We bought the Qs based on power bar across the trendline on dumpety bumpety down wave pattern. This is a trade, not a system or trend position.
We also sold the gold (and the silver). Why would we do that, when we have basically been long gold since 2003? Once again this is a trade, not a systems move.
We think gold and silver are stuck in trading patterns — sideways markets and are approaching the resistance level. And we expect a downwave soon, and we will buy it back.
We think this is a crazy move and anyone with any sense would just observe the systems stop and be there when gold breaks out.
The Basing Point is at the July low and the stop is 3-5% under the Basing Point.