Posted by pimacanyon on 31st of Oct 2013 at 02:10 pm
US Dollar has broken above the descending TL that forms the
upper boundary of the descending wedge. First target would be
81, second target 82.
If the dollar continues its really to either or both of these
targets, that will be a strong headwind for gold, silver, and
miners. Time to buy a little DUST?
rconner - depends on what you were trying to do with GDX and
where you bought it, without knowing your exact trade, entry date
and price and objective, it's impossible to answer that fully.
However just a few comments: GDX did pullback from the symmetry
targets we had in place and at the weekly trendline. So if you
bought GDX for a trade, profits should have been taking near those
areas, or at least partial profits with a stop in place.
Now if your objective was to buy GDX for a major swing trade
long if you thought that a bottom was in, then your stop need to be
wider, perhaps well below the 20 MA because this pullback could be
a wave B perhaps and those wave B's can pullback quite a bit, maybe
a stop near the gap on the 17th or 16th, obviously that's a deep
pullback, but if one bought GDX on the 17th then your stop could be
there, now if you bought GDX much higher, than that's a lot of heat
to take.
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GDX comments
Posted by matt on 31st of Oct 2013 at 11:38 am
GDX - Chart Link - continues pulling back notice how GDX stopped its advance at the symmetry targets, the 20 day MA is next support
GDX - Chart Link - weekly chart, notice that GDX stopped exactly at the weekly downtrend resistance line
GDX - Chart Link - 60 min view
more on GDX
Posted by pimacanyon on 31st of Oct 2013 at 02:10 pm
US Dollar has broken above the descending TL that forms the upper boundary of the descending wedge. First target would be 81, second target 82.
If the dollar continues its really to either or both of these targets, that will be a strong headwind for gold, silver, and miners. Time to buy a little DUST?
Title: Stopped I was stopped on
Posted by rconner on 31st of Oct 2013 at 12:22 pm
I was stopped on this morning gap down. I thought I gave it enough room. Was trying to go long!!
rconner - depends on what
Posted by matt on 31st of Oct 2013 at 12:42 pm
rconner - depends on what you were trying to do with GDX and where you bought it, without knowing your exact trade, entry date and price and objective, it's impossible to answer that fully.
However just a few comments: GDX did pullback from the symmetry targets we had in place and at the weekly trendline. So if you bought GDX for a trade, profits should have been taking near those areas, or at least partial profits with a stop in place.
Now if your objective was to buy GDX for a major swing trade long if you thought that a bottom was in, then your stop need to be wider, perhaps well below the 20 MA because this pullback could be a wave B perhaps and those wave B's can pullback quite a bit, maybe a stop near the gap on the 17th or 16th, obviously that's a deep pullback, but if one bought GDX on the 17th then your stop could be there, now if you bought GDX much higher, than that's a lot of heat to take.