Simple Trading GORO

GORO W 8 May 2015 Close

A Redditor asks if GORO looks like a good long play here.  From a simple trading perspective, I would have to say no… Weekly downtrend no matter how you slice it (I use the Value Zone on the chart as a proxy).  For my 2 cents, it’s better to wait for price to get above $4.75 before looking for a longer term long play.

That said, price did bounce off an all time low at $2.62… and I do love High of Low Bar Trades (FB worked out pretty well), so if you’re looking for a “punt” a $3.20 long with a $2.60 stop looks ok.

Otherwise, I say look for greener pastures…

Hope it helps…

KIS,

The Trader