• 13 hours Can Toyota's Hydrogen Car Take On Tesla?
  • 2 days Why Universal Basic Income Won't Work
  • 2 days Is This The Real Golden State?
  • 3 days Blockchain Firm Pushes For Ethical Mining
  • 3 days America’s Working Class Are Footing All The Bills
  • 3 days Market Volatility Sends Investors Scrambling Into This Asset Class
  • 4 days How Much Energy Would It Take To Power The Death Star?
  • 4 days A Tweet About Hong Kong Could Cost The NBA $4 Billion
  • 4 days World's Largest Miner Doubles Down On Renewables
  • 5 days Nasdaq Cracks Down On Small Chinese IPOs
  • 5 days Is There Any Reason To Be Bullish About Netflix?
  • 5 days Precious Metals See Record Inflows As Investors Hedge Against Teetering Economy
  • 6 days NYU Professor: Tesla Could Lose 80% Of Its Value
  • 6 days Uber To Offer On Demand Employment
  • 6 days SoftBank Reeling After Questionable WeWork Investment
  • 7 days Opportunity Arises In The Democratic Republic Of Congo
  • 8 days Peter Thiel’s Promised Land For Intellectual Troublemakers
  • 9 days Why Gold Stocks Are Drifting Lower
  • 9 days Copper Miners Feel The Squeeze As Prices Slip Once Again
  • 10 days Uncovering The Universe’s Biggest Secrets
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

TheWaveTrading

TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

Contact Author

  1. Home
  2. Markets
  3. Other

GLD: Bullish Watchlist (Short-Term Time Frame)

This idea is extremely aggressive since the stop is a bit far away and initially the expected profit is the 1 x 1 extension target = + $ 1.64.

Therefore I need to trade against a pivot low in the 60 min chart in order to have an appealing R/R maybe with UGL or UGLD (Probably small size).

Also there is the uncertainty of the price reaction to the ECB meeting today and NFP tomorrow.

The reason of this bullish set is based on the short-term time frame due the sharp reaction following a bullish falling wedge, as it can be seen in the 30 min chart:

GLD 30-Minute Chart
Larger Image

If we look at the weekly chart we can see that price has reached a potential bottoming zone (Extension of the neckline of an IHS that ignited the rally at the end of January and the 20 wma).

So far we have a weekly Doji (Suggesting a bottoming attempt).

If tomorrow a weekly "bullish" candlestick is confirmed odds would favour an "oversold" rebound maybe towards the 10 wma = 126.41.

GLD Weekly Chart
Larger Image

However this is not a "free lunch" trade since GLD has overhead a cluster of overwhelming resistance in the range 125.10 (200 dma) - 125.96 (50 dma).

GLD Daily Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment