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TFC Commodity Trading Forum

Re: Trades - Gold / Silverbear
In Response To: Re: Trades - Gold / Silverbear ()

Well I agree. I recall you mentioning you basically focus on Crude. That made me remember a commodity trader I'd read about years ago who had a solid long term track record and taught trading techniques. He said to never track and trade anymore than 3 commodities maximum. He said when you focus on 1 to 3 markets you get to not only know them but can actually feel the momentum back and forth and have a much better sense of their movement and character. That is true enough when you think about a market you track consistently for a long time. That has always haunted me as with all the markets possible to trade today I do find myself all over the place. Especially with the scanning software that hunts for picks and finds sometimes 100 picks with a scan. So I add more requirements to the scan to drop the picks down to a handful but the problem is they are always different of course and you do not have a 'feel' for the character of those markets as you aren't familiar with them. Too many choices. You can end up like a kid in a candy store and when you leave most of the stuff you bought isn't what you really wanted in the 1st place,lol. So I'm focusing on Gold and the double Gold ETF:DGP with the leverage which isn't extreme. Also the Gold stock ETFs GDX and GDXJ. I guess you noticed the double bear Oil and Gas ETF:DUG is sitting right on $25 support today. But it has tagged that support line a few too many times for comfort. So I'll concentrate on the Gold trade. I was very pissed off missing the double bear ETF:DUST on the Gold pullback. But this Symmetrical Triangle will breakout or breakdown and I "WILL" be on board wherever it wishes to go. Odds favor the upside. Sure would like to see price tag that 150ema 1st as I prefer to buy solid support rather than breakouts that often fail. Chasing price can be costly. As far as a date goes I'd rather have one that doesn't see me as a handy,helpful uncle type of thing. A little more upside to a relationship would be nice instead.