Gold Market Wire
News, analysis and commentary for gold traders and investors
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Scalping Our Way through the Easter Market
April 9, 2020 - (Gold Market Wire) - Our idea yesterday to turn scalper/jobber has worked out well as our 10 minute chart below shows. (*see, "The Big Question for Gold) As we advised then, we instituted a plan to start buying on dips to $1644 and turning them out for $4 and $5 profits, waiting for the drop to $1644, reloading and repeating. We'll keep going with this one today, maybe raising the buy point by $1, and making sure to be flat and out of the market by noon New York time. It's going to be a long, long weekend, full of news, thrills, spills and politics.
We'll post a 10 minute chart here to show the fruits of our labour yesterday.
We made the decision to go scalping at 14:00 yesterday. The chart tells all. It was a scalper's dream. We'll keep running with this.
No position over the long weekend, except core holdings, which should be in your hand and not in some "about to go broke" bank. The world is in a precarious state - make no mistake. Such things can only be traded when markets are open and functioning. In market terms, weekends are best avoided and watched from the sidelines.
Scalp and get flat early. Then you won't be watching news headlines all weekend wondering what your position might be doing.