Goldtent TA Paradise

GDX 5-min – Support Just Broke

1. Mark says:

   August 31, 2015 - 3:31 pm at 3:31 pm

   also noticing little diamond top breaking down on JNUG chart.

   http://schrts.co/jIupvW

2. Argentum says:

   August 31, 2015 - 5:03 pm at 5:03 pm

   looks like gdx closed above your neckline and possibly above your main downtrend line or just on it?

3. Mark says:

   August 31, 2015 - 5:45 pm at 5:45 pm

   Yes, it may have but there is a bit of noise in a 5-minute chart, including my read of a break of support. In hindsight we see that didn’t happen. As far as my trading is concerned, my line in the sand is from the chart I posted a couple of days ago on the GDX. As shown below, if prices close above my line in the sand, then clearly new investment is coming in and prices are going higher. Until then, I remain short.

   http://schrts.co/6xNCme

4. grin says:

   August 31, 2015 - 8:04 pm at 8:04 pm

   but, it broke resistance and now resistance is support, we cant have it both ways.Everything can be bearish if we defer to another timeframe that suits really, jmho…or the other way for sure….

5. Mark says:

   August 31, 2015 - 8:24 pm at 8:24 pm

   Things are seldom that neat and tidy, and we have to take the preponderance of evidence into account. Sometimes bars overthrow like on a gap open that just drops like a rock all day (our recent bearish engulfing day). Looking at the structure of price movement, I see nothing bullish. Yes, prices could continue to move sideways or even slightly up in a corrective manner but until the structure looks bullish and substantive resistance becomes support, I’m very comfortable in a bearish stance. This is why I look at charts in so many time frames….the story needs to make sense on the weekly/daily/hourly…..etc.

   Here is an example of what I mean by structure:

   http://schrts.co/qcFZvh