hitting a new high is significant..also as I have been saying, the pattern on GLG speaks of 2.70, sometime in future...However, I use several indicators that tell me when to dump gold, and today I dumped...
1)my fast stochastic 8 period is at 100
2)My CCI 5 period is at 146, yesterday it was at 209..
Whenever these two indicators both say the same thing, namely extremely overbought, I dump...
3)Finally the oscillators are out of order with this move on GLG..It looks to me like a trap to lure people into the breakout..Again, I could be wrong, since MDG moved up for days when it was overbought...
We all have our trading rules...Since I have become highly disciplined in trading, I have been doing exceptionally well..Below are the 10 Commandments of the Trader by Borsellino..
1)Trade for success not money
2)Discipline
3)Know yourself(this one took me a while)
4)Lose your ego(only the humble survive)
5)Hoping, Wishing, Praying(none of these, only the cold hard reality of the market)
6)Let your profits run, cut your losses quickly
7)Know when to trade, when to wait
8)Love your losers like you love your winners(restudy your analysis, find out what you did wrong)
9)Three losing trades in a row(take a break)
10)The unbreakable rule(don't violate the commandments) |
