Loading ...ATTN Goldtenters…
I have been watching what feels like a “101 different scenarios” on the minute charts. Let me clue you in, nobody, I mean nobody is a prophet nor knows how exactly this is going to play out. The most conservative method is to stick to the charts on the daily time frame. When the daily RSI trend lines are breached to the upside, this is the time to go long. It’s all about momentum, and being on the right side of the momentum. This is when the money is made…
GDX had a bear cross of the 13/34 EMA today, the first since the end of January…
So I can expect a back test of the moving averages and further downside action…
Would be surprised if the positive divergence holds…
Until then, IMHO, it’s all a guessing game, and for disciplined day traders ONLY…
Good luck, I want to see everyone succeed…
DUST 60…
Possible “cup and handle” formation…
Best guess EOD 8/29; I mentioned this a few days ago…
Watch reaction at this gap fill.
NOTE: SOMETIMES THE BEST TRADE IS NO TRADE!
Thanks ES! Always a fan of your work!
Thanks.
You think we will get that backtest to the trendline break..
Based on the NUGT action today–no. However, the trend line still needs a back test (NUGT 15). GDXJ daily trend line remains intact since January. It’s a toss up. Relax, let the trade come to you. Watch the stoch 144 on NUGT 15 minute…
Thanks Eagle. I chart & track some 175 PM miners and many show what appear to be halfway patterns to the downside on the dailies. This would go well with my belief that we’ll see gold retest its 30 MA on the weekly sooner or later. May as well be now. A nice washout would be fine with me. I have stink bids in on a handful of miners and to my surprise, a few of them have already filled, only to bounce and close considerably higher by EOD.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=0&dy=0&id=p01501501533&a=474486438
You are exactly right looking at this chart; a “wash out” is most definitely needed. MACD needs to reset…
Es…God bless. You are a bulwark of this community.
When NUGT skipped the waltz beat (and TRIX was showing weakness), I was definitely concerned we might be facing some anxious days ahead. I am going to be posting some Bressart studies in the future that might help guide us in determining whether the downturn is over.
Thanks Jim, a chart works till it does not; yes, that was our first warning…Looking forward to your charts.
Eagle is watching over us
🙂