I am long Gold/Plat/Copper. If we have not made a bottom in them, we are very close.
Today it looks like the US$ is breaking out to the upside so I just bought a Sept USD index.
I think that the metals can go up with the Dollar, but I like the reduced risk of this trade
with my metals holdings.
Oil should break $60. I F* up getting out of my short call but I did made some money so what ever. need to move on. Do not have enough money to also trade oil at this time anyway.
there is a good chance this is a fake out in the USD. If so my metals trades will really do well.
Anyway I will tell you my trade and let the dice fall where ever they will. \
Long Sept USD at 93.41. Stop at 93.15
Thanks for sharing the information about your trades Richard.....but let's hope that it isn't pure luck that makes you a profit.
I know you are just trying to be friendly and nothing more, but I had very good reasons for buying copper when I did and I feel that the news follows the price, NOT the other way around. My copper trade was not luck.
I also stated clearly the SnP was also about to explode up and it went up from 2733.75 on closing of June 1 to 2789.0 on my screen right now. That is 55 points in 7 trading days. If copper went up but S&P did not, then maybe you can say it was luck but that is not what happened. We were in a tight triangle in copper and broke it to the upside.
Just to be clear, I do not have enormous faith in the USD trade. It is more of a put against my metals position and hope that I get stopped out and the metals rally after the fed announcement.
After reading my statement over, I realized that it was probably misleading.
I use this terminology all the time with my chess players. I never tell them "good luck" instead it's "don't use luck, use skill"
In the previous post I was trying to downplay the luck part because I know that you have skill but the verbiage did not make it sound that way.
But I was also trying to be friendly.
I know you were, it's all good.
I can't figure why silver is range bound. No inflation
Ok, I did get some LUCK here. My stop was at 93.15 and the low was 93.165. OMG I survived. I got out at 93.52 with a 0.10 profit and was happy.
I'll try to have some charts later today
Oh boy is the USD doing some moving the past couple days. Closing above resistance, breaking down, going back up, breaking down to new lows, then going back up to new recent highs. I am o happy I got out with a tinny profit. I would never have been able to successfully trade it with this type of Vol. I have traded markets with lots of vol before but not this market.
Copper is pissing me off. Still in there from a great lower prices but with the SnP up the way it is, I would have expected copper to not be down so much.
Money supply comes out later today. Will try and update that.