Intraday Trading, Runners, and the Gold Bull Market

There have been several distractions recently, but a good focused day today, and “back to basics” for my trade setups that is. And my single highest probability setup is the #1 (or #2) bounce trade. A couple days ago, with a conversation in intraday comments, I said to start watching the pot stocks, as “they have been clobbered”. I was very bullish on them until January 9th, at which point I said it’s time to sell. Pot stocks are very emotional, and they go thru some huge spikes and then fade for months or years. But a few days ago I started watching them much more closely “for a bounce”, and today lo and behold MSRT had a huge run. So I watched it up into the #1 EA, and when that appeared, then I was focused on my trade – the #1 EA bounce trade. It showed up, it worked, +10%, I’m out (too early), here are the self explanatory charts –

Next up is ATOS, this one has been discussed three days in a row, and this thing has been a huge winner. I had a scratch trade in it a few days ago, came in long from yesterday, sold it WAY too early, but today it was running again, and yes, another bounce trade then set up for me as I waited for the EA to show up. I’m still long from .77, the charts –

 

An next up is a gold trade setup. I’m doing a post soon about gold in 2018, people are not understanding how powerful this 57 month accumulation area is in gold. The only thing I care about is the accum area, and the December 2015 terminal shakeout, the springs, and the SOSes.

In today’s premarket, I laid out the trade I was looking for with gold. I’ve been over and over this stuff, how my spring trades set up. Here is my original comment and chart this morning –

Fed meeting today, jobs number Friday, here you go, and here.

The curve and the 1334 support were drawn in, for the spring potential.

And here was the outcome today after the Mensa meeting at 2 PM – at first the short-term upthrust, then the spring of yes 1334 and a $15 rally, and the 123 reaction from the 1/25 high in the miners. I’m still long 1/2 position JNUG from 15.42, jobs day is Friday, a sustainable rally into it is very unlikely –

 

 

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About traderscott 1019 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

5 Comments

    • Yes, caveat tho. I traded options exclusively for years, and never was interested in the math side of it. I was a directional trader with options as the vehicle. Basic spreads were the extent of my “math”, especially when holding overnight.

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