GLD Trade Set Up...

Looking at GLD, there are finally some charts worth publishing, often it just takes some movement to see how trade reacts.

The idea here would be GLD as a long, but on a pullback or gap fill (today's gap).

Here's the charts and idea, I'd set alerts if you are interested.

 This 30 min chart of GLD is interesting, but up until now three haven't been any lower timeframes moving in the right direction or any direction at all to link up with this longer term chart that seems to have grown even stronger as a double bottom support level is taken out, the yellow bar is today's gap.

You can make out some divergences on this 5 min chart, but for the most part is has just been sloppy, this is why I didn't even want to publish them because I didn't even want to take the chance that someone tries to justify a trade bias with something on this chart because there's simply nothing there to give you an edge.

 However there's a clear change on the 3 min chart now, this should build in to the 5 mi soon which moves us closer to a reasonable trade.

The 1 and 2 min intraday charts look as if there will be a pullback, maybe even a gap fill, "if" there's accumulation on a pullback, then we are in good shape for a long position and judging from the 3 min chart and the longer term 30 min bias, I'd say probabilities are good that a pullback would produce accumulation, that's the set up we'd be looking for, lower risk, higher probabilities.