Trades for March 31, 2015
(Click on charts to enlarge entries/exits)
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NUGT LONG
(Click on charts to enlarge entries/exits)
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NUGT LONG
Only took one trade today in the morning, didn't make any money on it but didn't take any losses either. What I did gain was some good knowledge, and for free.
I was looking to long NUGT after the open is response to the gold bounce in premarket. I pulled up the chart for the last few days and saw an obvious pivot around 10:
I was looking to long NUGT after the open is response to the gold bounce in premarket. I pulled up the chart for the last few days and saw an obvious pivot around 10:
I made a plan to short it around here. It rocketed up there and began to stall, in response I took a short position. I took it off soon after at it didn't go in my favor at all. It held the highs and didn't have any red candles. It then had a mini ABCD and ripped through the highs and didn't look back for the rest of the day.
Lessons:
Respect stops. I did a good job of taking it off when it didn't go in my favor. If it did, I could have added to the position.
ETFs are too advanced for me I think, they behave differently and respond to futures in very volatile moves. I will stay away from them for now.
Be careful shorting something going straight up. This was a parabolic short I took on, something that is really advanced and I shouldn't be dabbling in.
Lessons:
Respect stops. I did a good job of taking it off when it didn't go in my favor. If it did, I could have added to the position.
ETFs are too advanced for me I think, they behave differently and respond to futures in very volatile moves. I will stay away from them for now.
Be careful shorting something going straight up. This was a parabolic short I took on, something that is really advanced and I shouldn't be dabbling in.
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