GOLDMAN SACHS: when a giant stumbles
Goldman Sachs has stumbled and now there is much debate out there about what next to do. As usual some are shouting "enter long now", whilst others are saying "stay out" etc.
For me, it's very simple i.e. I just need to wait on a favourable time frame, somewhere between 2 - 6 hourly if I'm to go north. It's difficult to go short as there could be a rebellion of hopefuls heading north anytime soon. A northward push (if it happens) could attempt to test what I see as the base of a not so well-defined head and shoulders on the weekly.
The other major problem is that we are in dangerous economic times - far worse than 2008. So, GS could well head into a massive dive just like around 2008.
My strategy in the short term:
1. Wait for a pulse north and follow that if it happens on a microtrend (long position).
2. If that microtrend happens to get near the base, I'll be out - then look to short.
(Emphasis on the word 'if').
Longer term strategy:
1. If price goes into a deep dive like in 2008-ish probably months away, then look for favourable trend heading north, to go long.
2. Stalk for a double bottom if it happens.
For me, it's very simple i.e. I just need to wait on a favourable time frame, somewhere between 2 - 6 hourly if I'm to go north. It's difficult to go short as there could be a rebellion of hopefuls heading north anytime soon. A northward push (if it happens) could attempt to test what I see as the base of a not so well-defined head and shoulders on the weekly.
The other major problem is that we are in dangerous economic times - far worse than 2008. So, GS could well head into a massive dive just like around 2008.
My strategy in the short term:
1. Wait for a pulse north and follow that if it happens on a microtrend (long position).
2. If that microtrend happens to get near the base, I'll be out - then look to short.
(Emphasis on the word 'if').
Longer term strategy:
1. If price goes into a deep dive like in 2008-ish probably months away, then look for favourable trend heading north, to go long.
2. Stalk for a double bottom if it happens.
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