Goldtent TA Paradise

The end of day, prior to weekend PM short squeeze is on!

1. Aurum Maximus says:

   May 1, 2020 - 3:43 pm at 3:43 pm

   And market is cratering. So far so good…

2. Alfa8 says:

   May 1, 2020 - 3:57 pm at 3:57 pm

   Yeah, but what if this is just another Gotcha-Day for miners

   … like Wednesday was for the Stock Market, before their rug got pulled ?

   All sectors are variations of the same Deep-V Slingshot pattern. Looks to me like they might be taking Turns with the TURN.

   • Plunger says:

     May 1, 2020 - 3:59 pm at 3:59 pm

     That statement tells me one thing.. you don’t know how to read the tape and coalesce the information, execute, then stick with your gameplan

     • Alfa8 says:

       May 1, 2020 - 4:08 pm at 4:08 pm

       Well, that statement tells me you don’t know one thing about me.

       • Plunger says:

         May 1, 2020 - 4:22 pm at 4:22 pm

         You are absolutely correct, I don’t. But as you know trading is a brutal endeavor and one has to assemble as much information from the tape and form his conclusions. Once done one must have the courage of his convictions, execute the plan and stand fast. As soon as the market delivers information contrary to ones thesis one must immediately reevaluate it. My comment referencing your remark was intended to highlight that you had not formed a consensus and did not have any level of conviction. Sorry if it hurt your feelings, but the market doesn’t give a damn about our feelings. Instead I would recommend accepting it as a constructive comment bringing to your attention that one must dig into the meaning of the language of the market. because the market is speaking to us 24/7

         • Alfa8 says:

           May 1, 2020 - 5:09 pm at 5:09 pm

           Hurt my feelings? Not at all, but this all just got funnier.

         • Gold Learner says:

           May 2, 2020 - 3:04 am at 3:04 am

           What a beautiful message, Sir Plunger!
           I have read and reread this again and again.

           This week, at least 2-3 days it happened that I “felt” … LOL … that I should sell a majority %age in some of the junior miner positions and then wait for the next dip to re-enter, but I just held on to all those positions and did not trade at all. At the end of Friday’s trading, your words gave me so much confidence, and to those I’d like to add these words from Jesse Livermore …

           2. Learn how to sit tight

           After a wild and lengthy rollercoaster ride as a speculator, Livermore believes he has found the secret to his success. It’s obvious he’s excited by this discovery, which he eagerly shares:

           “After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: it never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!

           “It is no trick at all to be right on the market,” he adds. “I’ve known many [traders] who were right at exactly the right time, and began buying or selling stocks when prices were at the very level that should show the greatest profit. And their experience invariably matched mine; that is, they made no real money out of it. [Traders] who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make the big money.”

3. Silverhawk says:

   May 1, 2020 - 4:00 pm at 4:00 pm

   Daily cycle trendlines are being backtested in GDX. We could have more downside but I jumped back in as its too risky being out

   • Plunger says:

     May 1, 2020 - 4:03 pm at 4:03 pm

     It’s never too risky being out

4. Noman says:

   May 1, 2020 - 4:10 pm at 4:10 pm

   I am equal weight short the stock market and long the goldies. Hoping to eat cake.

   • PK says:

     May 1, 2020 - 4:33 pm at 4:33 pm

     You’re going to have your cake and eat it too? Nice!

5. MHC says:

   May 1, 2020 - 4:55 pm at 4:55 pm

   We never really know anything in the markets, we can only form a thesis and take action when it plays out.

   Since we are followers of technical analysis and charts, we must take action when we have proper back tests of MONUMENTAL break outs.

   Taking action there is the smallest amount of risk we can ever create for ourselves, to prove our thesis true!

   • Fullgoldcrown says:

     May 1, 2020 - 5:40 pm at 5:40 pm

     Well put !

6. pedro_deleon says:

   May 1, 2020 - 11:04 pm at 11:04 pm

   FWIW, my colleague Sam has us coming out of a 4th wave correction … (others might call it a bull flag) and onto new rally highs IN A BLOW OFF move into THE TOP of the B wave for Cycle 4 (since 2011).

   Daneric …. (use google) is now posting free daily EW updates, often including gold. He is on the same pattern as Sam. And you can go back to 2011 and confirm that Dan was charting that gold rally carefully into its final top as well. He was calling it early around 1800 but had the bigger picture quite correct.