Mike commented on trading gold stocks today, and several of you chimed in with similar trades (see comments on the previous post). I traded GG and several similar setups as well. While I disagree with "going into the trading day with a bias", I can't argue with the results. Well done!
"I went in with a Tom C. "u-turn" bias and it paid off with gold stocks. GG was my big winner - entered at $47.45 (break of 10:45 bar, 5-minute chart) and exited at the fib extension just above $48. Entered again on a break of the 11:20 bar at $48.31 which to me was a perfect "beyond the fib extension" setup, sold at $49. NEM and several other gold stocks offered similar setups. I am taking the rest of the day off!"
"FYI, 5-minute charts on the previous comment and Fibs plotted over the first 6 bars on GG. Using the 5EMA for extra support, and GG's first setup happened above the 61.8% retracement of the morning's high to low (as it formed the "u-turn")."
Here is Mike's GG chart with the two entries marked (the exit for the first entry was the Fibonacci extension, the exit for the second entry was the black dashed line).
I'm done for the day - be careful out there!
Trading 27-April-2016 (+ $66)
22 hours ago