GDX nearly hit a price target of mine today, so I sold my
remaining position. Using rank10's GDX graph showing the nine gaps
that filled in subsequent days, I averaged the nine moves from the
top of each gap to its highest high, which was $2.79. Adding
that to the top of the gap last Thursday gave a price of
$61.87. Today's high was $61.85, which was close enough in my book.
May well go higher, but it was a nice ride. Maybe not the most
sophisticated price target, but it kept me in my long position when
I was feeling like I should get out! Next thing to watch is the
GDX:GLD ratio to catch a sell signal to go short. Thanks for that
tip, Matt.
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Sold remaining GDX today
Posted by frtaylor on 8th of Nov 2010 at 09:31 pm
GDX nearly hit a price target of mine today, so I sold my remaining position. Using rank10's GDX graph showing the nine gaps that filled in subsequent days, I averaged the nine moves from the top of each gap to its highest high, which was $2.79. Adding that to the top of the gap last Thursday gave a price of $61.87. Today's high was $61.85, which was close enough in my book. May well go higher, but it was a nice ride. Maybe not the most sophisticated price target, but it kept me in my long position when I was feeling like I should get out! Next thing to watch is the GDX:GLD ratio to catch a sell signal to go short. Thanks for that tip, Matt.