Gold To Test Previous Highs
I think gold retests the previous highs after a nice double bottom.
I am going to see if I can get a pull back from the strong run up today and use the following setup:
Trigger:20.65
Stop:16.54
Target: 35.66 (previous highs)
The stop has the double bottom support and the 200simple in its favor for a very conservative stop.
I will hold this position as as long as I can and if I hit the target by december I will buy a protective put at that level to play the potential of profit of no rate hike and protect from a rate hike.
***Oh ya the second setup is if I miss the miss the 1st setup
I am going to see if I can get a pull back from the strong run up today and use the following setup:
Trigger:20.65
Stop:16.54
Target: 35.66 (previous highs)
The stop has the double bottom support and the 200simple in its favor for a very conservative stop.
I will hold this position as as long as I can and if I hit the target by december I will buy a protective put at that level to play the potential of profit of no rate hike and protect from a rate hike.
***Oh ya the second setup is if I miss the miss the 1st setup
I learned over the weekend that you should not hold triple leveraged ETFs over night due something called re-balancing and some other scary things I do not understand so this trade is canceled, but is being re setup using GLD