I could spend the rest of the day writing in detail about the lying, cheating math whores at the Department of Unicorn & Fairy Tales [aka Bureau of Labor Statistics] in President Money Laundering’s Regime, but really what’s the point. After all, the “stats” are unreliable and totally made up, “but hey, looky here honey, the SP500 is hitting all time highs!” And bottom line is that is all that matters anymore.
How many times have I warned retail spec traders about sell stops underneath the market a tad below hourly or H4 support? And yet, again today as if market “Newbies” need another lesson in gold trading, the report triggered a vicious $20 per Oz. stop run in about 2 seconds immediately followed by an $11 rally in the ensuing minute. Good luck getting fills in this 60 second interval; may the force be with you [but I’m betting it wasn’t].
After the NFP carnage, there was only 1 trade that fit the scenarios in the manual for a long trade when the gold price is below the daily white horizontal line and before the market started to run out of time. That trade is directly below [Note: click on charts to see enlarged image if it is too small in the blog post.]
In any event, on big down days like this, where there’s news flow [today the surprising upside NFP report] that dictates trading, you have to expect few and far between trades from the long side; and any you do get are apt to be short lived due to the fact it’s a Friday, and those stuck long will take any rally to sell into to get out before the weekend. Going forward into next week, I’d be surprised if we don’t at least get a test of the 1307 level and maybe even 1300 before the week is out; I don’t think the late day selling is over, and the real nasty stops are below 1300. We’ll see, until next week …
Have a great weekend everybody!
OPEN A DEMO AND/OR LIVE ACCOUNT AT THE LMFX LINK IN THE “DOWNLOAD LINKS” SECTION OF THE WEBSITE TITLED “OPEN TRADING ACCOUNT – DO IT NOW!”
OUR LMFX GOLD TRADING PAMM WILL BE READY AS SOON AS LMFX GETS THROUGH WITH UPGRADES TO ITS PAMM SOFTWARE! WE ARE VERY CLOSE; OPEN YOUR LIVE TRADING ACCOUNT TODAY, FUND IT, AND BE READY TO PARTICIPATE!