GLD Update

Yesterday I posted this about GLD short term and why the longer term daily chart looks so much different than the intraday charts which I expected to pull back.

Later I opened a GLD Put with August $160's

Those put are now up 36%

As many of you know, I prefer not to be in options very long, however for the moment I will continue to hold GLD. I'm looking at these two Trend Channel stops initially unless 3C shows something that would cause me to take action sooner, after all, 36+% for a 3 hour trade thus far, isn't a bad move.

Here are the Trend Channel stops I'm looking at...

 Initially the 30 min Trend Channel will be the stop which is around $155 as this will lock in gains faster, however I eventually (maybe later today) would like to get to a wider stop to allow for consolidations and a larger trend.

That stop would be the 60 min Trend Channel currently at the $156 area, as it starts to catch up and lock in gains, I'll likely switch over to this stop.

Last time GLD gave a strong signal on the 60 min chart I missed it (although many of you took it and some made 200+% on the move up), this time the signal was just too strong to ignore.

Those are the stops, I want to get them out, I will follow up in the next post with GLD charts and what I suspect may be going on here and how it effects the trade and possibly sets up a bigger trade in GLD.