Loading ...System signals on PMs — EW count update added
I have Trend Sells on GDX and GDXJ today, pending what follows later this week.
They are also on weekly Sell Short setups that will likely stand up regardless.
So if GDX and J recover (60m charts support that) they will merely succumb later in the week or next.
These are my first trend sells on these in a month, and the third since the late May highs.
(And just as importantly, no trend reversal buy signals over this period.)
System remains on VLT sell from 2011, LT sell from Aug 2020, and LT resell from May 2021.
SSO to UGL remains on buy, and equities continue to outperform. I don’t see that changing before EOY perhaps.
(This post was motivated in part in response to sector cheerleading by others, as an equal opportunity site supporter.)
Late Evening Addendum: Joe Taverna (“ET”) has updated his count from a few weeks back today … fits my outlook …
Only for EW literates.
https://www.tradingview.com/x/21vgtKnA/
FYI, I am buying the dip in MAG and SSRM today.
I don’t follow SSRM but I believe your buying this dip in MAG is an excellent move. The chart shows a major downtrend line since it’s high and it looks like it is about to break it and rocket higher.
“I have Trend Sells on GDX and GDXJ today, pending what follows later this week.” How do you have Sells today(requires action today or at least staying short) pending what follows later this week? You mean after you see what happens later this week you either claim your sell was correct or if they go higher you claim after the fact that you didn’t say sell or stay short? Where is the value in this kind of useless nonsense?
This sort of remark simply betrays your ignorance of trading beyond the use of one time frame at a time.
“Imperfect” systems focused on trading on a higher time frame (eg, weekly) will always be subject to whipsaws involving moves at lower time frames. And “Imperfect” or imprecise systems will always beat having no system at all. Trades are effectively executed at the minute degree time frame even if your system signals come off a different time frame. But if its so useless, lets just see how it plays out, right? Mine has been backtested over 15 years. How about yours?
I don’t have or use “trading systems”. I study the charts and make assesments based on them and the price action. I don’t trade for very short term moves. I agree a system is valuable for that type of activity. I would have let your post pass, as useless as it was, but you once again couldn’t help yourself. Instead of just providing whatever you felt you wanted to share with the community you had to take another shot at someone else. You were obviously referring to me with your cheerleading crack since I didn’t see any other market related posts up to that point. I stated two facts and gave one opinion. The metals had a good showing Fri. FACT and we were experiencing a quiet correction so far today.FACT. My opinion, which wasn’t cheerleading, was that I thought the negative action would abate and that they would close at or near their highs for the day. I may or may not be correct about that(we won’t know for a few hours).Hardly cheer leading especially when my multiple posts last week nailed the exact action and timeframes, with the reasons and catalysts given ahead of time. When you make calls and they play out it is called “getting it right” not cheerleading.
“I don’t trade for very short term moves. ….
Hardly cheer leading especially when my multiple posts last week nailed the exact action and timeframes.”
Please reconcile those two statements, taken together. Are you calling the bottom in, and if so, for weeks and months?
I’m a swing trader, in for weeks to several months. I wait for fatter pitches.
Are you buy and hold as you appear to imply? Or short term and you are out already? I can’t tell from your posts, quite honestly.
I called the moves in the metals last week to alert the community of when and where there were good entry points if they were considering making any moves. I have long stated I trade for the intermediate to long term. That doesn’t mean you don’t look for inflection points like last week.
“I have long stated I trade for the intermediate to long term. That doesn’t mean you don’t look for inflection points like last week.”
Those terms are ambiguous as far as I’m concerned. I have a friend who defines long term as in decades.
And I don’t understand how you are using “inflection” point. If you TRADE for the intermediate and long term … then are you calling last week an intermediate or long term bottom? Or are you prepared to take large paper drawdowns to hold your positions? What is your risk tolerance? These are questions others ought to know, when you counsel them on trades.
Sheesh, what was that all about? You got a vendetta against Pedro, or what?
Silverboom … I don’t really have a problem with his retort. I welcome the debate, and I’d like to see clarity on the methodology if there is any. Truth is that I see what my charts and my system tell me, and then I see the marked contrast with his persistent calls for bull market action, and so I’ve been rather relentlessly challenging him on his posts, since last winter and spring at least. For the simple reason that they might be encouraging others to follow “the master”. As one other poster on this thread noted, its good to get both sides. I’m here (along with one other notable poster from time to time) providing the contrary POV.
I simply let my calls stand for themselves.
I called for a secular top last fall, and I stuck with my BMR position in the spring.
Where have you been hiding. He has trolled my posts for months. I finally called him out on his nonsense and continued trolling. No vendetta on my part.
Everyone has a different definition of intermediate and or long term. The fact you know someone who uses ten years doesn’t make my position ambiguous. I don’t counsel anyone. I am not advertising any service and what I do, I often mention what I am buying when I post(and have always stated when I decide to sell a position that I have said I bought). The community are adults who make their own decisions and wise enough to have followed my posts over a year now to decide whether they find any value in them or not. They can choose to follow or disregard me as they see fit. They don’t need you as some self appointed guardian(looking out for them). Again, I always welcome questions, dissenting opinions and try to answer and or explain my positions. If you don’t just criticize for the sake of doing so, but bring intelligent debate to the table I am all for it.Stop bringing in your biases and personal opinions of what you think are my motivations. I have no agenda but to express my anaysis of gold, silver the miners and many non metals stocks. Make your own decisions and let others speak for themselves.
Thanks Pedro. Always good to hear both sides.
pedro…I do not understand…You are very bearish but UGL is on a buy !
I’m effectively referring to my chart for FSG = UGL:SSO which remains on a LT trend sell.
So SSO / UGL remains on buy. UGL on relative sell.
why would the peeps buy gold stocks when they see the action of the nasdaq.
https://www.tradingview.com/x/b4hEOOFZ/
Exactly, Highroller. While horsing around with these dingbat miners, fortunes are being made in the NASDQ and the general market. You want your eyebrows to be raised, subscribe to barchart.com. You’ll get a daily chart selection using their tool showing profit, profit, and more profit. Week after week, month after month, year after year. All we ever are short runs, and lengthy lengthy lengthy “corrections” and “consolidations.” A losers game, nothing less. Been that way since 2011.