Okay, now GDX is looking like it may have peaked and could roll
to the down side. Not at all looking like a good place to enter and
go long w/ the GDX system! Steve, any thoughts?
You summarized things very well frtaylor - pullback off today's
highs so far has been on light volume so could recover next week.
Watch to see how it closes (gap below).
Many would have never thought to put that wedge line in there
which has acted as resistance.
Overall, GDX is still in an uptrend (always difficult to pick
exact tops) so trade according to your objectives and risk
tolerance (that means have a proper stop in place that coincides
with your risk level).
GDX did not break cleanly over wedge
Posted by frtaylor on 2nd of Sep 2011 at 02:37 pm
Okay, now GDX is looking like it may have peaked and could roll to the down side. Not at all looking like a good place to enter and go long w/ the GDX system! Steve, any thoughts?
You summarized things very well
Posted by steve on 2nd of Sep 2011 at 02:43 pm
You summarized things very well frtaylor - pullback off today's highs so far has been on light volume so could recover next week. Watch to see how it closes (gap below).
Many would have never thought to put that wedge line in there which has acted as resistance.
Overall, GDX is still in an uptrend (always difficult to pick exact tops) so trade according to your objectives and risk tolerance (that means have a proper stop in place that coincides with your risk level).
Thanks for the input -
Posted by frtaylor on 2nd of Sep 2011 at 02:44 pm
Thanks for the input - this is a very hard place for me to go long!
Negative divergence on the 30-min
Posted by lsherrer on 2nd of Sep 2011 at 02:39 pm
Negative divergence on the 30-min MACD, setting up on the 60-min.
Yeah, and the 60 min
Posted by frtaylor on 2nd of Sep 2011 at 02:39 pm
Yeah, and the 60 min GDX:GLD ratio line is close to breaking. Agh!