GLD is setting something up here. As the SPY yesterday set up the potential for a First Cross Sell signal, the GLD is setting up a similar pattern (of course we're noticing the Head & Shoulders pattern forming, which you often get with a first cross entry). Price stalled today at the 50% retracement level following the most recent selling momentum. At this point we would be looking for a tick lower in the momentum histogram along with the slow line crossing negative:
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.