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ST Buy signal on Gold

Position Via GDX

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#1 opinionated

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Posted 08 October 2017 - 08:47 AM

Equities to risky right now to trade long or short,

 

The most probable trade I see is Gold,... IF we have a news even then it will explode. But that is not the basis for the buy which is important. I took a arse whoopin on TLT figuring to capitalize on a news even which never took place. Gold is a great long here because of the dollar which I expect is beginning the test of the recent lows at minimum and probably lower.  Which is what happened Friday.  My forecast last week was a test of 1257 which came into view but did not quite hit, we had a thrust/volume reversal on Gold and the Dollar.  I took a position last Thursday in GDX with a 24.94 target. I see Gold testing the recent top/lower high at least then with no news event that may be it. If something happens then a cross the creek would take us to recent highs.

 

On a side not I have been monitoring a site that points out chart patterns which may be the new way to go as these generally do their own thing no matter what the boyz are doing.

 

http://www.surinotes.com/

 

Best

 

O



#2 opinionated

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Posted 08 October 2017 - 11:04 AM

For your further Sunday afternoon enjoyment...

 

http://publizr.com/s...ober-9-2017?#/0



#3 NAV

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Posted 08 October 2017 - 01:30 PM

Talking about patterns

 

http://www.traders-t...m-wave-pattern/


"It's not the knowing that is difficult, but the doing"

 

https://twitter.com/Trader_NAV

 

 


#4 CLK

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Posted 08 October 2017 - 04:22 PM

I'd rather stop in above the line or short with stop the same, better even a daily close over, not just early intraday noise.

With seasonal sell into year end I would think 18.50 needs to be retested, especially since they couldn't take out 26.

 

 


Edited by CLK, 08 October 2017 - 04:24 PM.


#5 opinionated

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Posted 08 October 2017 - 10:51 PM

I find TL's like you speak of nearly worthless.  They work till they don't...  Besides if your waiting for that then I think you'll get your chance tomorrow.  Don't follow Elliot but this is the bottom of two of three in which case 3 measures 1420.  I believe that is the case but my thought is 1295 will see a momentary pause and pullback. Then jump the creek to 1310....  Above that off to the races.  1295 comes out to 24.50ish GDX I will exit there for that pause and reenter.  BUT there also may not be a pause there (IF) there is a news event.  So we will see at 1295 because just technicals will take it there. I am long from 23.10 on the 23.50 calls.