Gold is running ferociously, and besides the Gold stash in my “passive investment” portfolio, I am also taking some Gold trades together with my students.
If Gold successfully clears the resistance, the next level to watch out for is $1400, which is where we have set our sights for the near future.
We will continue to trail our stops and lock in more profit along the way.
Hands-free trading FTW! 😀
Our monthly hands-on workshop session on stocks and forex was less packed last night, as both new and old traders gathered to discussion our latest hits & misses in the market, and to find new trading opportunities.
For those who missed it, we have posted all the best trades discussed in the Synapse Network forum.
We look forward to seeing all of you at our Synapse Program 2 full-day intensive training course this weekend. Those who want to join last minute, please drop us an email latest by today, at info@synapsetrading.com.
We will be revealing several new big projects coming up, which will benefit both my new and old students, including a collaboration with Share Investor. Stay tuned!
The S&P 500 has broke new highs, and is likely to have a pullback before climbing further. This means that stock investors are still bullish on this market for the medium-term, and traders should not short till there are more signs.
The STI is also pretty strong, exceeding my expectations of a pullback. As a trader, the correct mindset to adopt is that the market is always right, so even if I was expecting it to drop, I must always be prepared for the exact opposite to occur, and act profitably on it.
As mentioned in some previous posts, the commodity counters are extremely strong, and I will continue holding on till I see signs of weakness. My short counters like YZJ and SembMar are still in the money, and I have shifted my SL to breakeven, so I am not too worried even if the STI continues its strong move up.
Looking at the chart below, if the STI clears the selling zone (circled in red), we have to take one step back and see the bigger picture, which is a large rectangular range. If we were to consider the recent breakout as a bullish flag breakout, we could see the STI surging all the way to the 3240 level.
Instead of trying to predict the market, I am ready to trade on both sides. As my mentor used to tell me, “trade what you see, not what you think.” Good luck!
Placed some trades before heading off for my afternoon tennis session. 😀
Ending the week off with my last 2 positions, netting another $779.52 to tabulate my results for the month. My previous winning streak of 15 trades was killed when I got stopped out on my short-term Gold trade.
Looking forward to another exciting week ahead!
