GDX - Chart Link - this is that flush down
that I mentioned last week similar to late 2015 that I was
weary of unless we saw more buying materialize...quite honestly
there were some valid setups last night pre-fomc for quick trades
which unfolded early today or stop outs if electing to swing on
fomc hopes. The bottom line is traders reacted with a strong signal
to sell and the pattern resolved down. This pattern was
posted much earlier today where price found resistance this
morning.
Posted by bearcat4 on 14th of Dec 2016 at 06:18 pm
Fortunately I was on the phone with you re: something else when
you said to be sure to watch the 30 minute chart because an upside
resolution was not necessarily a done deal. I was all ready to
assume that because the rate hike went as was widely predicted that
gold and the miners had already taken this in to account and would
not react adversely. When you put out the pre open charts this
morning and the golds bounced I was ready to hold through. the
meeting and aftermath. Not only did you have this morning's
bounce, but also the cautionary warning to watch the 30 min for a
decisive break either way rather than guess at an upside resolution
after the Fed meeting which ultimately did not occur. Hopefully I
will break my long standing bad habit of guessing and wait for
the charts to tell me what to do. Anyway I saved quite a few
shekels today thanks to a luckily timed phone
call...........Kudos, Steve.
GDX 30 Updated
Posted by steve on 14th of Dec 2016 at 03:46 pm
GDX - Chart Link - this is that flush down that I mentioned last week similar to late 2015 that I was weary of unless we saw more buying materialize...quite honestly there were some valid setups last night pre-fomc for quick trades which unfolded early today or stop outs if electing to swing on fomc hopes. The bottom line is traders reacted with a strong signal to sell and the pattern resolved down. This pattern was posted much earlier today where price found resistance this morning.
Lucky me
Posted by bearcat4 on 14th of Dec 2016 at 06:18 pm
Fortunately I was on the phone with you re: something else when you said to be sure to watch the 30 minute chart because an upside resolution was not necessarily a done deal. I was all ready to assume that because the rate hike went as was widely predicted that gold and the miners had already taken this in to account and would not react adversely. When you put out the pre open charts this morning and the golds bounced I was ready to hold through. the meeting and aftermath. Not only did you have this morning's bounce, but also the cautionary warning to watch the 30 min for a decisive break either way rather than guess at an upside resolution after the Fed meeting which ultimately did not occur. Hopefully I will break my long standing bad habit of guessing and wait for the charts to tell me what to do. Anyway I saved quite a few shekels today thanks to a luckily timed phone call...........Kudos, Steve.
Lucky me correction
Posted by bearcat4 on 14th of Dec 2016 at 08:44 pm
Typo......should have read " if " the rate hike went as was widely predicted......sorry