OML @ 7.50 is a screaming buy I bought at 7.50 and have orders in at 7.00 and at 6.50. If it goes below that I will put more orders in at 6.00 at 5.50 at 5.00 at 4.50 and we will cross the lower bridge if we get there.
Here's my take: It's all in the US$ index right now. All clues for direction will come from there for the next several weeks. This applies to PMs, Gms and comodities. The US$ is in a short squeeze of epic proportions due to hedge fund liquidations and repatriation into Yen and US$. Short term the $US looks toppish and due for a pull back to its 50 day MA (79-80 right now). The pullback will be asignal for a long trade in gold, PMs and probably comodities and even the GMs. The reason I think so is that it will be sign that the liquidation pressure is easing for a while. It may be very quick so speed will be required to take advantage for a scalp on the PMs. Technically, I like GFI for a scalp but they will release poor results on WED IMO so it's risky. I'm in for a trade but plan to be out before they release their results. Beyond that - my target is 92-93 on the $US. When it turns up again I plan to be ALL out till it gets there (if it does) because everything will tank as it moves up. If it breaks above 93 and sustains then look out below for gold, comodities, PMs and GMs IMO. Just sharing my trading plan. In these markets anything can happen so it may not play out this way hence very tight stops required. Let's see what happens.
Yep, agreed. I'm keeping close watch on the EURUSD, EURJPY and USDJPY. It's amazing how they lead? I've had a beautiful run on EURUSD shorts. BUT!!! we gotta watch Wednesday with a very likely -25bps cut in the US. Any more and the cat will be among the pigeons.