New Short Positions

Great trade!  I realised this morning I made a mistake as I didn't have any stop entry orders in place so missed the trade.  Psychology and emotions hazing my view again.  I would like to be more aware of these biases as they arise rather than on reflection.  It's back to the "Trading in the zone " book for me.  😀

Paul I am interested in why you set these entry points just above or on the support lines rather than under them.  For gold, I had the support line at 1205 - 1207 and for silver at 15.05 - 15.20.

It had to do with the candle patterns Alan, and what has happened on the previous step down patterns. I'm not sure what the actual prices were... maybe they were 1211 and 15.27 at the time... but my sense was that if they were to revisit the lows yet again... action would do so with energy just as it had done with the previous step downs.

I also had stop entries for longs in as well just in case Gold broke upwards with energy

OK, thanks - the value of experience!

I am in shorts at 1193 and 15.03.

Ok, let's see if there is any energy left in these movements... 

I don't have a bottom in mind for silver... however for Gold... I'm looking around the 1180/5 level.

Added shorts in Gold at 1190

Great movement overnight.  Hows that silver candle? Fantastic 

Are you participating Nathan?

Wonder what happened to the "potential" short squeeze set up?

Nice going Alan

Nathan... if the speculators were net short... and the commercials net long... does this count for a win for the speculators?
And has this changed the positioning in the recent CoT report?

Added to my short positions at 1174 and 14.44.

I closed on open and will now look for a possible re-entry opportunity. My decision was made because volume didn't support last night's candles in G&S.

Thanks, will keep an eye on it!

Howdy.

Paul -   Yes that seems to be the case. Its unusual to think the speculators might be the winners here! The speculators are in profit but its still unrealised.  Ted Butler estimates the money funds are collectively up about 950 million . The question is will they convert it to realised profits.  According to Butler they were in a similar situation in 2016 but on the long side at price tops.  They had about 4 billion in unrealised profits but lost most of it all again on the price decline.   The commercials are mixed at the moment. The top four have actually cashed in much of their shorts already. JPMorgan has only 20k shorts which is very low.  Some of the commercials are heavy long.  If the price drops more they might sell out and push price further down.  The CoT report structure remains very bullish.  Gold is at record levels now.  With the recent price drop in silver I imagine it is pretty much the same in there too. We won't see last nights effect on the CoT report until next Friday.  Some say its deliberate so we can't track it as clearly!  
Alan - No I'm not in.  I've added a couple of psychological criteria to the checklist and I wasn't able to fulfil those satisfactorily to enter the market!