As you know last Friday when I closed the remaining GLD puts, it was because I don't want to sit through a bounce and would rather take the profit and re-position.
I am only considering a 1/2 size position as I feel there's a chance GLD could run a bit higher, but I am going to open a position because my original analysis as of Friday suggested a bounce only in GLD, thus far GLD is on track with my expectations from Friday. I'll be looking at August puts, I'll post which ones when I've decided.
GLD charts...
As explained several times, there may be a very lucrative trending long position developing in GLD, however we are not there yet. For the time being, this 60 min negative divergence is the trend I want to trade.
The 1 min chart starting to fall apart. I'm looking at 1/2 size position as this also could signify a consolidation.
2 min chart leading negative this afternoon.
3 min chart never really got far.
5 min chart is in line at best and turning south.
The 30 min chart is similar to the 60 min, trading shorter term with the trend would dictate a short position in GLD. Since there is support not too far away, I personally would not consider the trade worthwhile without sing leverage, thus the puts/options.
No comments:
Post a Comment