TOOK THE MONEY
I exited the Silver trade where indicated here for the profit it shows. The $4200 is a gain, the brackets obviously do not indicate a loss, they just surround the amount. Genesis has a tool that shows dollar amounts from different data points and puts them in parenthesis for viewing. Since we were holding the recent pivot point and had 3 good days down I decided to take the money on this one and lay in wait for a bounce. We can't get really going on the downside until that pivot point goes. It could happen any day, but as I stated previously, as bearish as I am on this market and the metals as a whole, the uptrend is still intact. I would have held this trade more aggressively had that pivot gone today. It did test it repeatedly and quite frankly my exit here was lousy. I had an hour or two to get out $1000 per contract better and got too darn greedy. I am now looking for a bounce to short again. Copper has a extremely bearish COT position with very heavy commercial shorts, so maybe that one will set something up. I do have short term buys here if todays highs go tomorrow which in Gold has already happened as I type this, so maybe that bounce will come right away?
All in all still a good trade, so time to move on. The sell order I had for the SP 500 today did not get filled and we wound up with an inside day with a down close which is not a good sell pattern for me, so I do not have anything there tomorrow. We could still get a short entry in stocks this week depending on what happens the next few days. As I have stated, I do not expect a major dip before years end, but you never know. If the setup shows up I will take the trade. The dollar and what it does the next few days, will determine quite a few other setups for me. First the dollar itself I will be buying on any pullback now. I will also short a currency or two which essentially is the same trade in inverse fashion.
Notice how the downtrend has broken in every way here for the Dollar Index, this puts me in buy the pullback mode. It also puts me in hope mode that this does not just run away from me. I have stated in here many times, this is the short squeeze of all time waiting to happen, and it is not far from triggerring a ton of stops. We are still technically although it is not shown here, in weekly resistance areas so maybe we get a dip here to give me the setup for a long. The currencies are basically mirror images of this. I am not sure which one I will play on the next trade but likely not the Euro. The reason for this is due to the weighting of the Dollar Index, the Euro is essentially the mirror image of it. I want a little less correlation amongst different trades. The Pound as I have highlighted in here is a very weak currency, so that is where I will look first.