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Thursday, October 18, 2012

20121018-1

GC
Open:
Short 1 @ 1741.5, short 1 @ 1741.6. Gold Rush, gold was down 11, missed the first rush trade. Order was at 1741.8, 3 and 2 ticks slippage. Targets 20 and 50 ticks, stop loss 30 ticks, 10m before news. 

Close:
1st: Cover 1 @ 1741.4. It had a volume spike at +10 ticks, couldn't take profits at that level, was moving too fast, it came back to break-even, decided to take 1 contract off, 8 ticks heat.  Stop loss remains for now, it's at exactly the high of the retracement from the missed gold rush. 
It spiked down 1m before the news with high volume, the news turned out to be bad, the indices dipped, gold spiked up with double the volume than previous volume spikes (2000+).
2nd: Cover 1 @ 1742.3. It was unclear what was going on, and the last 2 60m bars had both retraced 50%, decided to take a small loss and close out the trade. This type of trades should be high energy trades, this was not what it should be doing. 

2 contracts -$60 gross, -$73.88 net.