6 replies to this topic

[Rogerdodger]

For the 3rd week in a row, gold traders are bullish.

Can’t Keep A Good Market Down; Retail Investors, Market Analysts Bullish On Gold Next Week

Also for the third consecutive week, positive sentiment remains strong among retail investors, with more than 80% bullish on gold. This week a record 1,417 people participated in Kitco’s online survey. Of those, 1,213 participants, or 86%, are bullish on prices next week; at the same time 134 people, or 9%, are bearish on prices next week; and 70 people, or 5%, are neutral. In the last two previous surveys, 81% of respondents said they were bullish on gold.

While gold is getting a boost amid economic-growth uncertainty, most analysts are bullish on gold because of the technical progress it has made. Wednesday, for the first time since October, gold prices moved above the 200-day moving average and by Friday had pushed to a high of $1,164 an ounce, the highest price since Oct. 28.

 

Once again NUGT doubles in a few days.

COT is increasing... s/t overbought.

Can it digest these gains...or barf?

 

Edited by Rogerdodger, 05 February 2016 - 06:48 PM.

[goldfungus]

I am trading/investing this as if we are now in a new bull. It that's correct the pull back to trendline, whenever it comes, will be bought. 

[CLK]

Roger, can you post the turns on this going forward ? I am discontinuing options and looking for a good 3x fund to trade.

 

Don't worry about calling it wrong, just post, especially if you plan to trade it.

[Rogerdodger]

Roger, can you post the turns on this going forward ? I am discontinuing options and looking for a good 3x fund to trade.

 

Don't worry about calling it wrong, just post, especially if you plan to trade it.

Sure. I'm having a special this week only. $995 a month for my "weakly" advisory comments. Just kidding.

 

I am currently occupied with administering the estate of a relative, and that's on top of my normal busy schedule.

So I am doing good just to check in from time to time.

However I have always enjoyed following the Jack Chan method of trendline breaks on the daily.

On the 5 minute NUGT, gap downs which hold previous support are often the low of the day.

The first higher 5 minute candle can often be profitably bought with the stop at that 1st early low.

There is usually a pullback about an hour after the open which will not touch the opening low...unless the market is showing more weakness.

 

If you have stockcharts with access to the 5 minute candles, do a look-back and see if you can see what I'm talking about.

Gap-ups like Thursday are difficult to day trade, although that second higher candle could have been profitably bought, but with an eye on a gap and crap..

Of course Friday's gap down was very exceptionally profitable: 10 points!

Again, the first white candle above the previous candle's top could have been bought, with the stop on that early low.

Edited by Rogerdodger, 06 February 2016 - 08:16 PM.

[dougie]

cool

is this a new thing or did you see it during the ful bear too?

[Rogerdodger]

Here is a similar post from Dec 2014:

My favorite Bullish Scalping Pattern

A secondary buy might be when the trendline from the 2 early tops is taken out (right at the previous day's close in this instance).
Another late day buy would be above the morning's high.
But it is likely that area will be tested on the next trading day so I would sell at end of day.
These are especially profitable in my tax free ROTH.

I also like buying or selling a long trendline break on the 5 minute.

Here's a similar pattern for NUGT Friday.
It shows why it's good to sell half and put the rest at breakeven.

 

Here's today's example of what happens when a long trend is broken, giving a cover short or buy signal.
The previous day had gold selling off and entering a daily trendline break sell signal.
That set up the potential for an early scorch of late gold bears who bought DUST or shorted gold the previous day.
However things reversed and gold began to sell off again later in the day.
A scalper could make change both ways, buying NUGT then switching to DUST.
l

[dougie]

Thanks