GG

GG

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=839652>

 

GG has recently been outperforming the XAU

so if it is overbought here ... and the XAU retraces

that should be a factor in helping your trade being profitable

however if the price of gold were to continue to
rally in the weeks ahead like it has been doing

GG will stop you out ... if you are short ...

good luck to you if you are short

 

IMO this is not that significant. Yes, it is a reversal hammer, and yes there are gaps to fill. But the volume and size of the pattern is simply not significant enough to put a short out based on this. It's certainly possible that it can correct to say 18 or so, but these minor hammers have happened before... take a look at August 12 and 29th. And the stock has moved higher since then.

 

And your point of view for longs currently holding?

 

for a long with this time horizon (3 month chart) i would probably sell half my position today, watch it over the next couple weeks and look to buy it back if the stock gets to about 18.

 

i would love to see longs out of this stock and even shorts start to pile on today. could make for a rocket ride up with tomorrow's trade def data

 

Exactly.....

 

The issue is how much bad inflationary weak dollar data is already priced in....

 

a lot of people think that traders perform poorly when they have issues

 

Apparently you don't understand the difference between traders having personal issues, and issues in the marketplace that determine price and volume.