173 replies to this topic

[goldfungus]

bears were backed to the wall, they fought back.
all the marbles still on the table.
not a time to bet the ranch
dharma

As long as GDX holds 20.35 I'm staying long.

[senorBS]

bears were backed to the wall, they fought back.
all the marbles still on the table.
not a time to bet the ranch
dharma

fully agree, I may get aggressive on a move above today's highs, still holding my reduced long position with a 206 HUI stop and I might just exit if the close is looking weak.

Senor

[senorBS]

I am out and now flat, would rather buy an upside breakout then risk possible new lows from here, too tough to call for me Senor

[dharma]

i hear you. tough juncture from the 1/ 8 lows gld has retraced .382 . from the 1/9 lows gdx has not quite retraced .5 could have been an a-b-c gld needs to stay above 17.5 to keep the bull alive or it could become more complex too. i sold some stuff yesterday, forced to do more trading. the market has no clear direction . yet venus still retrograde. jupiter still retrograde. mars going retrograde in march, which ends the retrograde for the other 2 just speaking italian here dharma

Edited by dharma, 14 January 2014 - 03:54 PM.

[senorBS]

i hear you. tough juncture
from the 1/ 8 lows gld has retraced .382 . from the 1/9 lows gdx has not quite retraced .5
could have been an a-b-c gld needs to stay above 17.5 to keep the bull alive or it could become more complex too.
i sold some stuff yesterday, forced to do more trading. the market has no clear direction . yet
venus still retrograde. jupiter still retrograde. mars going retrograde in march, which ends the retrograde for the other 2 just speaking italian here
dharma

what is interesting is that GDXJ has no overlap and could have a nice 5-wave rally from THE low. Now the others like GDX/HUI/XAU have the "look" of 5 up but top of wave 1 overlaps bottom of possible wave 4 - hence the caution.

Senor

[senorBS]

bot a modest NUGT trading position this morning at 30.19, stop at 29.40 area for now, taking trading positions only for now, on a further rally will raise stop to breakeven area Senor

[senorBS]

bot a modest NUGT trading position this morning at 30.19, stop at 29.40 area for now, taking trading positions only for now, on a further rally will raise stop to breakeven area

Senor

key action, a sustained rally back above 208-210 would increase the odds a near term correction ended this morning and the miners are headed to new rally highs and perhaps eventually toward 235-240, a bad failure here would look negative, we see

Senor

[dharma]

w/todays pullback in gold, it looks like it could be forming a right shoulder of an inverse h&s pattern the metal is down the miners appear to be gaining strength. bottoming process' are not meant to be clear. this is all part of it. i am willing to pay more or wait for wave 2. in here i am not inspired to add dharma sentiment still in the doldrums.

[senorBS]

w/todays pullback in gold, it looks like it could be forming a right shoulder of an inverse h&s pattern
the metal is down the miners appear to be gaining strength.
bottoming process' are not meant to be clear. this is all part of it.
i am willing to pay more or wait for wave 2. in here i am not inspired to add
dharma
sentiment still in the doldrums.

the markets always make it incredibly tough to identify and have confidence in a key low or high for that matter - that "might" be happening here, until I get some confirmation/confidence of a bottom I am only a hopefully nimble trader for now. give me a sustained rally above HUI 210 and I start thinking and believing early today was a large wave 2 or B bottom with 220 area a minimum target. Profitable stop now in place

Senor

[dharma]

w/todays pullback in gold, it looks like it could be forming a right shoulder of an inverse h&s pattern
the metal is down the miners appear to be gaining strength.
bottoming process' are not meant to be clear. this is all part of it.
i am willing to pay more or wait for wave 2. in here i am not inspired to add
dharma
sentiment still in the doldrums.

the markets always make it incredibly tough to identify and have confidence in a key low or high for that matter - that "might" be happening here, until I get some confirmation/confidence of a bottom I am only a hopefully nimble trader for now. give me a sustained rally above HUI 210 and I start thinking and believing early today was a large wave 2 or B bottom with 220 area a minimum target. Profitable stop now in place

Senor

on the same page. the tree is continually being shaken. my guess is we are under accumulation. the large specs are the shorts. so any upside that causes them to cover will have volume. its a perfect or near perfect set up