Thursday, August 18, 2011
Trade Update: GLD
Well this had to be one of the most unlucky trades I can think of. Twice in the last three days the market gapped up beyond our stop. So, instead of getting stopped out at $172.34 we ended up covering ourselves at $177.62. Instead of losing $2.67 per share we ended up losing $7.95 per share. Or we lost $795 on the trade. I'm sure that's a record for this blog. You can see the two gaps in the last five trading days. It seems like they targeted my stops. Now I am not saying that the market actually targeted my stop, but if they had they couldn't of done it with any more precision. Maybe I am sending them too tight, I will have to think about it.
Anyway there's no time to cry about it. As I said last night if $175.50 is broken with any force we will have to to consider going long right there. We have to make that decision before the market closes today.
Sell full GLD @ $169.67
Covered at $177.62