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
Note
Sorry Guys,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
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.