Goldtent TA Paradise

Between a Rock and a Hard Place – Black and Blue

1. Plunger says:

   September 13, 2021 - 12:39 pm at 12:39 pm

   See this is the thing. I have looked at these indexes from a distance as you are doing here. I can’t escape their appearance of a giant overhanging structure that is broadcasting to us that it may be in the process of breaking down. Think for a min how much pent-up downside energy would be released if this structure burst by breaking the S/R that you have drawn. My view is it’s been held up by the relentless bullish optimism that the gold bugs just can’t let go of. Mr. Market likes to wash out these dogmatic types before making a major move. It is why I sit on the sidelines watching and playing in other sectors

   • silver fox says:

     September 13, 2021 - 12:44 pm at 12:44 pm

     Quite right. Thank you, Plunger, for generously sharing your knowledge and experience.

   • Gold Learner says:

     September 13, 2021 - 2:03 pm at 2:03 pm

     Many thanks, once again, Sir Plunger.

     Though, at my heart, I’m sure I’m a “gold bug that just can’t let go of” LOL but I hear you, and heed you QUICKER. One day I’ll learn to time my sells better.

     Today I heeded you and sold my remaining WPM.

     04/09/2020 15:36:26 Bought 83 WPM @ 31.432 -2,608.86
     12/10/2020 13:20:06 Sold 20 WPM @ 40.805 816.08
     01/11/2021 12:27:08 Sold 35 WPM @ 43.13 1,509.52
     08/24/2021 13:39:39 Sold 16 WPM @ 44.0701 705.12
     09/13/2021 13:49:23 Sold 12 WPM @ 44.49 533.88

     I share the sizes of my trade, not just the dates, to show how I’m scalping the tiniest gains in this tough PM/resources market.

     I still do not see how I can make such gains in say Nasdaq or oil stocks.

     In uranium, I sold all my remaining CCJ last month. And regretting it. Wish I’d kept a small 10-20-30 % “runner position, free of cost” like I do for many in my portfolio.

     08/09/2021 15:16:00 Sold 70 CCJ @ 17.0001 1,189.99
     06/08/2021 12:11:43 Sold 55 CCJ @ 21.6401 1,190.19
     06/03/2021 14:04:53 Sold 45 CCJ @ 21.1223 950.49
     05/24/2021 14:43:36 Sold 140 CCJ @ 19.3901 2,714.58
     04/20/2021 14:30:09 Bought 95 CCJ @ 15.8099 -1,501.94
     03/02/2021 14:18:53 Bought 215 CCJ @ 17.4197 -3,745.24

     Small fish like myself are the most at risk by those hell-bent to cleanse the PM perma-bulls.

     God Bless You you speaking the truth. You really are unbiased.

     GL

     • Plunger says:

       September 13, 2021 - 2:14 pm at 2:14 pm

       I don’t think anyone is “unbiased”. I just recognize that pride of opinion is the worst of all investment flaws and I see it everywhere, especially among the newly frocked gurus out there. I just want to make money, for get the ego.

   • Chartsmaster says:

     September 13, 2021 - 2:18 pm at 2:18 pm

     Not going to debate the structure of GDX as I don’t followw it nor care what it does. Where I do take exception is in your comment about sentiment. “My view is it’s been held up by the relentless bullish optimism that the gold bugs just can’t let go of.” Yes the few of us bullish are not going to be shaken out by what happens with GDX. However sentiment is so negative, I think the shoe is on the other foot. As soon as this structure turns higher all the bears are going to have to cover and scramble to get long. That is going to lead to what I posted earlier today. A massive move into gold, silver and the miners, all of which have structures ready to rocket higher.

     • Plunger says:

       September 13, 2021 - 2:36 pm at 2:36 pm

       Sentiment is indeed much more negative than it was 2-3 months ago for sure, but I see that as a function of progressing through and further into the bear market. We are now post POR so yes sentiment is more negative, but it’s not black bearish. Anytime we get a pop or a one day wonder rally the bulls leap out from the woodwork and get all lathered up again. I don’t see that as consistent with a completed bear market. Sorry to say, more punishment needs to be doled out before its over. Again I dream of deploying into quality shares at still lower prices.

2. Chartsmaster says:

   September 13, 2021 - 2:11 pm at 2:11 pm

   Sir GL, would never criticize taking profits but do you notice a pattern. Everyone of your sells in WPM is at a higher price then the previous one(s). If a stock keeps going higher over time, why are you selling it?

   • Gold Learner says:

     September 13, 2021 - 2:41 pm at 2:41 pm

     Simple answer, Sir CM.
     To lock in more profits, and to use those proceeds to buy new juniors on the cheap, which will reward me much more than WPM/KGC/HL etc. if/when the bull resumes. There are many drastically oversold juniors that have fallen 40-50% or more and are worth nibbling at, with these proceeds, no new cash additions to portfolio. Eg. NFFGF which I eyed from the 3s till 12, and last week bought a tiny position at 6.81.

     For WPM, you can see how I missed the “highs” near 47 in the first week of August 2021.
     Given that I was in the green in WPM for long, and given that I had a chance to sell it higher than my previous sale, it was my “perma-bull” mentality that got me greedy and I didn’t sell it.
     But today I did, because “I know” if capitulation does happen, and I wish I could fight Sir Plunger, but I cant … the big names like WPM will trigger multiple stop-loss sell orders.
     Juniors holders, on the other hand, are “used” to such heavy intra-day or intra-week swings, that putting stop loss there, is foolish, methinks. I saw you also posted that juniors are for the longer term.

     By the way, CCJ went lower after my sale on June 8th 2021.

     GL

   • Gold Learner says:

     September 13, 2021 - 2:44 pm at 2:44 pm

     Forgot to add … now the WPM sale gives me a cost average down opportunity for NFFGF.

     Thanks,
     GL

   • Gold Learner says:

     September 13, 2021 - 3:00 pm at 3:00 pm

     Also, when I bought CCJ, the “sell target” was USD 24-25. I went in with a very small percentage of my portfolio, and with a mindset of diversifying away from PMs, to see if Uranium could replicate what copper and FCX did, which I totally missed out …
     But it (CCJ) hit such strong resistance prior to reaching 22 … that I thought ok, should I become a bag holder? Wait forever for 24-25 just because somebody forecast that as a target? If “everyone” is waiting for 24-25 it might never happen.
     Hence started selling it at 21.

     GL