Posted by mdschapiro on 14th of May 2012 at 01:19 pm
Thanks Matt. I see everybody trying to buy the 50% retrace with
2 touches so far including this morning and if the 3rd touch does
not hold then the 61% retrace at around $35.- seems a good place
where a lasting bounce could take place.
Even if today we get a reverse of GDX or we get all Gld, SLV and
GDX, GDXJ rally at the end of the trading day, I would not buy GDX
or GDXJ. I will follow your Renko system to buy when GDX
reaches $44.1. This is because we are still far
from forming an up trend and at that time when GDX
reaches $44.21, we have a trend formed for GDX or HUI.
gyzhao - see my post from earlier, that Renko buy price
will likely move down after today's close to a price of $43.47.
As GDX trends lower, so does the 2 box reversal price.
Thanks Matt. I see everybody
$HUI WANTS GREEN INK
Posted by mdschapiro on 14th of May 2012 at 01:19 pm
Thanks Matt. I see everybody trying to buy the 50% retrace with 2 touches so far including this morning and if the 3rd touch does not hold then the 61% retrace at around $35.- seems a good place where a lasting bounce could take place.
One day does not make a trend
Posted by gyzhao on 14th of May 2012 at 01:33 pm
Even if today we get a reverse of GDX or we get all Gld, SLV and GDX, GDXJ rally at the end of the trading day, I would not buy GDX or GDXJ. I will follow your Renko system to buy when GDX reaches $44.1. This is because we are still far from forming an up trend and at that time when GDX reaches $44.21, we have a trend formed for GDX or HUI.
gyzhao - see my post
Posted by matt on 14th of May 2012 at 02:25 pm
gyzhao - see my post from earlier, that Renko buy price will likely move down after today's close to a price of $43.47. As GDX trends lower, so does the 2 box reversal price.
Thanks, Matt. I have noticed your
Posted by gyzhao on 14th of May 2012 at 03:07 pm
Thanks, Matt.
I have noticed your post immefiately after I sent my comment.
THanks again!!