For a equity short, GLD is in the right area, since I already have GLD Puts, I'd only enter more on a price concession (like AAPL) and I think it's one we have a good chance of getting, especially after seeing the early trade.
Pay attention to the chart because this is the same scenario as Energy, Technology and Financials I laid out last night, VERY CLEAR underlying institutional action at specific key levels.
If you are looking for a Put trade, then I'd urge a little patience or maybe consider phasing in to it, but I do think the chances of getting the price concession I have been looking for in GLD (and AAPL) are pretty good. Take a look, lots of familiar concepts at work here.
The GLD breakout of multiple price patterns, take your pick.
The hourly chart going negative on the breakout move as QE hopes fade there's no reason to think GLD won't fade as well.
30 min chart on the breakout leading negative
5 min chart on the breakout leading negative to new lows.
The exact same on the 3 min chart
As well as the 2 min chart, the picture here is pretty clear isn't it?
And the 1 min chart's trend, this is why I was so amped up last night, I've never seen such clear underlying action at specific levels in which you'd expect to see that kind of action, but this is very clear on multiple time frames and in multiple asset classes. This is like a new chapter in understanding and confirming the concepts we have followed regarding underlying action or put more simply, institutional actions.
The clearing of stops in GLD this a.m. also sets up the ability to accumulate a few shares, remember I'm looking for a breakout above the recent 3 day resistance range to enter a put. Lets see if these stops that were hit were accumulated...
It looks that way, it's not big accumulation, but it seems to be just the right amount to move GLD above $162.50.
This is making a trading plan, trading your plan and letting the trade come to you.
No comments:
Post a Comment