Steady Eddy; for any new readers; is the 30 weak moving average. A few weeks ago we had a fake break below it and a break back above on the big 3% day which I tweeted about as we crossed 1285. Anywho; the second chart is the Gold to Silver ratio. My two beliefs are this; we won't get the sustained rally I'm waiting for until gold is over 1400 and the gold to silver ratio is in a confirmed down trend. (i.e. Silver outperforming gold). We are getting there. I'm an aggressive trader; so I'll take the risk of entering set ups and trades before the trend is confirmed. Stop losses and position sizing are ESSENTIAL as an aggressive trader.
And just remember, the bigger picture is suggesting much higher prices; so to see the reversal and dip buying action shouldn't come as a shock. I did book some gains and am going to be re-entering in larger size going forward.
Check the prior posts for the longer picture, to lazy to post the hyperlinks on this one.
Alright, enough of the miners/gold.
The short on the Biotechs has been playing out exceptionally well.
Everything needed for further downside is in place by what I see. I used today's morning random fucking bounce back to fill the down gap to add to my short.
When what I see goes how I see, I never have enough money or size on. #Trading #Patience
We should revisit the QQQ's and the Spoos. But I know where they are going, and it's down. I just can't even imagine what foolish dip buying could happen with those two. So for now, i'll just monitor day by day to see what kind of levels we can crack through.
Taking advantage of others fears and scooped some vol products in the premarket today. Turned out I timed that well.
Stay tuned for more, expecting more risk off tomorrow.
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