I exited the position at 152.63... It turned out to be a very good trade... The biggest thing that made me exit was the big gaps down... I am waiting to see if they get filled... Also I would suspect that it may test the support/resistance area I drew on the chart, if that holds as resistance, I may go short again.
Basically we could be in a consolidation or a slight bounce up, waiting to see what happens... patience is something that took a look while for me to learn, but has paid off big time in my trading.
So I will go short again at the 158 area, or if we break to the downside, once the consolidation is complete, to early to tell if it is a consolidation area, or just a small pull back, but time will tell. Sitting on the sidelines for now.
Thanks for your input.
M
malaguti
It was a very good call, Wino. question is how big is this bounce going to be.
support is very strong.
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Thanks malaguti...Here is what I was looking at... I trade the GLD (spdr gold etf) and if you look at the charts they are different. I was really happy after 3 gaps down, and started to see buying come in, so if figured I would exit, really looking to see if both gaps get filled. Notice the P&F chart for the GLD (actual symbol) It to shows support at the 152 level, but I think we will break through that, and head to the 140 level, but I always like a confirmation before I trade, so I am keeping a close eye on it. We may retest that 158 level on the GLD and if we do and it fails, I will go short again.
Or a nice double or triple bottom break at 150...
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I am mainly looking for Gold ETF trading based on technical analysis.
M
malaguti
I thought so, in which case Kih, you dont need something specifically for ETFs as the technical analysis you will be doing, would be good for any instrument. If it has a chart, you can analyse it.
One of the better books I've read on the subject is
John J Murphy's technical analysis for the financial markets. A really good book, and will certainly get you on the road to developing a strategy for yourself
Good luck Kih
Thank you for your wise suggestion and I will keep it in mind.
Thanks malaguti...Here is what I was looking at... I trade the GLD (spdr gold etf) and if you look at the charts they are different. I was really happy after 3 gaps down, and started to see buying come in, so if figured I would exit, really looking to see if both gaps get filled. Notice the P&F chart for the GLD (actual symbol) It to shows support at the 152 level, but I think we will break through that, and head to the 140 level, but I always like a confirmation before I trade, so I am keeping a close eye on it. We may retest that 158 level on the GLD and if we do and it fails, I will go short again.
Or a nice double or triple bottom break at 150...
It is below 120 an it is still quite bearish. It may bounce up after the recent sell of (see volume from June 20 until July 1), but I would not bother buying until I see bigger volume which would mean that low price starts to attract "big guys".
Yes, GLD is still bearish in a long term and I would not bother investing into it until I see the high volume surges during the price decline.
In August 2011 we had extremely high volume on GLD - "Big Money" were dumping their shares. When I see something similar during the GLD slide, I would say that the "Big Money" are coming back and attracted by low price they are starting to buy. I will be buying with them as they will be pushing price up.
In August 2011 we had extremely high volume on GLD - "Big Money" were dumping their shares. When I see something similar during the GLD slide, I would say that the "Big Money" are coming back and attracted by low price they are starting to buy. I will be buying with them as they will be pushing price up.
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