GLD/DZZ Follow Up (long)

Yesterday I mentioned DZZ as a long trade, it may be a good time to get your toes wet in this trade. Risk looks low, probabilities look high.

 GLD has also been a flight to safety trade during the market decline, however the last 2 days, today may be the third, GLD has opened higher only to give back the gains, despite the market.

 Here's this morning's intraday action thus far.

 Today's 3C chart...

 And the underlying problems in the daily chart of GLD, which I have been warning about.

 In contrast, DZZ (Gold Double Short ETN) has shown underlying strength for some time (60 min)

 Here's the 30 min chart

And a closer look at today's 30 min chart with a positive divergence on the gap down lows. Even if you enter the trade here with a stop below yesterday morning's lows, the risk amounts to about 3% on the trade, that' a pretty decent R:R ratio for a trade. Even if you only dip your toes in the water on a speculative position, DZZ is one to consider here.