GLD stands for Goldilocks. The market gained the right to continue higher after a pullback & a correction or a correction.

The Goldilocks level can mean a Wave 1 or a Wave 3.

During the last leg up a GLD was followed by a pullback to the E16 (only 26 pips down), a marginally higher high, then a 68-pips correction with the MM rolling out of shorts.

The second GLD example was a correction of 64 pips.

Currently the price has been outside the BB for 4 hours straight, so upon re-entry the MM may want to square their shorts, like so:

All the way to the 10 EMA.

I hope this gives you some idea of what to do.

Scale in, but try to get a good location. Lay the bulk between 1.0480 and 1.0470.