Gold: Strong bullish sentiment in the hobby trader community
Lots of big bulls now in the retail community. Bad sign.
Here are the areas with buyers:
Notice the small fish were net short at the bottom. Pathetic.
First they think the "bull market is back" inside of a drawn out distribution pattern.
Second they "have strong hands" and "DCA average down" catching falling knives.
Third they get wiped out.
Fourth they "learn their lesson" and angrilly short the bottom.
Fifth they attempt to slit their wrists. And swear they'll never trade again.
I am not making this up man. You can see the volumes for yourself. 🤣
The market really has this ability to find anyone breaking point and make them go "I am done. I can't take anymore."
Regardless of the price, regarless of any rational consideration. They'll sell at the good support they dreamt of buying 1 year ago and they'll say "I know but I don't care".
Alot of people are thinking "the pullbacks will be smaller than you expect you will keep chasing it and not be able to buy" and will chase the price and so same as 2008.
It will last forever and go back and forth. Maybe the USD could get strong in the meantime.
How many weeks of months it will take I do not know. But the area I am interest in is around 1700.
There are virtually no buyers before 1800! And as we have seen both large speculators and hedgers have shown no interest for these prices.
Let all the struggling gambling small retail traders that think they are the new George Soros go try and be heros that think they can outsmart the whole market.
There probably are noobs getting all excited that think this 1 buy will turn them into Soros or Jim Rogers and they have to rush and cannot afford to miss.
Sure, some hedge funds might start finally showing interest from now one, but it will be like a snowball, and they won't start putting their feet in the water just because Berkshire bought a few gold stocks.
Not like "don't worry the cavalry is here" and just solo charge head first all alone and save the day.
I am not interested in doing business if I do not have numerical superiority on my side. That simple.
I choose the day of the battle (well within what the market decides for me).
I choose who I fight with.
I choose how much I risk.
It's all me. We will fight on my terms, where I want, and when I want. And if I say retreat we retreat. Hard to lose that way xd Almost feels like cheating.
Absolute strategic superiority.
Use all information available and pick your battles.
And one last point, just because I think gold will take a big plunge does not mean I am getting all excited and want to short it.
Corrections are often noise. I do not conduct business into noise.
Here are the areas with buyers:
Notice the small fish were net short at the bottom. Pathetic.
First they think the "bull market is back" inside of a drawn out distribution pattern.
Second they "have strong hands" and "DCA average down" catching falling knives.
Third they get wiped out.
Fourth they "learn their lesson" and angrilly short the bottom.
Fifth they attempt to slit their wrists. And swear they'll never trade again.
I am not making this up man. You can see the volumes for yourself. 🤣
The market really has this ability to find anyone breaking point and make them go "I am done. I can't take anymore."
Regardless of the price, regarless of any rational consideration. They'll sell at the good support they dreamt of buying 1 year ago and they'll say "I know but I don't care".
Alot of people are thinking "the pullbacks will be smaller than you expect you will keep chasing it and not be able to buy" and will chase the price and so same as 2008.
It will last forever and go back and forth. Maybe the USD could get strong in the meantime.
How many weeks of months it will take I do not know. But the area I am interest in is around 1700.
There are virtually no buyers before 1800! And as we have seen both large speculators and hedgers have shown no interest for these prices.
Let all the struggling gambling small retail traders that think they are the new George Soros go try and be heros that think they can outsmart the whole market.
There probably are noobs getting all excited that think this 1 buy will turn them into Soros or Jim Rogers and they have to rush and cannot afford to miss.
Sure, some hedge funds might start finally showing interest from now one, but it will be like a snowball, and they won't start putting their feet in the water just because Berkshire bought a few gold stocks.
Not like "don't worry the cavalry is here" and just solo charge head first all alone and save the day.
I am not interested in doing business if I do not have numerical superiority on my side. That simple.
I choose the day of the battle (well within what the market decides for me).
I choose who I fight with.
I choose how much I risk.
It's all me. We will fight on my terms, where I want, and when I want. And if I say retreat we retreat. Hard to lose that way xd Almost feels like cheating.
Absolute strategic superiority.
Use all information available and pick your battles.
And one last point, just because I think gold will take a big plunge does not mean I am getting all excited and want to short it.
Corrections are often noise. I do not conduct business into noise.