Loading ...DUST, JDST intermediate degree buy signals confirmed
As per my remarks embedded in some recent forum exchanges, and so as expected, I now have a confirmed IT sell for GDX, and buys for DUST and JDST. DUST completed five waves up (GDX down) at the open. I have this as the first of three impulsive moves we’ll see into October (waves 1, 3, 5), when the PM complex could/should make a tradable low. I do not see that coming low as anything more than an intermediate low. I see negligible prospects for a VLT low on the horizon.
Short term, I expect a reaction bounce that should be sold if you are a trader. My take is that investors should have been out (from a year ago, when I first began to post warnings on my signals) and should stay out. (Jack Chan sort of trading rules). Capital preservation is rule #1. Theology and faith play no role in how I manage my funds.
Short term, I believe the Friday upside breakout was an FBO and is reversing hard. I bought a small position for a ST trade but exited at a small loss, preservation of capital is everything.
OK, I can recognize ut as a cyclical bear for sure, may be a secular bear market in the PMs.
Based off EW (Elliott) concepts, I have been calling this a secular BULL MARKET correction, as strange as that may sound. Bull market, as 2011 was not the final top IN THE STRUCTURE (from 1970). But a secular correction as everything from 2011 remains TECHNICALLY in a correction (wave 4 at cycle degree). The final chapter of that correction (C of 4) began last year, and will last a few more. And the move from 2015 to last fall was a large degree FBO (B wave). The road map is not written in stone, but there is structure, and defined alternatives along the route.
Here’s my problem with that. My crystal ball broke so now I’m stuck trading only short term price action for whatever I can scalp out of the market.
Thanks for the laughs, Sir JSK! LOLOLOL!
I myself scalped more profits again yesterday from selling ANXGF (bought 17 months ago) and ASM (bought 26 months ago).
As Sir Pedro Deleon mentioned in his other reply, regarding intermediate term trading, for me also, trading very short term is getting to be tougher and tougher. But ringing the cash register even for long term profits, every month, may be a few times a month, is really helping me sleep better at night.
This has been an excruciatingly tough environment for both trading and holding PMs, but letting go of my greed, and more importantly letting go of my notion of “holding every junior for the long term” has helped me a lot. The keyword is EVERY.
YTD, my realized profits are up 27.8%
Beaten, but not broken.
Yet.
This PM game and bull is not over.
Yet.
GL
Can’t help you there, but I sympathize. My own work (not EW) suggests short term stuff is very high noise to signal. Especially around turns, which also tend to be violent. So I trade the intermediate term, which I define simply as multiple weeks.