Monday, December 10, 2007

I'm Buying Gold

I posted the above chart of GLD a few days ago.. As you can see there is a symmetrical triangle taking shape. I jumped the gun today by buying gold ahead of the breakout. I think we may see a move up here in gold.. My protective stop is right below 77.00.


kk said...

Excellent call, Kevin! I longed some GLD last Friday, many thanks to you! It seems AUD/USD is catching up as well.

I wonder if you have any idea of where Shanghai Index is heading to? It ralled big in the past week and this week, seems like a bottom formed around 4800, but that's more than 20% down from the high of 6100ish, which could mean a bear market. It's a little stange that FXI didn't rally with Shanghai in the past 2 days. I am really a newbie in the financial field and learns all the best techniques from your blog. More important this is the blog that keeps strengthening my interest and confidence in TA! Could you kindly enlighten on the above question? Thank you sooooooo much!

wxman said...

Are you still buying gold? Your timing sucks..have any of your trades worked out recently? I think I will do the opposite of what you are saying.
Anyone who trades because stocks go up on the second week is not too sophisticated.

Jesse said...

Hey wxman,

That trade has worked 15 out of 16 times, not too bad in my book. Maybe you could post one of your trade ideas that has a better record than that. I doubt it though!

wxman said...

My point is that this trade is based on just happened to work this year. You might as well go gambling in Las Vegas. You may win for awhile making bets like this but at some point you will get crushed because there is no logic to it..its based on nothing. Fundamentals always trump technicals..and the fundamentals much more bad news do investors about being in denial.


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