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GLD Touching the Trend Line for the 3rd Time

GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Tue Aug 25, 2020 5:00 pm

My first TA book, it says the 3rd touch of the trend line is buy. I'm not sure whether it's true or not. The bull signal bar today wasn't strong enough so I'm not sure whether it's a buy here, the update is just in case you agree that the 3rd touch of the trend line is buy.

gld.png

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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Tue Aug 25, 2020 5:12 pm

What if the trend line is taken. In theory it's a short of the Bump and Run Top. Again, in theory. The reality, well, let's see how this case unfolds.

gld.png

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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Tue Aug 25, 2020 5:23 pm

I don't see Dollar going up anytime soon as it's the very first touch of EMA20 in a long time which usually attract sellers, so probably Bump and Run pattern on GLD might not work.

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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Wed Aug 26, 2020 2:55 pm

GLD closes right here today then IN THEORY 3 reasons to buy a little:

Testing the Aug 12 low then strong init rebound so some chances of double bottom.
Testing the trend line for the 3rd time and rebound confirming the effectiveness of the trend line.
Yesterday was a weak bull signal bar and today (if closes right here) then it'd be a strong entry bar so not very bad entry.
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Heck » Thu Aug 27, 2020 8:19 am

Cobra wrote:GLD closes right here today then IN THEORY 3 reasons to buy a little:

Testing the Aug 12 low then strong init rebound so some chances of double bottom.
Testing the trend line for the 3rd time and rebound confirming the effectiveness of the trend line.
Yesterday was a weak bull signal bar and today (if closes right here) then it'd be a strong entry bar so not very bad entry.


Appreciate these charts and comments Cobra, thanks
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Thu Aug 27, 2020 4:26 pm

GLD is testing the previous low now, breakout on the downside would mean a measured move down (tinted area), key time.
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Heck » Thu Aug 27, 2020 5:37 pm

Cobra wrote:My first TA book, it says the 3rd touch of the trend line is buy. I'm not sure whether it's true or not. The bull signal bar today wasn't strong enough so I'm not sure whether it's a buy here, the update is just in case you agree that the 3rd touch of the trend line is buy.

gld.png


Third time may be the charm

As a silver bullion coin and silver shareholder since silver certificates and coins were $1
then hit inflation adjusted $119.50 in Jan 1980 and $47.77 in Aug 2011,
we may be in the very early stages of bull market silver to new highs

https://www.macrotrends.net/1470/histor ... year-chart

Heigh Ho Silver and Away

SLVP Target + 173 %
From 15.99 to 43.66
+ 1.4 % Dividend
+ 49 % Past Year

ARNGF Target + 231 %
From 1.95 to 6.45
+ 34 % YTD
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Tue Sep 01, 2020 5:07 pm

GLD, maybe a descending triangle in the making? The descending triangle usually is a continuation pattern so the chances of breakout on the downside in this case might not be much higher than breakout on the upside, will need wait and see. Yes, I'm very interested in accumulating gold...
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Heck » Wed Sep 02, 2020 8:49 am

dupe
Last edited by Heck on Wed Sep 02, 2020 8:57 am, edited 1 time in total.
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Heck » Wed Sep 02, 2020 8:50 am

SP.1 Sep Fut SELLING < 3,556.25

Mad Cow Disease ? :mrgreen:
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Thu Sep 03, 2020 4:48 pm

GLD, GDX, could be a symmetrical triangle in the making so bias is a little bit up. Again, I'm very interested in accumulating gold. I think it should feel good that every night before going to bed, I take out all my gold and look at them :mrgreen:

GLD could be a descending triangle but as I said before a descending triangle is actually a continuation pattern so in our case a breakout on the upside is actually a little bit more likely.

gld.png

gdx.png

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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Tue Sep 08, 2020 4:19 pm

Now it could be a descending triangle which in theory is a continuation pattern but I read it as bias is a little bit down.

1.png


Eventually every stock would touch the weekly EMA20 so if the descending triangle mention above did get the break down then probably the target is the weekly EMA20 which is now around $173. I'd be very happy if I could buy around there.

2.png

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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Thu Sep 10, 2020 5:03 pm

GLD, rejected at the descending triangle upper boundary, so far looks more and more like a descending triangle. The horizontal blue line below might not hold another test so if the big red today means another leg down to test the line, then be careful. We’ll know as early as tomorrow whether indeed another leg down started. I wish GLD could go down more to that I can buy cheaper, fingers crossed.
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Wed Sep 16, 2020 12:36 pm

$GLD, still could be a descending triangle in the making which is a continuation pattern so in theory should breakout on the upside but personally the descending triangle is always bear biased to me. No conclusion here, just a follow up to let you know I'm still watching gold.
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Thu Sep 17, 2020 3:26 pm

$GLD, so far the descending triangle still is valid
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Mon Sep 21, 2020 9:51 am

$GLD is clearly a descending triangle now. The line unlike would hold for long.
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Re: GLD Touching the Trend Line for the 3rd Time

Postby Cobra » Mon Sep 21, 2020 10:41 am

$GLD broke down as expected. Tinted area is the text book target.

1.png


I'm not sure about the text book target but touches the weekly ema20 should be very likely as no stock can forever no touch of EMA20.

2.png

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