GLD April $150 Call Update

I still like this position and if you are interested in the position, I think this is as good a place as any to pic it up, whether long GLD or via options.

The size of the base forming in GLD is what is really looking attractive, the bigger the base, the more upside it can support.

 The rounding bottom is coming along well, on Monday I said I thought we were right at the midpoint (essentially the lows of the base) and it will start moving up from here, it's not going to be a clean, rounding line as there's always going to be volatility, head fake move, shakeouts, etc. Wall Street is never going to make a trade easy if they can help it, that's how they make money (running you out of a good trade and taking your shares on the cheap-All of your shares are belong to us now Ha, Ha, Ha!!!"). However if you put a moving average on price, you should se a rounding bottom pretty clearly.

In a.m. trade today GLD saw a 1 min (intraday) negative divergence send it a bit lower, it looks set to make an intraday move higher which will serve to add more upside rounding to the pattern above, the position is pretty close to going green now, it may later today, but I'm looking at this as a slightly longer term trade unless something changes in which case I'll let you know.

 The 15 min chart is leading at a new high, even though price hasn't quite made it there yet, so I like the looks of this.

The long term 4 hour chart is positive, this is a long timeframe and an important signal, even if it doesn't look as sharp as some of the shorter term signals.

So far, so good.