In such a summer doldrums, GDX reached $39.08, now rallied for
three days. Our two systems are in buy. If the world market is
in a sell and gold may not be bottomed @1527, and may go down to
$1200, do you think GDX can go down further?
guys remember to try and post charts or reasons why you have a
price target in mind i.e. such as gold going to 1200 that was
mentioned this morning, what's that based on? A trendline, a
Fib retracement, Elliot Wave, or what some guru said in an article?
I'm not disagreeing that gold can't go to 1200, I would just
prefer for you also show how you arrived at your price targets vs
just throwing a number out there, since this is a technical
analysis website.
Posted by dallassteve on 23rd of May 2012 at 09:56 am
I agree, gyzhao
GDX can very possibly go lower, and that is my favored
scenario.
I am waiting a little longer before I load up on gold stocks.
I own Vanguard Precious Metals in my wife's IRA. I
went to cash last year when GDX peaked, expecting a correction.
That was a good move. I bought a half position last
January, after it had fallen. Now it has made a new low.
So my timing is not always great, and that is why I
scale in.
This last decline has been so forceful that I think there is a
little more downside after the bounce.
fxprosilver - the Renko buy signal for GDX does not directly
relate to any such signal for Gold Bullion. While they are often
correlated, don't ever assume that a buy signal for one
index/sector applies to another.
Further, I suggest you review (in depth) the statistics and
comments Matt has posted regarding the GDX Renko system so you
understand that after very strong moves what to expect.
From Internet I found many people use BPI to trade both gold and
gold stocks. It worked very nicely. BPI is the best index used by
traders before 2000.
However, I am also use the following methods to double check my
point of view on the market trend:
1. Moving average;
2. Chart pattern
3. Renko system.
Currently BPI and Renko are in buy, but Moving average and Chart
pattern are in sell. Thus I am hesitating to take position.
Gold stocks bottomed?
Posted by gyzhao on 23rd of May 2012 at 08:24 am
In such a summer doldrums, GDX reached $39.08, now rallied for three days. Our two systems are in buy. If the world market is in a sell and gold may not be bottomed @1527, and may go down to $1200, do you think GDX can go down further?
My answer is, it may!
guys remember to try and
Posted by matt on 23rd of May 2012 at 10:00 am
guys remember to try and post charts or reasons why you have a price target in mind i.e. such as gold going to 1200 that was mentioned this morning, what's that based on? A trendline, a Fib retracement, Elliot Wave, or what some guru said in an article? I'm not disagreeing that gold can't go to 1200, I would just prefer for you also show how you arrived at your price targets vs just throwing a number out there, since this is a technical analysis website.
GDX
Posted by dallassteve on 23rd of May 2012 at 09:56 am
I agree, gyzhao
GDX can very possibly go lower, and that is my favored scenario.
I am waiting a little longer before I load up on gold stocks. I own Vanguard Precious Metals in my wife's IRA. I went to cash last year when GDX peaked, expecting a correction. That was a good move. I bought a half position last January, after it had fallen. Now it has made a new low. So my timing is not always great, and that is why I scale in.
This last decline has been so forceful that I think there is a little more downside after the bounce.
This is my concern also
Posted by fxprosilver on 23rd of May 2012 at 08:28 am
This is my concern also gyzhao. Since I am mostly trading Gold spot, i wonder if GDX buy signal means buy signal for Gold Spot also?
I would assume that they correlate the same and it makes sense fro GDX to rise if gold rises. or am I missing smth here?
fxprosilver - the Renko buy
Posted by steve on 23rd of May 2012 at 08:54 am
fxprosilver - the Renko buy signal for GDX does not directly relate to any such signal for Gold Bullion. While they are often correlated, don't ever assume that a buy signal for one index/sector applies to another.
Further, I suggest you review (in depth) the statistics and comments Matt has posted regarding the GDX Renko system so you understand that after very strong moves what to expect.
http://breakpointtrades.com/blog/post/199889/#199952
Steve - Thank you, it
Posted by fxprosilver on 23rd of May 2012 at 09:44 am
Steve - Thank you, it really makes sense after reading Matt statistics. Ill stay away today..
Here is what I think
Posted by gyzhao on 23rd of May 2012 at 08:52 am
From Internet I found many people use BPI to trade both gold and gold stocks. It worked very nicely. BPI is the best index used by traders before 2000.
However, I am also use the following methods to double check my point of view on the market trend:
1. Moving average;
2. Chart pattern
3. Renko system.
Currently BPI and Renko are in buy, but Moving average and Chart pattern are in sell. Thus I am hesitating to take position.
What's bpi?
Posted by freddy123321 on 23rd of May 2012 at 09:04 am
What's bpi?
bullish percent index
Posted by mugsy on 23rd of May 2012 at 09:06 am
bullish percent index
Bullish Percent Index
Posted by tom on 23rd of May 2012 at 09:06 am
Bullish Percent Index