Loading ...Movement as Expected in Miners
Support came in this morning as expected and now the oscillators are resetting for next move higher. I was happy to see JDST to bounce strongly off midpoint of Bband on the daily today so far. The plunge looks to be right around the corner….patience!
Looks good, but I am also on the lookout for that pop/drop/super-pop episode from August 5th or somewhere around there.
OK, the dust/jdst rally can begin now — I had to reduce my short exposure because hourly chart resistance for GDX/GDXJ was being overcome. The market always turns around when I sell! (ha, ha).
Daily support is still holding for dust and jdst, though. I am still short just with a little bit less exposure.
JDST still looks good. It’s been my only position for a while now. here’s the chart if you want to follow in real time. I added a little to my position on a touch to the lower rail. Holding……….
http://schrts.co/L6zzQF
Thanks — I don’t mind buying right back in (even at a bit higher price). I just want to avoid the bludgeoning I took during some of the previous GDX/GDXJ rallies.
Oh, one mistake I always make (can’t seem to shake it) is not waiting until the dang hour is over on the hourly chart. Sometimes it works out, but many times it is better to wait until the hour is printed.
Kemmrich. One method I use is to move to the 5 minute chart when an ETF approaches possible support on a larger scale and use the 13/34 MA cross to enter. This helps ensure the MOMENTUM is on your side.
EagleSeagle: Thanks, I’ll give that a try!