trades, week beginning 15-Jun, page-3

As discussed on 13-Jun, my NCM long entry on that date was not based on the NCM chart, but based on the Gold chart and the increasing tension with ISIS/ISIL, etc. I figured that with NCM being in a sideways move the sp had to break up or down. Hence, with the uptick in Gold on 13-Jun as shown in the chart below, I concluded that last Friday was my time to buy NCM. Not that I thought of it at the time, but the NCM trade fits in with the 50% retrace approach as well.

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Gold is down to 1272 overnight. Hence, glad that I closed my NCM long trade yesterday, and it will be interesting to see what NCM’s sp does today.

FMG recovered intraday yesterday with the news that FMG is buying a few boats. However, with the arse falling out of the iron ore price yesterday, as expressed by the MacroBusiness blogger, I expect that FMG could be hammered again today. The MacroBusiness blogger is so pessimistic on iron ore it is comical.

I attended DV’s  A …B … C (or something like that) seminar in 2006, but only the one hour introductory seminar. Interesting concept, but imo requires very wide stops in case you get the sp direction wrong in the short term. That is, wider stops than my risk tolerance will permit. Hence, I am not one of David’s disciples either.