Gold goin up?
The more I watch gold the more I am interested in the long-term prospect of a long call. I can't help but to drown out all the noise and look at this obvious flagging situation we have taking place on a monthly. Yes, it's gold it wiggles a lot, and yes this is the monthly chart a move like this can take years. But I like these types of trades and in the scheme of things, if you plan this right, you can take positions and add on the way up; if you have the account size to handle the inevitable whipsaw here, you can stand to make a killing. I will take a long position, a very, very small one, as I plan on this being long-term. This will also help me define my risk and game plan for the rest of this trade. Whether it goes up or down right away is null and void on a trade of this lifespan; what matters is that it just goes up in time, which I think has to happen. I would then wait for a break up to new highs, and I would WAIT till the pullback to add on a retest; THIS IS VERY IMPORTANT; if you add during the break and is false breaks, you'll be underwater, the price can move a long way on a break and then come back to retest so make sure you are smart and wait for the retest. From that point, you can add positions every time we break new highs and retest. Remember, you are BUILDING a position here, not forcing a trade. There is 0 room for greed here, be wise, and take positions you are not afraid of holding for a long time; if you do it right and have patience, it could be the best trade of your life. When you make a ton of money on this, feel free to tell me about it in 2 years lol Good luck.
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