This is where you need to make a decision as when to exit. We are nearing some resistance levels on Har and the gold price. I am up 20% + on Har in just over a week. Do I - 1.Lock in some profit i.e. take say 30% off the table, wait for some consolidation and buy again 2.Let greed and excitement get the better of me and just let it ride 3.Adjust my stop loss to yesterday's high -10% and sit back and wait for the market to stop me out.
For what it is worth, I use a system that if we close at or close to today's highs, then I let it ride. If I have made profit target, and the close is less than about 70% of the high, then I take profit. It is better to take profit when the spreads are tight than in a falling market where spreads widen, IMO.
Kwagga, I sit with the same choices. I am in GFI and bought at 22/23 & 24 (Ave 23c) . Now sitting at 40/41 I am up about 60%. Working on pure sanity I would say leave the rest for the wolves and keep the cash. But the temptation to extend it to 70 or 80% is far to tempting. I am gonna wait for US to open and see what direction we take and then put or pull my chips.
Took profits twice on Har before the last two days' run and gold eventually breaking 1000. For fear of losing out on a good gold run, I got in again at 8700 but this looks like a mistake now! Gold barely holding on to 1000 level and gold shares dropping or is this only an afternoon breather?
Looking at GFI I see a clear grave stone doji / reversal day candle with RSI and Stoch OB. I would bank 50% profits and if the gold price rallies overnight you still have exposure to the move, if the price crashes you have limited risk.