This morning I am humbled by this explosive move in Gold prices. As my alarm went off this morning, I knew I would have to face the music.
There would be feces cast about, comments made about family members and the size of genetalia….this I would have to endure being positioned against a highly sophisticated crowd of hamburger flippers, Walmart greeters, convenience store clerks and custodial arts workers.
Do your worst. Today I am prepared for all things.
lol.
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Lol It is what it is.
Phil- don’t forget to post your sale. It’s not a win ’till you book a gain.
And dont forget, it’s possible for everyone to win if our timeframes are not the same.
I’ll add my last piece of DGLD whenever i get to a computer.
P.s. $wfc under $50, taking a look
9000 Jun 55 calls went off today. I have to piggy back that. Those are a pretty nice price you think?
OA has his misses, like anyone. The moral of the story for me anyway is to keep your position sizes in check. The fact that he can shake it off and keep going after being wrong in such a high conviction trade is testament to his discipline in position size. Some day I will learn this. I hope.
I suppose it’s easy to be all gentlemanly when I’ve been balls deep in GLD, GDXJ and GG for a week or two. Got here with a single sized position split three ways.
OK, HERE’S WHERE EVERYONE SAYS THEY’RE LONG GOLD SINCE BEFORE THE MOVE.
THE TREND IS STILL MY FRIEND, I’M NOT SELLING UNTIL THE PARABOLIC MOVE UP.
.
I just read how Gold has the “Mother of All Bullish Patterns” and this parabolic move sounds like it’s going to be HUGE!!! I don’t have a position yet… is there still room for me to buy with the other 80+% of bulls riding this train?!?!?
GOLD BUGS ARE TERRIBLE AT TRADING GOLD, THEY SIT ON THEIR BLOGS ALL DAY POSTING CHARTS, BUY SELL BUY SELL SO I DON’T KNOW WHERE YOUR 80%+ COMES FROM.
The 80% comes from CFTC futures contract positioning reports and any decent sized sentiment poll I can find… Also, if you truly think that it’s the likes of Peter Schiff and others “bugs” like him that is pushing prices higher here then you truly are ignorant of who your allies are in this trade. It stopped being about the bugs a while ago…..
Are you kidding me? Gold bugs show charts of how cheap gold is and when it goes up they tell you it will never stop going up.
To goldbugs, gold is always on sale. It’s like walking into a JC Pennys and everything is on sale all the time. Well, it may look like it’s on sale, but it may have been marked up in price just so they can put it on sale…
Thanks for playing, OA. All I ask is you let this sink in a bit. Enjoy your weekend.
https://www.youtube.com/watch?v=Gx6xnVQuFzw
(hat tip as I walk away)
(mouths “eat a dick Phil” as you walk past)
You must be a another DGLD buyer at $46…LOL
No position, I’m just 100% certain you are a massive loser IRL (who eats dicks).
You people suck at insults.
Myself included?
So Lael Brainard just came out with lets not hike rate’s for a while. The freedom caucus just started their own “tax cuts” which means you won’t be getting them. A catagory 5 hurricane is barreling into florida with two behind them. North Korea is going to fire another missile friday night followed by another h-bomb shortly then war. I’m going out on a limb here the North Korean war will be like bush’s iraq a nice distraction. The debt ceiling got kicked down the road 3 months. We still have the possibility of a government shutdown sept 29th. Stocks still flirting with all time highs. Every techinition worth his weight is saying buy stocks saying wait for the face ripper in the usd. Call me crazy I just see a mess over the next couple of weeks before I’d consider gold giving back any gains. Maybe a hawkish fed but on what they’re already saying they have no core pce inflation so no rate hikes. So a dovish fed in my eyes would = gold above that 1372 level and dollar going lower. Idk I just like a short in es for the rest of sept with it flirting at the highs here. Sometimes the crowd gets it right but what I don’t see if a real face ripper in stocks that will blow me out of the water.
regarding DGLD ,, in fairness ,,its a longer term commons position, stated as such a few times, bought in stages, I followed and still in it…down a whopping 2.4% whats the fuss all about,,,but entertaining to read, the turn will happen. if you’re gonna bitch him out,, lets make it about something more Bigly
XLF is a buy here
Gold tanks from here
MASSIVE CALL VOLUMES IN BANKS TODAY
Retard $$. Again, look at the charts.
http://schrts.co/w6EQ4B
man how’s the retard $ doing now
Are you still long on China?
Yes, bought MOMO today might take NTES too.
WB. Yuge. BABA not so much
With MU and X ima dancin
What’s the WB/BABA reference?
YY and XIV with uvxy puts wild market today
Just a question on the DGLD position, how are you planning on combating decay on a 3x inverse ETF? If you don’t catch the bottom, you’re nuclear-ly fucked. Never used these for long term positions.
Point out on any time frame where this instrument has decayed excessively in value.
If you look at the return from Dec 2016 until today GLD has lost .25% and DGLD has lost 4.08%. DGLD would’ve been massively profitable within certain weeks, but ultimately boosts the risk profile significantly if held over a long period of time.
Measure each swing from high to low. The performance is there.
Also, that performance discrepancy is massive? Am I really “nuclear-ly fucked?” Or are you stupid?
So if you hold it for a year and GLD decreases .25% like you predict, and your return is -4.08%, how is this a long term tool? And I guess you’re only smart on this blog if you talk about stuffing dicks in mouths. Got it.
WHO IN THE FUCK IS HOLDING GOLD FOR A YEAR? WHY AM I IN A CROWDED ROOM FULL OF FUCKING RETARDS AND DICKS? WHO THE FUCK ARE YOU AND WHY DON’T YOU ATTAIN KNOWLEDGE PRIOR TO SPEAKING?
And that’s just a quarter of a percent, had gold risen 1%, you’d be nuclear-ly fucked if you were employed somewhere that returns actually mattered.
Because it was YOU who started the DICK talk. Are you mental or just seeing red because you got SKULL FUCKED this week as predicted by the simple to read charts that shows the silver and gold breakouts?
Try original content. It’s funnier. If you recycle my prior day creativity, it dumbs down the dialogue. Gotta think for you guys too.
Good point, Dinklage.
#behumblesitdown
You, sir, are correct. Be careful posing a question to OA for he may be hard to understand today. He does have FIVE PETER NORTH DICKS in his mouth, after all 🙂
Thanks Phil, at least someone on this blog has a clue.
Phil, you will let us all know when you’ve booked those gains in your paper account?
Sounds like yet another DGLD bag holder from $46.00. I posted charts last week for all to see…apparently, quite a lot of you “Ain’t too bright”.
#skullfuckery
Phil I have no position, I’m just here for the entertainment when I need a break at work.
Just announce when you close ur position or else you lose all credibility. Stop dodging the question
I wouldn’t want to lose any credibility with “beecho”. LOL
Are you guys for real here? WOW
Pretty sure you have zero credibility here. HAHAHA. Is this guy for real???
Because I’m feeling extra generous on a day like today where SLV call options are up 44% as I type, I give you all…DWT. Take a gander. It’s getting close. You’re welcome.
CMCM?
Jesus… when an asset class goes to a top everybody really is a fucking genius…
No, the “genius” part of it is when someone identifies another UPSWING BEFORE IT HAPPENS (see my posts and charts on Friday of last week predicting where SLV and GLD was headed). You cult followers are really something else. Constantly trying so desperately to spin things in a way that makes OA look good.
Sorry…it’s all in print for all to see as to how things played out. Game. Set. Match. Thanks for playing.
You fucking liar. Gold has been trending for a month. Shut the fuck up about “before it happened.” You followed a trend, and offered confidence about why it would continue. You didn’t predict anything.
Oh I see. You mean I did not predict that this week would be another UP WEEK for SLV and GLD? I did not predict that those buying DGLD would be able to buy it cheaper this week? My my…your EGO has indeed got the best of you and you can’t stand the fact that you were bitch slapped for all of your cult followers to see. GO BACK AND READ ALL OF MY POSTS, SUNSHINE.
#skullfuckery
Phil, 1) First off, how can you have called game on me when I haven’t even entered my short yet? 2) The “UPSWING” happened in July. The current leg started TWO Fridays ago. 3) I didn’t “spin” shit.. unlike you keep spinning Peter and dick references off your lips and finger tips (I guess that’s where you’re comfortable having them…) 4) And I’m not “cult” anything.. just enjoying watching your cockiness grow as others join in with you.. cause that will lead the “SWING” I’m looking for.
I guess “NNNUUUGGGTTTT” has been replaced by Peter North references this time around… this is gonna be good!!
Pipe down, champ. I was responding to OA when he called bullshit that I called for higher SLV and GLD for THIS WEEK. He called for a “five dick in my mouth” severe selloff and I called for higher prices based on the charts I posted. End of story. You fucking twits can try and spin that until the cows come home. Fact is, it’s all in print.
Have a great evening 🙂
No champ, you responded directly to my post… so you responded to me… you fucking twit.
I mismanaged the exit in Jun2017 Wells calls terribly. I shall not do the same with Jun2018 $WFC which I bought today.
Also finished my $DGLD position today, for an average cost of $41.38.
“Also finished my $DGLD position today, for an average cost of $41.38”
Tsk tsk tsk…
Meh…on my last two follows my $SMH calls are up way more than my $GLD puts are down. All the haters need to stop throwing their entire account into one call.
Humble brag…my timing usually sucks but I fucking bottom ticked $XOM
https://www.youtube.com/watch?v=VIXOOwthtaE
Cocksucker!
SLV – how’d ya like that close, punks? Can you say SQUEEEEEEEEEEEEZE
http://schrts.co/8gmPHQ
R2 on deck
Dollar new 52 week lows…sorry guys
http://schrts.co/T1PWPS
What previous OA blind follow did you get burned on?
Did you not roll your $SNAP profits like the rest of us?
WTF are you talking about? Boy, the OA cult following sure are THICK…LOL
No reason to hate if you’ve never been burned
A trade position in common stock for most of the guys who read this blog is a couple thousand bucks (different from an investment position). Maybe a few bought $5 or $10 grand worth of $DGLD. Gold moved 0.8% today. I bought 30 shares for $43.58 as my initial position (a small trade position). But watching the ridiculousness on here last week induced me to take a Yuge trade position for me, which is an additional 107 shares for $40.40 (actually $40.32 before comissions). So I’ve got 137 shares now and my average cost basis is $41.09/share. I’m down a whopping $218. I made back more than that on a trade in MRVL calls today that I got off OA. I really have no opinion on gold whatsoever, other than it will be fun to come back here and gloat about a double in this thing, should that come to pass. Should it turn into a loss of a few thousand it was worth it to watch a bunch of assholes waste time in the comments section for days on end agonizing about a single position, tick for tick, while bigger and better things are happening around us every day.
Any trade less than 50k is a waste of time. You’ll get eaten up by commissions, taxes, short sales, wash sales, it just isn’t worth it.
But you’ll figure that out after trading a while.
B-I-N-G-O 🙂
LOL. Love it 🙂
I’ve been doing this for 12 years (although not very experienced with options). And humbly not unsatisfied with results. Interactive Brokers charges a buck per trade. Granted, that’s not where I bought most of the DGLD. To each his own but I don’t like to take concentrated positions in anything. Not my style. Due respect to those with more confidence than me or the multi-millionaires among us, but no one will ever convince me to bet $50k one way or the other in a swing trade involving a pet rock.
Pretty crystal clear here too. “Volume profile” isn’t everything, kids.
http://marketchess.com/2017/09/05/gold-back-online
So you are the same guy? Ragnar?
Fucking hilarious.
Sorry to disappoint, but not “ragnar”. Did you not see MC’s chart either? Heck, if you went on Stocktwits for crying out loud you would have seen the many charts showing the major TL break amongst other bullish patterns. Like I said on Friday, the DGLD purchase was a real head scratcher given the breakout earlier in the week.
Look, you got one wrong. it’s no big deal. Everything would have simply drifted away had you not turned a mere difference of opinion to a cocks being stuffed in mouth and skull fucking banter. In return, you get a taste of your own medicine when proven wrong.
I will be closing out my SLV calls tomorrow and positioning in other setups. Good day, sir.
Lol
Indeud 😉
Phil if you paid attention at all you would realize that most of the people commenting are not OA apologists. You mean to tell me Gatorsun, Beechoo or myself are OA apologists? Have you paid attention to this blog at all or just randomly showed up last week?
Just passing through, friend. Enjoy your weekend
TSLA is giving me the tinglies here.
Kicking myself for being away from my computer this morning. Wanted next week when it opened flat, but by the time I got to a computer it was gone.
https://www.thestreet.com/story/14295643/1/how-to-trade-the-gold-breakout-while-everyone-fawns-over-cryptocurrenies.html
This person on s.t. has been nailing the move in gold for a while. He is still very bullish here. Awesome charts.
https://stocktwits.com/Mastertrader_Consultant
Shorting SWKS into the semi break out.
Apple needs to break 160 and head back down to 155 support.
Opinions anyone?
That trade was on Monday. We highlighted it on Friday. You’re now $5 off the highs and within $1-2 of balance. Seems ill timed.
I don’t recall that. In after hours?
Yep, after last weeks breakout we talked about the retest happening this week and adding longer dated options while holding short dated.
Being so close to balance, why short?
Failed breakout? Reverse leg sweep ?
Really?
No not really.
I missed the convo in AO. I Thought I was a loan wolf
But we trade this same set up each day of each week of each month of each year. Guess I was just surprised to hear puts after a move lower.
Goddammit. Did Phil nail DWT as well??
That’s true. But I feel like everybody and their brother is on the semi trade. And I wanted to short SWKS into Apple weakness. The trade seems right to me I took it a couple days ago
Maybe the boat too heavy. Maybe price discovery took to long
lol, what’s the cutoff time for that?
Jeff – $UCTT ….nice position
watching NVDA Oct 6 167.50 – thoughts?
Went long with $FFIV, $ORN, $ICON today before the close.
$FFIV has slowed to a trickle, ATR on the floor, no momentum- left for dead.
I love trying to pick shit up off the floor ($ORN & $ICON)- that is until those times I go Slumdog Millionaire down the hole and into the slop (here’s to you $CBI !)…
Hey, Phil — honest question here. What’s your timeframe, and when do you plan to exit? As some others have mentioned, please mention your exit when you get out.
Looking at what gold is doing now – we know Phil covered before the close on Friday. That said – sarcasm aside – since he has posted what seems like hundreds of times since he started posting – maybe there really is a post amongst the blog post addiction mess in which he did mention he covered.
Holy $TAHO
Hope everyone but Phil is catching the ride.
Gold down, but junior mining names are setting off left and right.
I said when I was planning to sell SLV calls last week. Do your own legwork. I think the question you should be asking is what is OA’s shorter term/longer term target on DGLD? For now, GLD is holding a MA support just fine (look at the 7 day). DGLD hitting gap resistance here.
Go fuck yourself Phil.
I laid all of that out here already. I built my position into last week’s top as I set out to do. Don’t act like I didn’t put everything out there as I positioned.
Let’s talk about that in a rational manner. You “laid out” that gold would get hammered last week. That turned out to be wrong. You had also laid out that you were in DGLD for the long haul…as in week to months. Fair enough and we agreed on the difference in our timeframes. So I suppose a question for you is how do you view the short term in GLD? As in a week. Take in to account GLD is holding a short term support line just fine today.
I laid out that I was building a position into last week. This is where I expected the top to be.
I talked shit to you because you can suck my cock. I said you would get hammered, because you are a troll.
You have no skin here anymore, so fuck off.
A troll is a person who had a difference of opinion in the short term trade in the PM’s. Got it. Loser.
No, you were already in a position I started betting against. You end up closing the same week I finalize mine…talking shit the whole way.
Troll.
Fucking liar, you piped in saying you were already long calls. You never posted a trade in real time here. Quit wasting my fucking time.
FAKE NEWS, fucktard. I posted the setup THE WEEK BEFORE you said I was going to get “skull fucked”. Are you a CNN reporter in the day? LOLZ 🙂
CORRECT. I was long calls heading in to the next week (and posted charts why) and you said I was caught in a BULL TRAP for the following week and would get a “five dick in my mouth” selloff in gold. Want to try and keep spinning it? You look silly.
Exactly. You posted no trade, you only said you were long. Great job dude. Zero credibility without posting entries or exits. Just another troll to argue.
(the gold selloff would have obviously been bad for SLV).
SLV call is up 40%!!! SLV call is up 30 % you fucking idiots. SLV starts the week down and calls are worthless. Now you state you sold last week. Go hang out with that fat fuck phils stock world. You fit right in
I’m glad you say FAKE NEWS as kind of a reflex, Phil. It is the bow atop this entire interaction.
I’d find this all very annoying if it weren’t for that small detail. So thank you.