My Current Gold Position (IAU)

If you've looked at the How I'm Doing page, you'll see that I have a current position in gold using the iShares ETF, IAU.  I've made 2 purchases, the second about 2% above the first.  As stated in an earlier post, I'd like my first "addition" to any position in favor of the trade, and preferably about a 2% move.  So, done and done on that one.

Now, I still like gold and would like to add to my IAU holdings.  However, I'm OK with any further additions not being above the last purchase.  Take a look at the chart below - notice if I used the same guideline as above, I would be buying at about $13.80.

Purchase 1	13.27
Purchase 2	13.53	2.0% up from 1st buy
Purchase 3??	13.80	2.0% up from 2nd buy
Stop	12.38

In theory, my next purchase ("Purchase 3") could be anywhere between my 12.38 stop and approx 13.80.  In reality, I will probably never add to a position below the initial purchase price, in this case 13.27.  And I will probably never buy more than 2% above the last buy.  So that puts me between 13.27 and 13.80.  As gold has been taking a little beating the first few days of the year, I'm going to wait for it to stabilize a bit.  Most likely I will purchase more somewhere in the neighborhood of purchase 2 (13.53) after the price settles down.