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Now It’s Time to Wait for a Dip to Buy Gold (GLD)

August 12th, 2011

I sent out a chart on August 10th with different set ups for buying Gold/(NYSE:GLD). We do use a tier system- this way we can scale in and scale out of potential trades. In last e-mail I sent out on August 10th was when Gold was on its highs. The GLD’s were extending into the $175 area. We did state in that note, that it’s not the time to chase, but you can sell into some excitement if you were in a tier 2 or 3 while maintaining a position to stay with the longer term move.

We’ve now had a two day pull back since the Margin Requirements were raised. At this point I would look at the 10/20 day moving averages. Typically when gold/gld corrects you can buy it as it breaks the 10day moving average, but in front of the 20day. Either way if you sold $172-175- you have the luxury of buying $160-$16.

This is how you manage positions. Take some profits but stay with the trade.


Scott Redler
Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. Scott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Investor’s Business Daily among other publications. Scott produces much of the media and content available to subscribers and followers. T3LIVE.com is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time.

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NYSE:AGOL, NYSE:GLD, NYSE:IAU, NYSE:SGOL


 

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