GLD Follow Up

Since deciding to close the GLD Puts because of improving GLD charts which at the time of closing my position was...

"The put position was around a +15% gain at the time I started to expect a $USDX corrective move down from it's current (larger) counter trend bounce (with the trend being the largest which is down as well).

I decided at the time to leave open the USO equity short and the GLD Put because both were meant to capture larger moves to the downside. I said at the time that I would consider closing them if it looked like there might be a move that took longer than a day or so (the USO/GLD bounce for new short entries(. Since USO has bounced. The GLD put lost the approx. +15% gain yesterday which I was expecting and prepared for, which it gained back today, but it still hasn't made the bounce. At this point several days have now past and I don't see any reason to give up that gain again and be at a disadvantage as Theta decay builds the longer this takes.

Again, if I'm wrong on the GLD bounce, no harm , no foul, we've booked a +15% gain which isn't anything I'd turn my nose up at. If I'm correct, than we have a new position at a better price and get to add to that gain again, with more appropriate pricing considering the theta decay."

Since then the charts have gone from pretty strong for a bounce, to very strong for a bounce.

First here's the P/L from the closing of the GLD 6/19 $117 Puts.

That's a +15% gain.

Since then, the charts have improved significantly short term...

 This is the intraday 1 min GLD chart. First of all, the first thing I would notice before even looking at 3C is the flat nature of price today,  this tends to be a tell-tale sign of accumulation or distribution depending on what the preceding trend was. As the preceding trend was down in to a lateral/flat range, the assumption would be we'd see 3C accumulation and the 1 min chart shows that as it leads to a new intraday high today.

The 2 min chart has good confirmation and is also just a few 3C ticks from a new leading positive high on the day.

The 5 min chart which is essentially the minimum timeframe I'd have to see divergent for a trade  beyond a quick intraday trade is also leading positive.

And even the near term action of the 10 min chart is showing a rapidly improving leading 10 min divergence.

The leading negative divergence which covers a lot more real-estate is still in place and I'd still expect a bounce in gold to set up a nice longer term GLD short/Put position.

However for now, we take what the market gives and it looks like it's giving a pop to the upside worth trading.

Gold futures confirm most of the timeframes above to a reasonable degree that is strong enough for me to consider this a speculative and short term position, but a high probability position.