GLD Update

Friday I posted several times on GLD, here's the basic outlook/charts from Friday and finally entered this Put position.

As far as timing goes, whenever I'm using options, I want to try to get as close as possible to what I think will be the reversal, much like AAPL today, GLD had a head fake move Friday albeit on a different timeframe, but that's the fractal nature of the markets.

Here's the move and one of the charts from Friday

Note the move above the range while 3C was not confirming the move, but showing distribution in to the move up.

Here's GLD today...

 The daily GLD with Friday and today, we basically got in at what appears to be the top on Friday.

GLD 5 min chart intraday today...


The 3C updates...

 The 1 min chart is not only in line intraday, but deeply leading negative. The price action to the downside seems a little overdone today, I wouldn't be surprised to see some upside volatility, but as of now, I have no plans on closing out the put position.


The 5 min chart shows a cycle, from accumulation of the lows to distribution of the highs.

I never expected GLD to be a huge move down, thus the reason for using the leverage of options.