649bruno
Long

GLD: Upside Breakout Building

AMEX:GLD   SPDR GOLD TRUST
37 0 3
With currencies all over the world in turmoil, GLD             will likely continue to rise.
Other gold-investment vehicles will likely rise, such as the gold-miners shares.
I believe a portion of your portfolio should be in GLD             , especially with most world paper currencies in trouble because of "slow growth" economies and/ or massive debt. At some point in time I think something will indeed trigger a sharp down-draft in paper asset classes. This can be offset somewhat with GLD-gold.
Let's review Don's TRADE-MAP approach:
TRADE = 1. T : Time and space (Fractals); 2. R : Repeating Cycles; 3. A : Advancing Trend; 4. D : Declining Trend; 5. E : Energy in Phase Forces.
.....MAP = 6. M : Momentum and Velocity; 7. A : Analysis of Structure; 8. P : Price Performance.
When I mention "Don's Top Ten Technicals", I use the elements of the "TRADE-MAP" approach:
1. The Ichimoku Cloud is rising. 2. Gold-Prices have risen above the cloud. 3. Prices are trading above the thick red Ichimoku Cloud Conversion line. 4. The thick red conversion line is also rising. 5. The thick black line is the Ki jun-Sen baseline of the Ichimoku Cloud , which is almost rising and above the cloud. 6. The indicator on the top of the page is RSI / Stochastic , and this is strong. 7. The top middle indicator is vortex and it is strong (green over red). 8. The Top (bar-type) indicator measures the "phase energy" of the stock , and this is STRONG. 9. The green fractal arrows are up (not shown). 10. Look to the far right on the chart, around $120.00. You will note a yellowish line on top (lips), with black dots below (teeth), and a blue line (jaw) below the black dots. Now, all three are rising, correct? This is where I ask you to use your imagination and envision these three items as the "separated jaws of a feeding alligator". This is a positive indication because the alligator is FEEDING in the uptrend.
Important: GLD             has failed twice before at these levels. With Brexit in six days there will probably be a lot of volatility . The VIX             rose to above 20 this past week - so you could experience a wild ride. The very last price on the above chart is a spinning-top doji (at $123.50). This particular doji means indecision.
As for me, I have gone long gold-miners shares in anticipation of currency troubles. If my positions sell down, I will add to them.
If the rally (breakout) begins soon, I will reap the rewards. My feelings are 75% yes for a breakout, 25% for a pullback.
I would like to close this contribution with a quote from John Nelson:
“More and more these days I find myself pondering how to reconcile my net income with my gross habits.”
I hope this has been helpful, as well as entertaining. I hope all of your trades go well. Don.
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