GLD Follow Up

Friday just before the close, once I saw the 2 p.m. -4 p.m. signals and decided on the highest probability which I was leaning toward anyway, I decided to take out a Call position in GLD, the second options position this for the week in GLD (the first being a put position for a gain of +22% closed earlier Friday). 

After having watched GLD this morning, it seemed at first it had enough in the tank to make a larger run, but then things got too lateral and when that happens there's generally distribution going on and being GLD has been trading opposite the market and I believe we'll see a head fake stop run in the market today, it all just pulled together and was time to take the GLD position off the table.

 The P/L came to just about +27% or $6800 for a 3.5 hour position, the fill was at $4

Here are the charts.

 The 1 min positive on Friday was very clear, but since the open it seems there's been distribution, slow and steady.

 Here's the 2 min chart, note the range developing as well.

The 3 min chart also negative so there was migration of this negative divergence.

It's the strength of the 5 min chart that made me think we might see some more upside, but about a percent and a half for the day isn't bad.

The 10 min chart didn't have the strength of the 5 min chart so as far as market signals go (being gold has been trading opposite the market), this also tells us our head fake scenario is looking more likely as well.

I hope you did well if you chose to take on the position.