LIVE Day Trading Room -$630 [FOMC =O Part 2] (05/03/2017)

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Today’s stream is in two parts because my computer decided to blow up at one point. We had a great play on JNUG from the lows to start the day which whipped us into a +1k profit in the morning. The price went up throughout the day and hit a top prior to the 2 oclock FOMC announcement. Afterwards there were huge volatility swings which popped gold up first before swinging it back down. I kept on trying to long gold miners through NUGT and JNUG and moving my stop losses down even when previous positions were lost. This didn’t work as the price cascaded down (BUT not as much as GC gold itself). This reduced my daily gains into losses. HOWEVER; we observed miners not moving down even though gold crashed from 1256 to 1238 during this session. This prompted me to buy and double down on NUGT. I could have cut my losses down by closing my VXX (VIX short term long) for good money, but I decided to let it to keep running as the VIX rollover date is a few weeks down the road. My swings plays still consist of now a lower average in NUGT and still holding VXX for a possible VIX pop as the SPX equity market was unable to higher on the FOMC news (no hike). The dollar and Yen exploded to the upside at 2, but like all fundamental news that have passed over in the last few weeks, I expect a fade (ie Trump’s comments on gold were faded).

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