GLD Symmetrical Triangle Break OutGLD LONG
This is by far my favourite play for next week. Saved the best for the last :wink:. It's bee holdings support very well. Currently on a symmetrical triangle waiting for the break out. It rejected the hammer a few times on the daily and forming bullish doji on the Monthly.
Optimal Entry
A break and hold of 179.5 will be bullish, and a break and hold of 178.75 will be bearish. Though I am bullish on it.
PT1 green resistance
PT2 187
SL red support
Contracts
11/20 175/185c bull spread
or
12/4 180/185c bull spread
This will most likely become a hedge for the elections along with VIX. So I will be holding it still near exp unless SL hits. Stay green!
GSD trade ideas
OPENING (IRA): GLD OCT/NOV/DEC 164/168/172 SHORT PUT LADDER... for a 5.69 credit total.
Notes: Amazingly (or not), I have no gold in my retirement account.
Although I feel I'm somewhat late to the game, taking up a position here in an instrument with excellent options liquidity. For smaller accounts, consider SLV, which also has the added benefit of having higher background implied (SLV: 69.4% versus GLD: 26.4%) or one of the miners (GDX, GDXJ).
As with my other acquisitional setups, run to expiry/approaching worthless and if assigned shares, proceed to sell call against.
GLD short, at resistanceIdentify Price action:
1. Sideways; Find: Support and Resistance
2. pre-support became resistance
3. ABC pattern
Short Entry 180
Stop 181 -- For stock, $1 stop is very easy to be triggered.
Target 175; reward:risk=5:1
Target 170; reward:risk=10:1
Use Option to play this Game.
I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.
38 days until election, GLD / SPYGLD / SPY has been pretty accurate for TA predicting large moves, bottoms in the market & tops in the market (using traditional support & resistance the bottom was put in to the penny on a resistance line). With this inverse correlation and the forming of a wedge we’re gonna be in for a HUGE move near or after the election, best to get your positions in sooner rather than later.
I’m That is all good luck, like if this interests you.