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Rob Perrego

Who is Robert Perrego?

When WorldCo's Wall Street traders needed to know how to read a stock chart, they went to Robert Perrego.

Robert Perrego was a Managing Director and a Proprietary Equity Trader at WorldCo LLC for five years. Using Technical Analysis and Chart Reading techniques, Robert profitably traded over 100 million shares of stock worth billions of dollars for his personal account.

Robert delivered weekly lectures on Technical Analysis for WorldCo's other traders. The tapes of these lectures became required viewing for all new traders at the firm. These videos inspired the creation of the educational package now being sold at StockTradingCards.com.

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Gold and the GLD – Still Going Strong and now going into a Bullish Ascending Triangle

While the prognosticators debate whether or not to own gold, the shiny yellow metal has continued to climb higher.  Last week on the 7th of June, the GLD (largest gold ETF) leapt higher and closed at $121.49.  This high coincided with the previous peak on the chart at $121.40.  These two highs give us a top ‘edge’ to an ascending triangle pattern in gold (see Stock Trading Cards T15 and T16).


Looking at the chart below, the green line(s) represent the left edge of the triangle.  Measuring these lines we see the height to be about $7 to $8.  I have used two lines that are parallel as the thicker blue line is an uptrend line in effect since March 24th and the thinner parallel blue line more perfectly fits the pullback lows.  Regardless of which line you use, this pattern is targeting a $70 to $80 breakout in the price of gold and a $7 to $8 jump in the GLD.

gold ascending triangle


One of the great things about an ascending triangle is that the lower up sloping trend line increases in price as time goes on.  The positive slope of this line allows you to raise your sell stop to protect your investment and lower your loss exposure each day. 

The price target, if the GLD breaks out and closes above $121.50 (ideally for two consecutive days) is $128.50 to $129.50. This coincides to an approximate level of $1,300 an ounce for gold.

Tuesday, June 15, 2010
 

 

 

 

 
 

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