Loading ...Took Profits on DUST/JDST Today
My charts are suggesting tomorrow could be a strong bounce day for the GDX ahead of the vote and I’m quicker these days to book profits when I have them. Depending on how things settle out tomorrow I may take some fresh PM positions, or more likely remain flat on PMs going into Friday morning.
Thanks Mark, feeling the same…
I was watching the 5-minute charts closely for a sign of whether to hold into tomorrow or exit today. I had a really large DUST position at an avg cost of $9.20 and I wasn’t going to let it get away from me despite the fact I think the weekly charts suggest a bigger correction comes before an impulsive move up. I exited both DUST and JDST at 2pm when I saw this successful backtest (green circle on chart link below). I’m now looking for a better DUST re-entry like a successful backfill and fib rejection (again see chart). If we get that tomorrow before the close I will take another DUST position but it wont be nearly as large not knowing exactly how markets will react Fri. I like seeing extreme moves one way or the other so I can take opposite trade. I would love to see NUGT get to 62% fib up over $109. That would be the ideal risk/reward short entry back into DUST. Let’s see what the markets serve up manana.
http://stockcharts.com/h-sc/ui?s=NUGT&p=5&yr=0&mn=0&dy=6&id=p61574787991&a=424224284
I bought support today on the DUST 60 chart…Hey, it’s just money…