Thursday, October 26, 2006

Gold Overtures at a Breakout

I am long Dec CBOT Gold, which I entered yesterday as a little swing trade inside this channel/triangle/consolidation zone thingy it's in. The thing with these trades is whether to take the profit at resistance (should it be kind enough to get to the line I have penciled in), or to watch and see if it breaks out. As I type this I'm watching volume kick up as price ticks over $600.

Potentially, I'll leave profit on the table in exchange for a chance at hitting one over the fence.

Hogs and Cattle are looking bullish too. No position, but wishing I was long and I'm looking for a lower risk long entry.

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