Monday, March 31, 2008

Experimental account

Note: this is in my experimental account, not a usual part of my strategy. As previously stated I normally only look to swing trade shares.

Short 27oz gold.
13oz @ 929.5. Stop-loss @ 934.58
Another 13oz @ 925.3. Stop-loss @ 927.96.


Reasons:
Technical:
30min channel breakdown.
Added to position on further breakdown past support level.
Speculative chart, strong bullish sentiment on forums as well as general media, over-hyped.
Inflation could be a serious matter in regards to price, but not when everyone is talking about it(meaning it is likely that the chart is overcompensating for these risks, and therefore could be "overpriced" if you want to call it that)















Bad chart I know.... first green line was initial stop. blue lines are first and secondary entry. second green line is the re-adjusted stop. I'm always on the look out, if this chart continues working how I like it and offers another entry I may add again with half profits as risk capital.

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