Earlier today it looked like a closing 60min line
bar closed below the trendline and the 20period MA. But
now it looks like it bounced off the trendline and stayed above
it.
The line was re drawn when the original line was whipsawed. The
redrawn line just takes into account more market data so it makes
more sense.
As for closing a position, that may or may not be a good idea
depending on what you think will happen on the jobs report to the
dollar, gold the MM and PM shares.
I can see it going either way...fat lot of good that does you,
sorry. But look at the other indicators the 60 period and
regular sto, the rsi, macd etc.
My bias is to the downside. My thinking is that from yesterday's
high to this morning's low was only wave A and that we are
finishing off wave B with a wave C to complete this corrective move
downward yet to come. GDX may even fall to possibly fill
yesterday's gap or go even lower(maybe). This is my speculation and
guess work, good luck.
Thanks for the info guys. Since I shorted based on the
broken trendline and that was incorrect I will just cover the
position and wait for another trigger. I also see the
60period Stoch has creeped back to 80.
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Earlier today it looked like
GDX sell signals
Posted by stevedfw on 7th of Jan 2010 at 03:27 pm
Earlier today it looked like a closing 60min line bar closed below the trendline and the 20period MA. But now it looks like it bounced off the trendline and stayed above it.
I went short and now I guess I need to cover it.
Anyone else see this?
The line was re drawn
Posted by perthx on 7th of Jan 2010 at 03:37 pm
The line was re drawn when the original line was whipsawed. The redrawn line just takes into account more market data so it makes more sense.
As for closing a position, that may or may not be a good idea depending on what you think will happen on the jobs report to the dollar, gold the MM and PM shares.
I can see it going either way...fat lot of good that does you, sorry. But look at the other indicators the 60 period and regular sto, the rsi, macd etc.
My bias is to the downside. My thinking is that from yesterday's high to this morning's low was only wave A and that we are finishing off wave B with a wave C to complete this corrective move downward yet to come. GDX may even fall to possibly fill yesterday's gap or go even lower(maybe). This is my speculation and guess work, good luck.
$gold holds up, so there
Posted by junkie on 7th of Jan 2010 at 03:41 pm
$gold holds up, so there is another push higher to come, IMO.
Thanks for the info guys.
Posted by stevedfw on 7th of Jan 2010 at 03:47 pm
Thanks for the info guys. Since I shorted based on the broken trendline and that was incorrect I will just cover the position and wait for another trigger. I also see the 60period Stoch has creeped back to 80.