TheCarny

Short GLD Bearish Butterfly

Short
AMEX:GLD   SPDR GOLD TRUST
Short GLD in the PRZ zone (165.68-167.74) . Take profit at the 38.2 retrace (155.02) and after look for 61.8 at (147.77). With the macro backdrop you could get an overshoot to the long term fib at 169.49 and also a possible smaller time frame deep crab with a 168.45 to 171.12 PRZ. Stop above 171.12
Comment: Trade info update overnight will lead to a pop in Gold, but dollar strength with help with the other all thesis. Look for that long term fib touch for short opportunity
Comment: *Overall thesis
Comment: Shorted today at 175... Been waiting on this one. Looks strong, but seems overdone to me finally
Comment: Silver rip got me out of short for lunch money... of the IV... It didnt really dip. This was a failed trade. Thank God I didnt enter until later and Silver saved me. Silver was a better short and I move all the funds to that
The Carny

Comments

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