Thankfully someone finally rang the bell. Its been an unpleasant day, ending an unpleasant week which continues on from a difficult month. We’re doing our best to repeat our US performance of giving back all open profits made before Xmas. The chop of the markets within this larger degree wave-(4) is unrelenting. It’s said that one should never trade during a wave-(4) – now we know why. However, as uncomfortable as it may be, we’re keeping risk low, keeping a longer term outlook and understanding that the good must be taken with this type of bad.
LGL was never looking comfortable from the get go and today we finally put that one to rest by being stopped out. As strange as this may sound I’m relieved not being short Gold, especially after last night. Last night was a strong signal. The price of Gold actually rose even though the US Indices rose which I think says something. To date Gold has been strengthening only on stock weakness. The next bull might be right here and now.
Trades today:
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Account staements as at COB:
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I need a beer…
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