While I’m waiting to see if the gold sector closes strong, I thought I’d post my day trade in IPSU - Imperial Sugar Company. IPSU was flagged yesterday as one to watch with earnings this morning. Earnings or something they said must have been good, because the stock gapped open higher. The news isn’t my concern, but the price action of the stock sure is.

IPSU made a fluid three bar pullback on the 5-minute chart. That produced a decent entry over the higher high, and a risk R= .25. Nice to have the stock play out. I decided to sell the stock in 1/3’s. I need to become more disciplined about selling in partials, and made it my trading plan for the trade. The first 1/3 profit was taken at .25 above my entry to lock in a profit. Stop was moved to breakeven. I was jiggled out of the 2nd 1/3 on a trailing bar stop. The last 1/3 was set to sell end of day, but I figured I should place a trail stop on the last 1/3 when it was in the green 4x my risk.

If the XAU closes strong, I’ll take some AEM, and GG long overnight. The XAU reversed back up today, and looks like a buy trigger on the daily could occur tomorrow. OIH triggered a buy on the daily chart today and has been strong. Have to be flexible as a trader.

More choppy action is the only way to describe trading online today. The QID trade I took, ended up stopping me out. The daily chart has no trend, so getting stopped isn’t surprising. I did sell some COG, AEM, GG, and GDX into a morning spike. I’d held those over the weekend. Nothing too exciting there.

XAU.X has failed to hold the breakout over the downtrend. Hit and run trading is the only way I’ll play it now.

IPSU - Imperial Sugar Co. is looking interesting. Earnings are in the morning for the stock. It should be active. You can also trade the warrants of this one - IPSUW. The weekly shows the stock running into resistance here.

SWIR has been holding up well on the down days. It should be a leader when the market shows strength.

The FOMC meets Wednesday. I don’t expect any excitement until after that.