GDX - Chart Link- again guys, lot of folks
focus and get caught up in day trading, but it's nice if you can
swing trade some instruments that you know are uptrending, and not
all excited on a one day up move exiting and losing your
position.
GDX has been in an uptrend - we correctly labeled the low in
late Sept as a wave 5 - so we knew that it had potential to enter a
new uptrend.
The breakout occurred in early November - a wide initial stop
would have been set at the lows. Then simply moved up to each new
higher low, has been 4 of them.
The strategy I like to employ is catching the first move with a
larger position, then I sell some shares maybe 1/2 or even 2/3. I
can't help but taking some profits, it's just my style and fits my
psychology - but then I try to keep at least a 1/4 of the position
and just let it ride - and sometimes I'm able to let it ride for
months
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GDX uptrend stops
Posted by matt on 13th of Jan 2023 at 10:04 am
GDX - Chart Link- again guys, lot of folks focus and get caught up in day trading, but it's nice if you can swing trade some instruments that you know are uptrending, and not all excited on a one day up move exiting and losing your position.
GDX has been in an uptrend - we correctly labeled the low in late Sept as a wave 5 - so we knew that it had potential to enter a new uptrend.
The breakout occurred in early November - a wide initial stop would have been set at the lows. Then simply moved up to each new higher low, has been 4 of them.
The strategy I like to employ is catching the first move with a larger position, then I sell some shares maybe 1/2 or even 2/3. I can't help but taking some profits, it's just my style and fits my psychology - but then I try to keep at least a 1/4 of the position and just let it ride - and sometimes I'm able to let it ride for months