S&P TSX Global Gold Index:
The chart outlines pretty much the head space for the trades.
The opening was the most interesting part and it was the part that I managed to miss almost altogether. The three points that I started with yesterday apply today, as they almost do every day. This time the opening price was within pennies of the closing price which means that all of the moving averages were valid right off the start. Also the price was really just continuing yesterday's activity as the overnight was almost seamless with this morning...other than the morning volatility.
Given the start my plan going in was to catch the price as it bounced off of the 200sma the very first time, volatility is my freind at times like those, I was tied up with other issues and was not even there beyond the first minute, just enough to see the open.
10 minutes in the price peaked at the convergence of today's pivot point, yesterday's opening price and the 200sma...my kind of entry point as the price started to head down. Target was S1 but would hold with a smallish stop to see if it headed farther, target two was the low and I would have bailed at that point as I did not expect a trending day. Perhaps a 15 cent move in HGD.
Trades that I did take were 12 cents, (-4) cents and 12 cents. The second was not well thought out.
Jeff.
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