Friday, March 20, 2009
Thursday, March 19, 2009
This is a very difficult time to enter the gold market
as a trader. You should never buy strength.
You wait for a good pull back to buy in, and sell strength.
But, when gold has every reason to go up strongly, you
have to buy in a some point that you may not believe
is enough of a pull back, or get left behind as gold
keeps moving higher.
Finally, when you have had enough of getting left out
of the run up, you throw caution to the wind, jump in,
and that's when the commodity gods drop the market
big time, you panic, take a horrible loss, damage your
trading account, and the market goes back up to where
your position would have made a nice profit.
That's futures trading, folks. Train your brain.
Live in the moment. Forget what has happened in the
past (learn from it, but then let the specific incidents go).
Otherwise, you won't be able to see the opportunities right
in front of you. Fear of making a mistake is normal.
GIVING IN TO FEAR, is not. Just listen to the voice in your
head that is telling you you are a loser, and just do what you
have to do anyway. When you win a few, you will just laugh
at the voice. Everyone has 'the voice'. It never has anything
constructive or positive to tell you. I may be the devil.
Dollar showing no strength, currently at .83395
Oil moving back up
the other markets are mostly sideways right now.
Gold moving back up now?
All the indicator markets have turned down
for the moment. Even the dollar is slipping a bit.
Everything turning lower except the Dow,
which is attempting to turn back up
Dollar is moving up some, currently at .8346
Dollar falls to a new low at .83305
Gold pulling back quickly further than shown here
Gold taps the high and gaps back down.
Appears to be lots of sellers at this top, but
with the dollar sinking, a spike here is not out
of the question.
Dollar sinks to .83315, currently .8348
Gold may pull back now, then move higher.
Should pause at 960 area then blast higher, or
get turned back if it doesn't move up quickly.
Bonds, Dow, Oil turn back up.
Dollar slipping lower, currently at .8361
Euro and Yen moving up again
Very tentative moves higher, but it will soon
move up what with all the other markets
moving in directions positive to gold.
The guv'mint can't let gold go to the moon even
though their every action, like yesterday, makes