@Patternprofits just posted a link by @GoldMoneyNews. So I thought I would take a another look at the $GLD chart. Check out this Link on Gold. Explaining Money supply will lead to accelerated inflation.
Anyway, back to the chart of the GLD. Begining in May, it formed a Gartley long entry. While, I did not notice this earlier, the ideal entry was at the .786 retracement of the X to A leg at 151.62. However, trading the pattern you might have wanted to round up to 152-153, thinking it wouldn't retrace perfectly. Stop placement would be determined by your risk tolerance. While trying to catch a falling knife, it is probably prudent to keep a fairly tight stop.
I will be keeping a close eye here to see if I can possibly get a second chance at this entry, my stop will be slightly under 150.00.
Anyway, back to the chart of the GLD. Begining in May, it formed a Gartley long entry. While, I did not notice this earlier, the ideal entry was at the .786 retracement of the X to A leg at 151.62. However, trading the pattern you might have wanted to round up to 152-153, thinking it wouldn't retrace perfectly. Stop placement would be determined by your risk tolerance. While trying to catch a falling knife, it is probably prudent to keep a fairly tight stop.
I will be keeping a close eye here to see if I can possibly get a second chance at this entry, my stop will be slightly under 150.00.
I do love criticism, feel free!