Loading ...kudos
There are many excellent chartists at the Tent – common knowledge, I know. But even those who post infrequently add punch to the power of TA.
Sunday, Patrick put up a post saying GDX is heading to 54 and Silver to $27
I spit out my coffee when I read that, and challenged Patrick – suggesting he had been wearing his ‘rona mask too long.
Northstar jumped in and supported Patrick’s projections.
Two agreeing is good enough for me. I checked my usual suspects on Twitter and no confirmation there, but these guys are not only good, they AGREED.
So I put off my idea of trying to play what I thought was a soon-arriving consolidation/pullback and instead rebought leveraged positions this morning, and now am sitting tight. All in.
Just wanted to give specific kudos to those two for their convincing stand/predictions. Amazing. Does TA work???
I’d be curious to hear what Plunger is doing. I think he scaled back last week too. Fascinating move going on!
Yes, it was Plunger’s comment that caused me to sell all of my leveraged positions on Thursday…which I bought some back on Friday and the rest this morning.
The bull is incredible – it allows one to recover from mistakes and regain the offensive quickly.
I also took profits. I had my finger poised to sell more, but Rambus posts and the big picture kept coming to mind. PM bull markets surprise to the upside. I had a gut feeling that momentum may take over. It’s a curious situation we find ourselves in here.
NS-How will you re-deploy your capital?
Plus 1 here Boomer
These two are dedicated to their craft !
But wait.. there is more! Pullbacks will occur… 10%-20% correction now then up? or straight to 27$? VERY HARD right now.. high volume can also mean blow off tops… if we don’t slide above it. Again.. BEST time to go long silver was a month back. What I learned from Plunger is Whale Hunting. Thrive on fear, not greed. Wait for important pullback.. THEN load up, early, off a strong base (see gold at 1350-1400). Now, Risk vs Reward diminishing as parabolic move expands.. driven by greed and fomo. A very fragile combination. Exiting at very top could bring you bragging rights.. but a lot of risk involved. Can’t blame anybody from taking profits… if it was their trading framework to do so. If you loaded up (over position-sized) early and made $$$ and risked early.. why carry that risk as tower of Pisa extends? Here is my “whale hunting” manuel I’m working on right now. http://badcharts.com/whale-hunting/
Yes, I am well aware of that and thanks for the overview reminder. I did not mean to disparage Plunger – we all work to our individual disciplines. And risk is now VERY high. The “last bit” is almost always the siren song that dashes one on the rocks of losses and despair. A fragile combination indeed! That’s why my finger is poised on the “sell” button….
Thanks for the very timely and solid reminder.
I owe NorthStar and Patrick big. Outstanding.
Appreciate the comments guys. A large correction will come, so taking profits is never a bad thing when the excitement reaches these levels. Individual silver miners are in the early stages of breaking out, so I decided to just hold them through the correction.