Loading ...DUST 15…
Optional…
Study the NUGT 15 chart from last week…
Use the stoch 144 to help time entries/exits…
You did a great job using the DUST 60 to time a DUST entry buying at support…
DUST 15 with an inverse HS, note the gap and 13/34 EMA bull cross…
Stay in the trade until the 13/34 BEAR crosses…
First warning is when the price action breaches the 13 EMA and then the 34 EMA…This will happen before the cross…
Remember, start with smaller positions until you are more comfortable; and you will never catch the exact bottom or top. Move on, do not beat yourself, and wait for the next setup. Stick with GDX/GDXJ for the long side; again, until you are more comfortable…Do not trade NUGT/DUST unless you can constantly monitor…
ADDENDUM: NUGT 60
Traders in DUST, watch this chart very carefully…
IMHO, The DUST trade is coming to an end per my evaluation of the 60 minute DUST/NUGT charts…
I have been calling for the DUST chart to complete as a BEARISH megaphone; this should start with the back test of the NUGT bullish wedge and the gap fill…Of course, the lower trend/support line on DUST, which has been support for the past 3 months will have to breach to the downside…
Watch the back test and gap fill on NUGT 60 to EXIT DUST…
THE TREND is CHANGING…
DUST
ES, the DUST 60 chart stopped me from buying above 73 and go long the PM complex instead, and encouraged me to sell all my PM longs on Friday at 43, and then to go long DUST for a great trade. Many thanks for your updates and contributions, especially your DUST 60 min chart. Obviously I do my own due diligence but this chart has proved extremely useful for the past few months. Again, many thanks!!!!
Great Dave, without incorporating the DUST charts into my trading, I could not do near as well…All the best trading this New Year!
Thanks Eagle! Because of your DUST chart, I to did exactly what Dave did on Friday. I really appreciate your generous offering of effort in this response!
One more thing, IMHO if the right shoulder is breached, get out and reassess the situation…
Note the addendums…
My work concludes differently.
We likely have a brief rebound higher for GDX immediately ahead.
But then new lows for GDX over the weeks ahead.
This is based on my system, not EW. Although EW supports this as well.
I have to admit that I didn’t have the nerve to hold DUST through the weekend and sold right before the close. Just as you mentioned Eagle, I did not leave it unattended. UVXY gave me a good ass whooping last year. If anyone new here doesn’t understand what Fully means when he says “decay” its worse than terrible and then some. Since I never went to collage, I call it another one of my real world street semesters. Thanks again Eagle for the updates!