60 replies to this topic

[stockbucks_coffee]

don't know if it's negative or positive yet but NEM broke below last week's support before XAU/HUI. XAU/HUI are just at/near theirs. if they break then down to the late Jan/early Feb support area for everyone.

[stockbucks_coffee]

my s/t indicators for gold/silver stocks are volatile during the day and came change on a dime...but it's still on sell signal as of NOW...

[skott]

If you are watching the market closely, specifically NEM. You saw how the market interacted with the 2 support numbers I gave first at 41.84 then it broke and went quicky to the 2nd support number $41.41 and battled it out there for quite awhile. It appears we have broken below that number decisively. How did I know to reshort today? when nem rose today and gold as well, they were still below my dividing line for the day. Looked like a fake out and it was. Scott

[skott]

I locked in partial profits on 1/3 of my postion at 41.28 and now have to sit thru this bounce. 41.84 is now the logical resistance point. Partial profits should have been taken at 41.08 (see how I get greedy, 3% in day, twice in one week is not enough?) Oh well, I don't have a crystal ball and gold stocks can't really get ugly in a hurry and I am "TRYING" to let my profits run. If these posts are helpfull let me know. If I am getting on your nerves let me know. I am curious really as to how many people are reading any of these posts, not just mine. The number of views does not give an accurate reading. thanks Scott

[stockbucks_coffee]

for FWIW my s/t indicators are now up intraday...so don't yet if we still got more downside or a s/t low is near...will know at the close..EOD. good luck trading

[hiker]

Scott - am reading all the posts here. Keep up posting your trade entries and exits. Helping one person alone justifies the time spent. I am playing it differently than you on these gold shorts. Entered 4% of my equity allocation to gold shorts on Monday...holding firm hand thru at least EOD action today unless I see a compelling reason in the price action to close shorts ahead of EOD. I have early a.m. tomorrow as my target time to likely exit shorts. Before the short covering starts in earnest sometime Thursday, if it does. Anyhow, have played this trade setup before and know how difficult it is to tune out the noise of the bumps in the price action and stick with the strategy of the trade.... I have numerous non-gold daytrades I am roundtriping in the next few hours so please understand any delay in replies.

[PMILLY]

Stockbucks, hiker, and skott, Stockbucks - congrats on the baby on the way. Skott - keep posting. I find them useful and agreed with your views but just did not pull the trigger soon enough so am waiting for a good entry position either way. I think my time frames are a little longer than yours. Maybe we should start a new thread so all of this discussion is not buried. Just a thought. hiker - are you planning on buying on Thursday for a bounce? It seems we may have the set up by them. I know stockbucks said his indicators are up for now, but they change quickly, so I don't want to speak for him. By the way, keep up the good work and posts. You seem to be amazingly successful in your trading. I've been follwing your posts for a while. Pmilly

[skott]

yeah, Pmilly, yours is probably longer. my time frame often seems to be the next 5 minutes! I am getting better though. I have actually held short nem for almost a week recently. I am new here so I don't know anything about starting threads. The most compicated thing I have done so far is an emoticon. Scott

[stockbucks_coffee]

glad to see your post Pmilly... Skott...to start new topic (post) click the "New Topic" bottom below...yeah over there

[hiker]

PM - no, unless I see a compelling move in the price action. Standing aside after exiting the short is my plan. Will update on Thurs/Fri. As mentioned twice at TT, I have only been trading up to 1% of my portfolio in equities since mid-January...have been waiting for the indices to make a decisive directional move outside the trading range...am daytrading equities and trading futures in commodities and currencies in the meantime...just putting money to work in the best risk/reward plays and avoiding market setups having the highest levels of uncertainty in the technicals. Just telling you this, so you can interpret the meaning of my trade strategy and exits. I will only buy gold stocks aggressively again if and when price of gold moves above $410. Easier fish to fry until then. Including shorting ndx futures if it does in fact breakdown....we'll see. take care....steve