Wednesday, November 3, 2010
Gold & CAD
From the way gold is trading I have to think that we are closer to a top than a bottom. The Gap fill was completed and the market reacted by selling off quite significantly. Basically, you're 50 points risk to the upside and 100 plus to the downside... I like the R:R here on the short side. The other possibility is that this becomes one gigantic wedge break to the upside.... lol.
Same with the CAD. I will attempt a short in the next 24 to 48 hours up into resistance on both commodities.
*EDIT* short starters in Gold and CAD - 1357 and 0,9920 resp.
*EDIT* This is why you never go all in at one spot. Took a small loss on my GC contracts and my CAD futures positions. No bid deal. At least we now know what we're playing with. It's interesting that this is all taking place before the open... Could see a massive fade.