This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Monday, June 20, 2005
The Dow lost 12 points on average volume today. Advance/declines were negative. I was away for most of the trading day today. Options have just expired so I was able to get away. Gold did not move today but the XAU lost a point and a half. I am going to look to get long gold again. There is a gap to fill within the next 2 points on the XAU and I will get long there when that happens. And if it happens. There are head and shoulders bottoms on some of the gold shares that I follow. The volume patterns are consistent with that. We have disconnected with the dollar. I will determine the measuring objectives tonight and place the orders accordingly. I truly believe that these trades will be successful. 4 weeks and counting. I'd like to see a pullback in the metal itself for it too is overbought. We'll see. Mentally I'm doing OK. I can only control things that have to do with me. Other people will do what they do. How I react to situations is the key. There really isn't much I can do about how other people think. My mind is back on track for trading. Perhaps the latest winning trade has something to do with that. But I can't beat myself up over things that I cannot control. My mind got lost for a little while and I was surprised when I had those feelings again. It had been such a long time, I really wasn't prepared or expecting anything like that. But I guess it's over now. I will say today I realized how lucky I am to be able to successfully trade out of my living room instead of going to a job that I despise or have to work hard at. I am very thankful and fortunate to have the ability that I have. I work hard at what I do but to be able to do it is truly amazing. Again I am thankful for what I've got.
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