As you know, last week on Friday the
GDX Renko mechanical systemswitched to a buy signal. Lately the BPGDM system has
been more responsive.
Today our other GDX system, the BPGDM system, will be switching
over to a buy signal. Remember that Bullish Percent charts
are built from a list of P&F charts, and today NEM switched to
a P&F buy signal today, here's a
link to that section.
Remember that the BPGDM chart will not update until 2 hrs after
the market closes or at 6:00 pm EST. The system will go long
at today's closing prices (not intra day) and will reflected on the
GDX BPGDm section of the website.
The only good thing about the BPGDM system reversing back to
long today is that it will do so on a day where GDX is down,
therefore it will get better prices then it otherwise would have.
Still not as good as the Renko system buy signal from last
Friday at 41.62 of course, but if GDx ends up down 50 - 70
cents today, that's better than if GDX were up 50 - 70 cents
today
GDX has started a normal retrace withing the past few
minutes. Anyone willing to venture a guess as to how far it
will pull back before resuming its upward climb?
keith -
as far as GDX pulling back, if it's a wave 2 or wave B, those can
retrace quite a bit such as 50% - 62%
however refer to my 60 min
chart as well, if it forms a RS on a pullback, really I wouldn't
want to see it go much below the LS low of 41 in order form a RSI
of an Inv H&S pattern
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BPGDM system switches back to a buy signal
Posted by matt on 22nd of May 2012 at 10:44 am
As you know, last week on Friday the GDX Renko mechanical system switched to a buy signal. Lately the BPGDM system has been more responsive.
Today our other GDX system, the BPGDM system, will be switching over to a buy signal. Remember that Bullish Percent charts are built from a list of P&F charts, and today NEM switched to a P&F buy signal today, here's a link to that section .
Remember that the BPGDM chart will not update until 2 hrs after the market closes or at 6:00 pm EST. The system will go long at today's closing prices (not intra day) and will reflected on the GDX BPGDm section of the website.
Does the long signal for GDX means a rise on Gold Spot price?
Posted by fxprosilver on 23rd of May 2012 at 05:39 am
As a beginner I am wondering if the long signal on GDX means long for gold spot to?!
The only good thing about
Posted by matt on 22nd of May 2012 at 03:23 pm
The only good thing about the BPGDM system reversing back to long today is that it will do so on a day where GDX is down, therefore it will get better prices then it otherwise would have. Still not as good as the Renko system buy signal from last Friday at 41.62 of course, but if GDx ends up down 50 - 70 cents today, that's better than if GDX were up 50 - 70 cents today
GDX Pullback
Posted by keithw on 22nd of May 2012 at 11:10 am
GDX has started a normal retrace withing the past few minutes. Anyone willing to venture a guess as to how far it will pull back before resuming its upward climb?
TIA
Keith
keith - as far as GDX
Posted by matt on 22nd of May 2012 at 12:50 pm
keith - as far as GDX pulling back, if it's a wave 2 or wave B, those can retrace quite a bit such as 50% - 62%
however refer to my 60 min chart as well, if it forms a RS on a pullback, really I wouldn't want to see it go much below the LS low of 41 in order form a RSI of an Inv H&S pattern