tight. Having said that, and knowing how "some" spread betting firms work, it should be noted 100:1 is not leverage - it is insanity. Leverage is in the 2x-5x range for anyone who hasn't lost his mind. Let's see yesterday's 30 minute run to see how we fared.

A couple of decent opportunities for those who know how to pull the trigger. The short side worked a bit better, since it gave us the first entry point in the European a.m. Anyone who was really ready to job the market might have done better on the sub - $1695 drops, repeating the process with a resting purchase overnight. That saw them in good stead today. You'll need stops just below $1690 if you want to get any sleep and not be tied to the screen all night.

Today's set up doesn't look a lot different, so we will carry on with the strategy. We're still in the triangle, but our feeling is that the market has a tendency towards the weak side. Like yesterday, we'll prefer to sell rallies. Buying near the line has to be done very cautiously, but can still be be executed. We have the same parameters as yesterday, minus $1, above and below the market - i.e. $1691 - $1719.

Let's see how we get on. You'll have to be ready to pull the trigger when you get close, take profit on small moves and run a tight stop.

It's about discipline.

< Previous articleHome pageNext article >
<- Go Back