Monday, April 22, 2013

GLD Charts

For me, GLD is a bit more of a trending position than the normal options play of in and out ASAP, I see longer term signals, a larger base and a lot more upside coming, that doesn't mean it will be linear with no pullbacks, today saw some consolidation. ON THE OTHER HAND, AS A SHORT SQUEEZE, THERE'S NO TELLING.

Charts...
 15 min GLD has a nice, very strong base with a leading positive divergence, buying started days ago, not last night.


 5 min today went leading positive in a big way, I like this, there's no distribution on the institutional side.

 A closer look at the 5 min today that kept seeing continued positive divergences through the flat-ish range intraday, it looks like more accumulation.

 3 min also looks good intraday


 The 30 min momentum chart for this base is still very well intact.

Futures
 1 min Gold futures look like a pullback, at least overnight, but I'm not too concerned with that.


More importantly the 30 min leading positive is above the level where it saw distribution at higher highs in price.

For position size, I only closed about 25% of the total position.

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