I see we just get rid of gold in loss, possibly my fear on gold trend is shared
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From a former Viper follower: I really like how SC closes in loss some weak positions when he has good a day with lot of profits, and reduces the risk. Thumbs up also for the daily profit average, it is just perfect in terms of risk vs return.
I wonder what is the plan for gold and the oldest audcad position, do we wait for a change in the market or we expect partial closures?
Thanks
Paolo
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Nice Euro action this week - Thank you Renzi and Draghi.
With AUDCAD I'm being patient in my approach and don't mind how things have progressed. I think it's going to end up paying nicely this way and feel comfortable with it even if it takes a little longer. The original position will be partially closed at a loss in 2 or more sections but it will be more than paid for at each stage from other AUDCAD trades. It's overall positioning now is such that it can pay for it's own exits and maintain profitability.
Gold is longer term and I have no reason to close any at a loss at this point. I'm fine playing the broader range and will reassess as we go.
Cheers
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Today Gold hit a significant level I've been watching for on the extension of rate hike inspired USD strength. Quite a move in the last 6 weeks and now 68% of the year's range just since the November election. I was comfortable with the original entry because of some solid long term developments and structuring. My thinking was that all things considered it was worth a shot and even in the event of an unforeseen strong move down there was enough favourable things that it could be managed.
That scenario has now become reality. I'm adjusting my management of this position to be able to roll out of the higher priced positions meaning that some will be strategically closed at a loss at some point. I may go long or short on shorter time frames but the positioning in Gold will likely last for a while.
Two things appear very clear at this point. First there will be a nice playable move up at some point soon in Gold. In fact the farther down it stretches in the immediate future the stronger the reaction will be, especially moves that setup during the lower liquidity last few weeks of the year. Second, USD strength is certain to have at least one good solid run or re-test in the new year which means a downside move or re-test in Gold is very likely.
I still believe that both Gold bulls and bears are in for disappointments as I think Gold will stick to a broad range and false breakouts for a while instead of strong breakout trends. This to me is a playable environment and despite the recent volatility I'm comfortable managing it. I fully expect to be profitable in this position overall even if it feels slow compared to other FX trading.
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