This week has been another frustrating week. Gold and silver fell slowly over the first few trading days, to the point that I was hopeful it will trigger the closing of my remaining silver trade and the taking of profit for one of my gold trades. Unfortunately just before they hit the finishing line, the metals reversed and shot up.
Likewise for GBP/USD, the pair fell to nearly 1.26, where the first trade of my new grade was about to open. It subsequently did a u-turn and there were no trades again. Extremely annoying as all my planned trades were repeatedly close to their trigger points yet always failed to execute anything for 3 consecutive weeks.
It seems like gold has been consistently in the 2300 to 2370 range the past 3 weeks, hence I am likely to make certain adjustments to trade within this range, while keeping the overall grid intact. I will not go in with too many trades within this range in the event it suddenly goes against my direction.
My DOT/USD trades are doing slightly better as the cyrpto-currency seems to have gained some strength compared to the other crypto coins. While I purchased in a grid-like structure, I am not going to exit the pair so soon. There is potential for it to go much higher, and I am waiting for its pump. I may eventually hold on to this pair for a few months.
With this we have officially finished week 26 of 2024, and exactly half a year have gone by. Another half to go and there is a need for continued improvement for myself, be it in terms of trading and investing, or whether it is upskilling myself. Time waits for no one. Let us start to work hard from today onwards while there is still much time left.
Welfare pack for this week:
Download this week’s CFTC Commitment of Traders (big monies) analysis here. Do note that the statistics for last week and 2 weeks ago is repeated due to an error mentioned last week.
Read more on what is the CFTC Commitment of Traders report.
Do note that the financial markets are volatile and unpredictable. The above report is only another set of tools to help with our analysis, and by no means is a 100% indicator as to what will follow. It should be used together with other necessary research which a trader or investor should do.
