Posted by cwa82675 on 27th of May 2010 at 02:38 pm
thanks for the chart puma. I agree gdx looks weak here and
has neg div on all minute timeframes. I loaded a one day chart to
pick a good shorting point and was lucky enough to load a few
minutes before the final touch of the upper trendline in this
wedge. This is a 2 min chart though so dont give it too much
credibility. I picked up a few calls. Would have taken a more
aggressive position but I am worried the market may play out the
h&s pattern so I want to keep lots of gunpowder ready for
higher prices.
I went long around 48.20 a few days ago but its retraced 50% of
the loss from the high so I am going to take profits here. Every
chance it will rally further as MACD hasn't rolled over yet and I
don't see any divergence on the timeframe i look at. But its
struggling at this 50% fib level
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GDX 15 MIN divergence
Posted by puma on 27th of May 2010 at 01:10 pm
GDX/GLD ratio still OK but lots of divergence developing (sorry, away from office and can't grab much of the image on my laptop)
im looking to short around
Posted by rank10 on 27th of May 2010 at 03:11 pm
im looking to short around the 51 level......as long as the bullish percent does not turn positive
thanks for the chart puma.
Posted by cwa82675 on 27th of May 2010 at 02:38 pm
thanks for the chart puma. I agree gdx looks weak here and has neg div on all minute timeframes. I loaded a one day chart to pick a good shorting point and was lucky enough to load a few minutes before the final touch of the upper trendline in this wedge. This is a 2 min chart though so dont give it too much credibility. I picked up a few calls. Would have taken a more aggressive position but I am worried the market may play out the h&s pattern so I want to keep lots of gunpowder ready for higher prices.
seems to be breaking here.
Posted by cwa82675 on 27th of May 2010 at 03:19 pm
seems to be breaking here. again this is a 2 min chart.
I went long around 48.20
Posted by vimal on 27th of May 2010 at 02:15 pm
I went long around 48.20 a few days ago but its retraced 50% of the loss from the high so I am going to take profits here. Every chance it will rally further as MACD hasn't rolled over yet and I don't see any divergence on the timeframe i look at. But its struggling at this 50% fib level