It's got this miniature inverse head and shoulders pattern on
the 5 and you can see it on GDXJ's 15 even. But I don't think
triple bottoms are considered tangible support thesis. DUST has
this covert head and shoulders intra-day as well. Just an FYI, GDX
has been highly correlated to SPY this week. If you watch them
together, you will be able to tell.
yep I agree. yes GDX is coming back to test support so
that should be noted, but you need a trigger for a long and that
could be many things such as a candlestick reversal, or a pattern
on an intra day time frame like wedge or trendline break.
Sure you could try going long at the support with a tight
stop below the lows, as long as you use a stop you won't lose much,
but it may have a high probability if being hit, but your risk is
also defined. For me personally I want to see a reversal
candle and trigger
the 60 min chart still has a wedge pattern as Steve drew last
night and is one thing to monitor
$GDX
Posted by pp-fivekola on 4th of Sep 2015 at 03:00 pm
Matt/Steve - Could $GDX be in a triple bottom reversal pattern here?
It's got this miniature inverse
Posted by zitron on 4th of Sep 2015 at 03:03 pm
It's got this miniature inverse head and shoulders pattern on the 5 and you can see it on GDXJ's 15 even. But I don't think triple bottoms are considered tangible support thesis. DUST has this covert head and shoulders intra-day as well. Just an FYI, GDX has been highly correlated to SPY this week. If you watch them together, you will be able to tell.
yep I agree. yes GDX
Posted by matt on 4th of Sep 2015 at 03:08 pm
yep I agree. yes GDX is coming back to test support so that should be noted, but you need a trigger for a long and that could be many things such as a candlestick reversal, or a pattern on an intra day time frame like wedge or trendline break. Sure you could try going long at the support with a tight stop below the lows, as long as you use a stop you won't lose much, but it may have a high probability if being hit, but your risk is also defined. For me personally I want to see a reversal candle and trigger
the 60 min chart still has a wedge pattern as Steve drew last night and is one thing to monitor
may be catching a bid
Posted by john9o9 on 4th of Sep 2015 at 03:24 pm
may be catching a bid here