If you spent months/years developing your own trading rules (or days stealing someone else’s) then you know that they are mainly designed to protect you from yourself. For we have met the enemy and it is us. Assuming your rules offer a demonstrable edge you are usually happy to have them. But then there are days when you will be forced to watch a few good ones get away from you. Of course I’m talking about COMEX gold and silver which both painted a beautiful inside day yesterday:
Nice entry there at 1603.6 on gold immediately followed by lavish fireworks launched one day early.
And of course silver isn’t far behind – entry at 27.605 and currently due for second stage booster separation near 28.3.
All fine and dandy except that the Mole didn’t take it, much to his chagrin. If you recall – due to the long preceding green/white candle on both contracts I was primarily looking for a downside entry here. So if you took a long entry then congrats, but be advised that the odds on continuation setups like these are lower. And for me discipline always trumps easy profits – a policy that has served me well over the years.
Alright, it’s only a half a session today and most of you rats seem to be MIA, so I will call it a day and crack open a cold one myself. If I see some activity on Thursday I’ll be sure to chime in. Assuming the tape has a pulse that is.
Until then I wish you all a very relaxing and enjoyable Independence Day! Spend it with your loved ones and forget about the market for a few days.