GDXJ

Picked up some GDXJ on the Wed open so I missed the gap up but yesterday it did well too on the upside. My wife and I are adding to Gold this year on a long term basis for our portfolio believing that next year may be a good year for gold....just moving 3% over is about all it amounts to. One thing I've noticed is that on a daily chart the bottom at around 18 seems pretty solid and it's being squeezed by the downtrend under the 50 day EMA. We have a long term investment in gold but are watching this battle between the falling trend and a hard bottom with interest. This is our second gold buy and we plan to make two more buys in other gold stocks before the fall elections taking us from about 2% gold in our portfolio to 5% gold.

Edited by Sentient Being, 27 July 2012 - 06:47 AM.

Well it hung right at the descending 50 day EMA. Looks like it's set may be going to roll over and back down. I'm not sure Gold is really ready for a break out yet.

I would have to agree, the move up in gold lacks lustre. It wasnt impulsive at all. The most likely scenario is a flush down a couple hundreth points and then possibly a low can be the formed.

Well, I wanted this as a long term move but I'm suspicious it's about to roll over and I'm sitting on some good profit. I've just put a stop loss in that will get me out with 14% before checking for the trading fee damages.

I'd like to buy back in lower. But if it keeps going up that's fine too. If I remember my old trading efforts the thing that's most likely to happen now is that it will swing down, knock me out, the shoot to the moon! :-)

I would have to agree, the move up in gold lacks lustre. It wasnt impulsive at all. The most likely scenario is a flush down a couple hundreth points and then possibly a low can be the formed.

Edited by Sentient Being, 22 August 2012 - 08:38 PM.

Moving the stop loss up to 21.85. A bit below the gap up today. That's about 17.5% gain on the "trade" not including trading fees. What was going to be a long term adjustment seems to have sucked me in to a more short term thing. There is a lot of old resistance up here if you look back aways. It's still below the falling 200 DEMA. And it come a long way in a short time. I really suspect it's going to roll over so I pushed the stop up to get a little more. I'd love to see it knock me out with my gains, go back and test the 50 DEMA and give me a chance to buy in lower, again. I still want to make that small, longer term adjustment into gold before the elections. If by some miracle I survive to see it cross the 200 DEMA then I'd feel it really has turned and start really dragging on the stop, give it more room to run. I haven't made a trade in years, I'm having to relearn how to adjust a stop, where to put a stop, yeah it's an addictive game.

Edited by Sentient Being, 23 August 2012 - 04:54 PM.

I'm out. GDXJ dipped low enough to take out my stop. I wound up with 17% once you factor in trading fees at Scottrade. I like their Elite program, it does all I need to do. So Now I'm looking for a re-entry possibly for a long term hold. Would love to see it fall back to some significantly lower support levels. It was interesting how it perfectly filled the gap more or less between the open and the close prices. On the side and watching.....

NICETRADE

NICETRADE

Thanks. It didn't really start out as a trade I just got caught up in it. trading is addictive.

I still want that money in as a longer term gold position so I need to buy back in. Hopefully at lower levels.

could be wrong but i suspect your chance is coming.