Trend is heavy bearish on all time frames. All indicators are on sell as well. Yet I started a (feeler) starter position long in GLD around $114.80 ish. Stop at 113.92. Targets will be based on the price action around all key fib levels and gann levels as drawn. I'll add only on strength from here on. I average up only not down. This trade should work by max next week or it will be most likely a wrong thesis. Remember the Bank of Japan meeting is due tonight. This is a highly volatility event and may lead to reversal in prices. Even though this trade is highly speculative, I believe as a day trader I can adjust/hedge/stop out my position accordingly.
**PS: I am obviously joking about using my grandmother's pension.
Comments
danielfellows1238
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I agree on going bullish because of some divergences on RSI and a bullish swing failure but with all the lines and indicators this is one ugly chart.