-- Posted Sunday, 9 September 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
“Phenomenally accurate forecasts”
We’ve had quite a run calling the swings lately in Comex Gold. Most recently, on Friday, a trade touted as the Pick of the Day caught the low of a $15 rally within a dime. Here’s the recommendation exactly as it went out to subscribers on Thursday night:
“Gold continues to move each day as though commanded by Hidden Pivots. My minimum rally target [for the December contract] at the moment is 736, a number broached in the chat room yesterday. More immediately, a lesser uptrend points to 713.50 today or tomorrow. Let's try and catch a ride, bidding 701.40, stop 700.90, good till 8 a.m. EDT. This is a possible overnighter, and it is geared toward leveraging a minor 'D' retracement target (see chart) that was playing out Thursday evening.”
We put out a chart that showed why we liked 701.40 as a place to get long, but here is another that shows how it all turned out after December Gold bottomed at 701.50:
Nailing swing highs and lows can be challenging when Gold is stuck in a range, but because it has been trending strongly in recent weeks we’ve been able to do some profitable joy-riding with very little stress. In this case, with a quite bullish forecast for the next week or so, we watched as selling pressure abated in thin trading early Thursday evening. While the night session is regarded by many seasoned traders as predatory, it is often ideal for our purposes, since the sometimes fragile Hidden Pivot targets that we use to get long or short are not much affected by low volume, unless very low. Low liquidity can make a trade riskier when stop-loss orders are used, as they should be, but Gold trades with sufficient volume overnight that this hasn’t presented much of a problem.
It seems not to have been a problem for at least one Rick’s Picks subscriber and Hidden Pivot seminar grad, David F., who sent us the following e-mail note Friday morning: “Letting you know I used your Gold tout to buy at 701.4, but adapted to 701.8 for the mini-contract (YG). The actual low was 701.7 ! I exited 713.5 this morning. Thank you!”
Stay tuned, David! If Gold continues toward our 736 target – and possibly higher -- as we confidently expect, there will surely be other such opportunities. With diligence, and perhaps a smidgen of luck, we may even get off a good short in the QQQQs, Diamonds or Mini-S&Ps at the apex of their upcoming Cliff Dive. If you would like to know more about the Hidden Pivot method, and to be notified of the next free introductory (online) class, click here.
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Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2007, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Sunday, 9 September 2007 | Digg This Article | Source: GoldSeek.com
