PLEASE HELP

[#1]

I would like to know,if u holding SSF Contract,does the auto close out happen based on the closing price at the end of the day or can u close out based on a intra day high?? plz reply...

[dookie]

You only have to go into auto closeout once, even if it's for an underlying trade of 1 share, even intra-day! Sometimes, if there's lots of volatility you go in and out of auto close out and your position isn't closed out. (Maybe it's because the person watching the screen is in the loo...) but I wouldn't count on it!! You def. can be closed out intraday - happened to me yesterday afternoon while I was in the gym ;-)

[#3]

Tanx I am screwed than tommorow...Im short on goldfields...im seeing now on the NYSE,its flying....$11 = +-110...eish eish..Went short from 103..:(...

[Theater_Cat]

Just transfer more capital into trading account to prevent margin being eroded. OST can credit the funds before the market opens.

[#5]

I did that...Im covered till 122..i see its coming off now,sitting at $10.60 = 106..tell me sumtyng if NYSE closes at $10 for a GFI share does that mean we open at $10 multiply by the exchange rate??so what happens at the opening auction??

[Theater_Cat]

Take a look at "The Daily Standard" publication on this website under "Traders Daily" - the ADR's prices are converted (from which you should be able to calculate conversion). see www.wikipedia.com for definition of ADR.

[dookie]

Ouch. Getting squeezed it seems... Good luck!

[#8]

not neccessarily, but it is going to open high because of gold being as high as $910, was short on gold fields at R99 but closed at also R99 and moved long into anglo gold.. profits to take tomorrw

[SimonPB]

hold on a moment .. you're short in a geared product and you're prepared to watch the underlying move almost 20% against you .. no disrepect, but you're going to be history quick.quick ..

[#10]

No im not prepared to watch it move 20%...i wana get out today,as soon as the price eases up a bit...i was just asking as i was watching the gfi price move on the NYSE after hours...

[ian_kotze]

Take it on the chin as soon as posible cause it may get much worse!

[#12]

I know,i intend to do so...Im just gona wait for gold to ease up a bit...I see that on the NYSE the GFI share closed at 10.54..which means its gona open at 105.40...i just hope gold drops below 900 than i'll be able to close out...It was a bad move...I betted the wrong way...was finished lastnyt when it hit an intra day high OF $11.25...

[SimonPB]

how strong is the link between the US close and the SA open ?

[ian_kotze]

Do not trade on hope, and i do not think you should add fresh money to that position to keep it going till things change. Rather take that money and try to start making new money with it. omo

[#15]

candlestick intraday shows gold is on the up already at $907.3 careful boet

[#16]

Ive read that gold is heavily overbought at the moment...and a pullback is due sometime soon..that together with some profit taking ahead of the weekend,and who knows??..But what worries me is the weaker rand..might allow commodities to rally somewhat...time will tell..

[#17]

disagree i do not know where you read gold is overbought, india the world's largest importer bought 93 % less gold jan 2009 than jan 2008, the banks in india carried over stock from november and december 2008 to jan 2009, according to most TA is gold in oversupply

[ian_kotze]

So have you taken your knock allready or still hanging on?

[dookie]

Yes.. Do tell. What happened??

[#20]

I am still in the trade...I had an opportunity to close out @ 107 early friday morning,but a boker friend of mine advised me not to,when it hit a high of 114.80 I was starting to panic,but watching the performance of GFI lastnyt on the NYSE,I think theres a chance it will come down further on monday and I'll have an opportunity to pullout with minimal lose/no lose...www.kitco.com...Thats where I read that gold is way overbought..."The GLD ETFs tonnage was last seen closing in on the 845 tonne figure, having already surpassed Japan's holdings in size"..."That said, both gold and silver are now in overbought territory." Jon Nadler Senior Analyst Kitco Bullion Dealers Montreal...But honestly speaking...any1 in the market at the moment is taking a risk...for all I know..gold can hit a $1000 nxt week...or alternatively it can go back to $850...a slight rally on equities and I could make a profit on this trade...but will be watching it carefully...do you guys also share the same views on this volatility,that trading in these times can be equated to gambling??