Goldtent TA Paradise

DUST–about to show direction…

1. Randy says:

   February 8, 2016 - 4:12 pm at 4:12 pm

   Sir Eagle, I was watching the 5 minute charts, inspired by you and your market calls on a dime. I caught that falling knife about 10:20 @ $6.25 and was watching it very closely. We got the break out gap and finished with a gravestone doji on both the GDX and NUGT. is there such a thing as an abandoned gravestone? This may be a short term top and I could see us pull back before the fed meeting where I will be exiting this trade (if not sooner if the dollar gets hammered tomorrow), a dovish fed should help tank the dollar and gold will soar for a few days or a week, in my opinion. I haven’t checked into Bottomz Inn yet.

   • pedro_deleon says:

     February 8, 2016 - 7:06 pm at 7:06 pm

     ” I haven’t checked into Bottomz Inn yet.”

     Which Bottomz Inn is it that you haven’t checked into yet? GDX or DUST? Or both?

     • Randy says:

       February 8, 2016 - 10:27 pm at 10:27 pm

       Pedro, I don’t believe we have seen the bottom in gold yet. The whole monetary system is a basket case and I just can’t see Mr. Market presenting this easy of an ending. In my opinion there will be wild swings in both directions and bankruptcy’s, we haven’t had any bankruptcy’s yet and there has not been enough pain to the common man yet. In my assessment the tides only change when the little guy has been decimated and we have not crossed that bridge yet. Final lower lows in gold, commodities, SM, bonds and I also think the miners will revisit their lows.

       That being said I have bought a couple of Spock’s junior reco’s but they are investments, not trades.

2. EagleSeagle says:

   February 8, 2016 - 7:07 pm at 7:07 pm

   Randy, I am familiar with a gravestone doji and abandoned baby candlestick patterns; never heard of an abandoned gravestone? I agree with you, GDX did print a clear gravestone doji today which usually portends a change in trend. Glad to see you use the candles, a very valuable tool combined with pattern recognition and momentum oscillators. You are catching on very quick; trading is like anything else in life, “one only gets out of it what one puts in”. This is serious business, the night before, have your game plan and be prepared to focus the next day. The less distractions, the better your trading returns.

   • Cashcosts says:

     February 8, 2016 - 7:53 pm at 7:53 pm

     Look at 2 days ago on the GDXJ… we have an abandoned gravestone that blew everyone short out of the water over the next 2 days. I actually thought that was going to begin the correction but it didn’t.

     • EagleSeagle says:

       February 8, 2016 - 8:10 pm at 8:10 pm

       As Erin Heim states over at stockcharts.com, “TA is a windsock not a crystal ball”. I have traded both GDXJ and GDX; and found the technical signals are more reliable with GDX. But yes, good example Cashcosts, nothing is 100% in this game…a clear gravestone doji two days ago.

       • Cashcosts says:

         February 8, 2016 - 8:17 pm at 8:17 pm

         It almost feels like this is going to be a rally of false TA. We had the false breakdown on H&S, the false gravestone of the GDX… it adds fuel to the ong fire. Whether it continues, I can’t say.

         • Cashcosts says:

           February 8, 2016 - 8:18 pm at 8:18 pm

           GDXJ*

3. EagleSeagle says:

   February 8, 2016 - 9:13 pm at 9:13 pm

   Cashcosts, using the 13/34 EMA cross on the 60 minute is the most “reliable” indicator. If I had only one, that would be my choice. Though, it can be late to the game.